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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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
Data Warehousing Platform
Breakup by Deployment Type:
Breakup by End-User:
Small and Medium Size Enterprises
Breakup by Vertical:
Energy and Power
Media and Entertainment
Telecom and IT
Breakup by Region:
Middle East and Africa
Adobe Systems Incorporated
International Business Machines (IBM) Corporation
SAS Institute Inc.
Tibco Software Inc.
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