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Global Business Analytics Market 2015 is poised to grow USD 70.11 billion by 2022 : Industry Research Report
Business Analytics Market
The Global Business Analytics market is accounted for $42.55 billion in 2014 and is poised to reach $70.11 billion by 2022 growing at a CAGR of 6.44% during the forecast period 2014 to 2022. The factors that are influencing the market growth include rise in demand for the analytics by the organizations due to the growing big data trend, quickly changing business environment and customer choices. Whereas, factors such as high execution costs and unwillingness in adoption of business analytics are hindering the growth of this market. The major challenges include severe scarcity of skilled workers with sound technical capabilities to run the applications.
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Banking, financial services & insurance (BFSI) and retail industries are capturing maximum of the market share. The top ten business analytics software vendors accounted around 70% of 2013 worldwide market share. In 2013 Oracle, SAP, IBM and Microsoft together accounted for more than half of the share of all business analytics software sales. Tableau was the fastest growing business analytics software company in 2013, growing around 80% in a year.
The global business analytics market is segmented on the basis of deployment, application, software, end user and geography. On the basis of deployment, the market is segregated into on-site and cloud. On the basis of end user, the market is categorized into small & medium business (SMB) and large scale enterprises. The market is segmented on the basis of application into telecom and IT, retail, media and entertainment, manufacturing, healthcare, government, energy and power, education, banking, financial services & insurance and others.
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Global business analytics market by software is segregated into search and altering, predictive analytics, performance and big data management, data discovery and visualization software, content analytics and business intelligence. Global business analytics market by geography is categorized into North America, Europe, Asia pacific and Rest of the world.
The key players in the global business analytics market are IBM, INFOR, Microsoft Corporation, Micro strategy Incorporated, Oracle Corporation, QLIK Technologies, Inc., SAP SE, SAS Institute, Inc., Tableau Software, Inc. and Tibco Software, Inc.
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