Business Analytics Software Market Surges as Businesses Embrace Data Analytics | Growing at CAGR of 11.2%

The size of the global market for business analytics software, estimated at $61.10 billion in 2020, is expected to increase to $177 billion by 2030, rising at a CAGR of 11.2% between 2021 and 2030.

Due to an increase in the use of advanced analytics by various businesses and the need to extract useful insights from previously underutilised data, the market for business analytics software is anticipated to grow. Additionally, the market has expanded as a result of a rise in small and medium enterprise demand for cloud-based Big Data analytics software.

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Surge in the need for better insights for business planning, as well as emerging trends such as social media analytics, are expected to provide lucrative opportunities for market expansion during the forecast period. Furthermore, the key factor that drives the growth of the business analytics software industry includes rise in adoption of business analytics software by multiple organizations, surge in demand for cloud-based business analytics software among SMEs, and numerous benefits provided by business analytics solutions.

In addition, ability of business analytics software to deliver enhanced & faster decision-making and to provide competitive advantage by analyzing and acting upon information in a timely manner propel the growth of the market.

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Furthermore, worldwide acceleration of digital transformation in enterprises due to COVID-19 outbreak fuels growth of the market. However, budget constraints in small & medium size businesses to provide effective data warehousing and lack of skilled workforce limit the growth of this market. Conversely, emerging trends such as social media analytics & text analytics and increase in need to gain insights for business planning are expected to provide numerous opportunities for the expansion of the market during the forecast period.

On the basis of component, the software segment dominated the overall business analytics software market in 2020, and is expected to continue this trend during the forecast period. This is attributed to increase in adoption of business analytics software among enterprises to gain strategic as well as competitive advantage over their competitors. In addition, it helps them to make quick & informed decisions through the analysis of the business data, which drives the growth of the market. However, the services segment is expected to witness highest growth, as these services ensure effective functioning of software throughout the process.

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The key players profiled in the business analytics software market analysis are Adobe, Fair Isaac Corporation, Google LLC., IBM Corporation, Microsoft Corporation, Oracle Corporation, Qlik, Salesforce.com, Inc., SAP SE, and SAS Institute Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

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