Business Analytics Software Market - Globalization Leads to Greater Uptake of Newer Technologies

Business analytics software helps in the interpretation and analysis of business data through the continuous exploration and investigation of historical business performance to gain decisive insights for business planning. Through the application of statistical methods and tools in business performance data, a business analytics software conducts predictive analysis to derive decision making insights and inputs. A business analytics software thus helps an organization optimize its business operations and facilitates informed and strategic decision-making. It also helps uncover patterns and relationships between data streams and leads to the automation of tasks and processes for real-time responses in decision-making. The outputs are mostly used by the managers, security personnel, financial analysts, and key decision-makers of organizations. Cloud-based business analytics software is facing huge demand from small and medium-sized enterprises owing to its low cost and enhanced usability. Furthermore, social media analytics, a part of business analytics is also witnessing huge demand owing to the rising popularity of social media marketing.

Due to the need to gain strategic and competitive advantage over other companies, organizations are increasingly demanding business analytics software. This is one of the major factors driving the business analytics software market globally. Additionally, the ability of this software to enable quick and informed decisions through the analysis of historical business data has been aiding in the market growth of business analytics software.

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Current competitive business environments stress the need for quick decision-making and exercising immediate actions in response to situations, thus highlighting the importance of such software. Furthermore, increasing volumes and diversity of data in organizations have given rise to the need for analytical software to derive meaningful patterns, relationships, and insights from unorganized data. The features of business analytics software meet such requirements, thereby resulting in the growing demand and adoption of business analytics software across varying scales of companies. However, in order to efficiently operate, business analytics software require sufficient volumes of meaningful data. This requires effective data warehousing, which may be a challenge for small organizations to implement owing to the high costs involved. Such challenges may hinder the market growth of business analytics software during the forecast period. Nonetheless, growing social media marketing by organizations is expected to present growth opportunities for business analytics software during the forecast period.

The global business analytics software market has been segmented on the basis of deployment, end-use industry, applications, and geography. Based on deployment, the market has been divided into cloud and on-premise. In terms of end-use industry, the business analytics market has been segregated into BFSI, government, manufacturing, IT and telecom, retail, healthcare, capital markets, education, media, utilities, and others. On the basis of applications, the market has been segmented into supply chain analytics, workforce analytics, spatial analytics, behavioral analytics, marketing analytics, risk and credit analytics, pricing analytics, transportation analytics, and others. As per geography, the business analytics market has been divided into North America, Asia Pacific, Europe, Middle East and Africa, and South America.

Some of the major players in the global business analytics software market include SAS Institute Inc., Tableau Software, SAP SE, Oracle Corporation, Adobe Systems Incorporated, International Business Machines Corporation, Salesforce.com, Qlik Technologies, Inc., Microsoft Corporation, Tibco Software, Fair Isaac Corporation, and JDA Software Group, Inc.

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