The global business analytics market to grow at a CAGR of around 10% during the forecast period (2021-2026).
According to the latest report by IMARC Group, titled “Business Analytics Market Growth: Global Industry Trends, Share, Size, Opportunity and Forecast 2021-2026,” the global business analytics market size experienced healthy growth during 2015-2020. Business analytics is a data management solution, which includes collating, sorting, processing and transforming data into business insights. It utilizes sophisticated data, quantitative analysis, mathematical models, information systems, computer science, operations research to analyze the data, develop models, predict future events and recommend adequate actions to maximize ideal outcomes. Some of the main components of data analytics are data aggregation, data mining, association and sequence identification, text mining, forecasting, predictive analytics, optimization, and data visualization.
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Market Trends
The rising adoption of the internet of things (IoT), machine learning and artificial intelligence (AI) are increasing the volume and complexity of data sets. This, along with the growing mobile data and cloud computing traffic, is escalating the demand for business analytics across the globe. Additionally, business analytics aids an organization in analyzing historical data and performances of its business processes for better decision-making and optimal management of resources. Owing to this, there is increasing adoption of business analytics in the telecom and IT sectors, which is acting as another major growth-inducing factor. Furthermore, the expanding application of business analytics in the healthcare, energy and power, media and entertainment and banking, financial services, and insurance (BFSI) sectors, is expected to create a positive outlook for the market growth in the upcoming years.
Breakup by Software:
Query, Reporting and Analysis Tools
Advanced and Predictive Analytics
Location Intelligence
Content Analytics
Data Warehousing Platform
Others
Breakup by Deployment Type:
Cloud-based
On-Premises
Breakup by End-User:
Large Enterprises
Small and Medium Size Enterprises
Breakup by Vertical:
BFSI
Energy and Power
Manufacturing
Healthcare
Government
Education
Media and Entertainment
Telecom and IT
Others
Breakup by Region:
North America
Asia Pacific
Europe
Latin America
Middle East and Africa
Competitive Landscape:
Adobe Systems Incorporated
International Business Machines (IBM) Corporation
Microsoft Corporation
Microstrategy Incorporated
Oracle Corporation
Salesforce.com Inc.
SAP SE
SAS Institute Inc.
Tableau Software
Tibco Software Inc.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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