The market for Business Analytics stood at $42.55 billion in 2014 and is all set to touch $70.11 billion by the year 2022, globally. The industry will witness a CAGR of a considerable 6.44% during the period of 2014 to 2022 for which the forecast is made. The factors that are fuelling the growth of the market include rising demand for analytics by organizations as more and more organizations embrace Big Data, changing the environment in which businesses operate and the choices made by customers with unprecedented swiftness. The things that stand as an obstacle to its growth are factors like the relatively high costs of execution and a general unwillingness to adopt Business Analytics. Other hindrances are severe shortages of skilled workers who have the technical ability to run applications related to Business Analytics.
The lion’s share of the market has been captured by financial services, insurance and banking sector. The ten top vendors of business analytics software together constituted for 70% of the market share all over the world as of 2013. In the year 2013, SAP, Oracle, IBM and Microsoft together sold more than 50% of all sales of software related to business analytics. Tableau earned the distinction as being the fastest growing software company in the category of business analytics in the same year, witnessing a growth of 80% in a single year.
The global market for business analytics is segmented based on application, deployment, end users, software as well as geography. If deployment is considered the market is further segregated to cloud and on-site deployment. If the market is viewed from the perspective of the end user it may be categorized medium and small businesses and large enterprises. From the point of view of application the market for business analytics may be segmented into IT and telecom, media and entertainment, retail, healthcare, manufacturing, energy and power, government, banking, education, insurance and financial services.
According to software the business analytics market globally may be segregated into search and alter, performance and management of big data, predictive analytics, discovery of data, software for visualization, business intelligence and analytics of content. According to geography the markets are North America, Asia Pacific, Rest of the world besides Europe.
The key players in this market are INFOR, IBM, Microsoft, Oracle, Microstrategy Incorporated, Inc., SAS Institute, Tableau, QLIK Technologies and Tibco Software.
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