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.
Business Analyst Certification Training
If you are interested in this field and are contemplating a career here it is highly advisable that you sign up for a Business Analysis Training in Delhi.
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We at DexLab Analytics conducted a survey, where we asked some of the tech savviest professionals associated with the ITES/Telecom/Marketing/BFSI fields, if they look to change their line of work in the near future and if they do, what will it be? Most of their response was to get into – Business Analytics.
But we have also noticed that although many are ready to take up Business Analytics for their career, when the time comes to take the big leap they are frazzled with a million questions that leave them confused. So, to help give such professionals some direction while taking such important decisions, here we have answered some of the most commonly arising question in the minds of students.
Firstly let us start with the very basics of the subject. What essentially is Business Analytics? Although this question has been answered by us numerous times; to put it simply it is the logical way we make decisions or the way we use logic.
For better understanding imagine a scenario, you are at the mall for shopping for a new dress. Some stores at the mal are offering a sale while some aren’t. And like all malls this one also has diverse range of retailers from budget-grade to superior high-quality ones. Now how do you decide on a dress?
You and almost everyone else take a decision based on the available information or data. How do you find data? You gather them by perusing around the mall visiting different shops and looking at the available options. But what if all the data is available, are there any risks associated with available data then? Is decision making completely risk-free? In such a scenario, even if information or data is available to us, they are usually not very conclusive or not present in their entirety. So, it might help to analyze the data to reduce the risk of taking wrong decisions.
While this might seem like an overly complex process and unnecessary burden to take care of when just shopping for a plain old dress, but imagine making high-stake decisions in similar or even more complex settings at business. Sounds daunting don’t it? That is the main use of Business Analytics. And as long as the mountainous heap of data keeps growing in the industry, the work of a Business Analyst will not dry-out.
The important tools in business analytics today are:
- R programming
- Advanced MS Excel (using macros and VBA)
- Tableau/Spotfire/Qlikview etc.
Where can you learn Business Analytics?
The analytics training institutes in Delhi are the leading organizations in this sector much like B-schools. And with the real estate boom in the NCR regions of Gurgaon many reputed organizations are expanding their chains to such locations. DexLab Analytics is a premium analytics training institute that caters industry-specific training to data driven minds with the best in class faculties.
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