Statistics Software Market Expands with Advanced Analytical Tools

Increase in accessibility of huge volume of data and easily available cheap data center services delivered by cloud vendors led to debility in the costs of upfront investment for small and medium-sized businesses, which, in turn, is reducing the statistics software market entry barrier. In addition, this has improved the demand for cloud-based statistics software among small & medium-sized enterprises (SMEs). Likewise, SMEs are gradually implementing software business analytics to gain enhanced insights into how they run their businesses in better way. Increased competitive advantage and growth in proceeds are among the top priorities for which SMEs are investing in cloud-based statistics analytical software market.

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COVID-19 scenario analysis:

► The emergence of COVID-19 pandemic has severely affected almost all industries across the world. Further, lockdown restriction on movement has disrupted the supply chain across the globe but gave opportunities to the software industry and has positive impact on the growth of the statistics software market.

► The outbreak of COVID-19 pandemic has considered COVID-19 can affect the global economy in three main ways, by directly affecting production and demand, by creating supply chain and disruption, and by its financial impact on firms and financial markets.

► In addition, it is notable to see the changes in the consumer behavior and demand, purchasing patterns, re-routing of the supply chain, current market forces, and significant interventions of governments.

► Furthermore, there are strong indications that the current decrease in demand for technology and digital solutions will be just a short-term phenomenon. In the medium-to-long run, the COVID-19 technology impact may be extremely positive. Everyone is forced to embrace new technologies and discover their benefits. Additional investments in digital infrastructure can be expected.

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Ability of statistics software to provide better and faster decision-making and to provide competitive advantage by analyzing & acting upon information in a timely manner propels the growth of the market. In addition, the demand for statistics software like business analytics is continuously increasing, due to the benefits offered such as easy access to vital business metrics, useful insight on customer behavior, increased revenue, and improved efficiency. Additionally, companies are implementing business analytics for real-time anticipating and observing various occasions that may affect the performance of organizations.

Key benefits of the report:

► This study presents the analytical depiction of the global statistics software market along with the current trends and future estimations to determine the imminent investment pockets.

► The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of global statistics software market share.

► The current market is quantitatively analyzed to highlight the global statistics software market growth scenario.

► Porter's five forces analysis illustrates the potency of buyers & suppliers in the market.

► The report provides detailed global statistics software market analysis based on competitive intensity and how the competition will take shape in coming years.

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The statistical software market has encountered significant development over the recent years and is anticipated to grow tremendously during the forecast period. Statistical software is specialized computer programs for analysis in statistics and econometrics. Statistical software are programs, which are used for statistical analysis of the collection, organization, analysis, interpretation, and presentation of data.

Key Market Players:

► Alteryx

► Qlik

► IBM

► StataCorp

► Microsoft

► MaxStat Software

► SAS Institute

► Minitab

► MathWorks

► TIBCO Software

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