Global Business Analytics Software Market Size, Share & Industry Trends Analysis Report By Component, By Vertical, By Organization Size, By Deployment Type, By Organization Size, By Application, By Regional Outlook and Forecast, 2021 - 2027
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Get in-depth analysis of the COVID-19 impact on the Business Analytics Software Market
Market Report Description
The Global Business Analytics Software Market size is expected to reach $120 billion by 2027, rising at a market growth of 10.5% CAGR during the forecast period.
Business analytics software assist in the interpretation and analysis of business data by permitting ongoing research and investigation of previous business performance in order to obtain actionable insights for business strategy. It facilitates the finding of patterns and connections across data streams, as well as the automation of tasks and processes for real-time decision-making. Small and medium-sized organizations have started implementing cloud-based business analytics in droves in recent times due to its low cost and ease of use. Furthermore, as the popularity of social media marketing develops, demand for social media analytics, which is a subset of business analytics, has expanded significantly, propelling the growth of the market.
The growth in the adoption rate of business analytics software by various firms and the rapid increase in demand for cloud-based analytics software among SMEs have led to the bolstering of the business analytics software market. Moreover, rise in awareness about the various advantages imparted by business analytics solutions and the quickening of digital transformation in companies because of the COVID-19 pandemic have fueled the growth of the market. The emerging trends such as social media analytics and text analytics, as well as an increase in the need for insights for company planning, are likely to fuel the market's growth throughout the forecast period.
There is substantial adoption and use of business intelligence and analytics software in large enterprises. Even, small and medium firms are tempted to invest in this software after observing its associated advantages. The prominence of cloud deployment choices, on the other hand, has provided huge advantages to SMEs and has significantly raised their adoption rate. This trend is expected to continue in the next years, allowing software companies to offer more innovative solutions, such as intelligent and smart dashboards with unique features, to meet the growing need for self-service analytics. Other growth indicators in this industry include customer analytics, social media analytics, predictive analytics, and embedded BI, all of which are driving vendors' interest in meeting these needs. The demand for business intelligence and analytics training will continue to rise.
COVID-19 Impact Analysis
After the Covid-19 pandemic hit, the business analytics software market witnessed a major contraction. However, the market had experienced a significant growth rate till the pandemic. Lockdowns administered by governments in various regions gave a major shock to the companies operating in these regions. On a positive note, however, the business analytics software market is projected to expand significantly during the forecast period.
Due to the long lockdown periods, many firms put in place a work-from-home system for their employees. This led to the increasing demand for cloud-based big data analytics for the purpose of managing key information, creating a potential market opening in the process. The important factors causing the growth of the business analytics software market are massive quantities of data generated by different industries and consequently the need to manage this data.
Market Growth Factors:
High demand for cloud-based business analytics software
Rise in the obtainability of large quantities of data and increase access to low-cost data center services offered by cloud vendors have led to a significantly lower upfront investment costs for small and medium-sized firms, lowering the market entry threshold. As a result, demand for cloud-based business analytics software has surged among small and medium-sized organizations (SMEs). Several organizations are increasingly turning to business analytics to have a better understanding of how to run their businesses more efficiently. For a variety of reasons, companies have invested in cloud-based business analytics software solutions, including enhanced competitive advantage and revenue growth.
Eliminate the manual tasks
Traditional company management methods encourage the use of spreadsheets and static presentations, but current software eliminates endless rows and columns and allows for process automation. The KPI dashboard is automatically updated with real-time data by the tool. The software can help automate the reporting procedure with predetermined time intervals. It also allows its users to drag-and-drop their values and creates an efficient and interactive dashboard that allows them to monitor all their data on one computer screen. Business analytics tools provide speedier planning, analysis, and reporting processes across the board, from sales planning to customer behavior assessment to real-time process monitoring and offer improvement.
Marketing Restraining Factor:
Concerns regarding Data Breaches
Data breaches and the looming risk of leaks are the causes of major concern regarding data analysis systems. Considering some utilize BI software to handle sensitive data, a mistake in the process could reveal it, putting their company, customers, or employees at risk. The largest obstacle facing business analytics market is the security of the data processed through this software. However, because of the widespread nature of the problem, many business analytics software suppliers are taking it seriously and are planning to implement rigorous security measures. Data that is not protected poses a significant risk. Those who use Business Analytics techniques are the most aware of the types of data and where it is kept, but this does not guarantee security.
Based on Component, the market is segmented into Software and Services. The software segment acquired the largest revenue share in business analytics software market in 2020. This is due to a rise in the use of business analytics software by businesses in order to acquire a strategic and competitive advantage over the competitors. Furthermore, it assists them in making rapid and educated judgments by analyzing business data, which fosters market growth.
Based on Vertical, the market is segmented into BFSI, IT & Telecom, Healthcare, Retail & eCommerce, Government & Defense, Manufacturing, Education and Others. Telecom segment witnessed a significant share in the business analytics software market in 2020. Given that telecom operators serve millions of consumers, getting individual customer level data is important for providing the individualized services that customers expect. By transforming raw data into usable information, business intelligence may give that intelligence to operators. As a result, telecommunications businesses can conduct focused marketing efforts, fine-tune their pricing strategy, and create or release products derived from empirical consumer knowledge.
Organization Size Outlook
Based on Organization Size, the market is segmented into Large Enterprises and Small & Medium-sized Enterprises (SMEs). Supply chain analytics observed a substantial revenue share in the business analytics software market in 2020. These analytics can assist a company in making better informed, timely, and efficient decisions. By recognizing trends and patterns throughout the supply chain, it may assist in predicting future hazards and identify known issues. Supply chain analytics can help a company better estimate future demand by studying client data. It assists a company in determining which items can be reduced in price when they become less profitable, as well as determining what client wants will be after the initial order.
Deployment Type Outlook
Based on Deployment Type, the market is segmented into Cloud and On-premise. The cloud component witnessed the largest revenue share in the business analytics software market in 2020. It is because this deployment mode allows businesses to focus on their core activities rather than managing their IT infrastructure. Furthermore, due to its cost-effectiveness, cloud-based business analytics software is widely used by small and medium businesses, contributing significantly to the global market's growth.
Based on Application, the market is segmented into Customer Analytics, Supply Chain Analytics, Marketing Analytics, Pricing Analytics, and Risk & Credit Analytics. The customer analytics segment of the business analytics software market garnered the largest revenue share in the business analytics software market in 2020. The major factors behind this were the growth in consumer behavior analytics trends and increase in competitiveness of the modern business world.
|Market size value in 2020||USD 60.8 Billion|
|Market size forecast in 2027||USD 120 Billion|
|Historical Period||2017 to 2019|
|Forecast Period||2021 to 2027|
|Revenue Growth Rate||CAGR of 10.5% from 2021 to 2027|
|Number of Pages||367|
|Number of Tables||583|
|Report coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling|
|Segments covered||Component, Organization Size, Deployment Type, Application, Vertical, Region|
|Country scope||US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria|
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. North America acquired the largest revenue share in the business analytics software market. It is owing to the abundant supply of business analytics solutions vendors such as Microsoft Corporation, Oracle Corporation, Salesforce.com, and others that are aiding the regional market's growth.
Free Valuable Insights: Global Business Analytics Software Market size to reach USD 120 Billion by 2027
KBV Cardinal Matrix - Business Analytics Software Market Competition Analysis
The major strategies followed by the market participants are Partnerships, Collaborations, and Agreements. Based on the Analysis presented in the Cardinal matrix; Microsoft Corporation, SAP SE, and Google, Inc. are the forerunners in the Business Analytics Software Market. Companies such as Fair Isaac Corporation, Salesforce.com, Inc., and Adobe, Inc. are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Adobe, Inc., IBM Corporation, Microsoft Corporation, Oracle Corporation, Salesforce.com, Inc., SAP SE, SAS Institute, Inc., Google LLC, and QlikTech International AB (Thoma Bravo)
Recent Strategies Deployed in Business Analytics Software Market
» Partnerships, Collaborations and Agreements:
- Feb-2022: FICO entered into a partnership agreement with Advanced Financial Solutions, a risk, finance, and compliance software and consulting firm. Under this partnership, AFS would support and sell the FICO Blaze Advisor decision rules management system all over the Middle East.
- Feb-2022: Microsoft came into partnership with Teradata, an American software company. Together, merging data, AI, and cloud abilities would assist professions and industries to make a data-driven decision faster. Although, this would seek modernization of data analytics workload with elasticity, reliability, and security on large scale technology used by both enterprises.
- Dec-2021: Qlik came into partnership with UiPath, a global software company that makes robotic process automation software. Under this partnership, the companies aimed to introduce Qlik Cloud, analytics, and the UiPath end-to-end enterprise automation software platform. Additionally, this partnership enabled analytics clients to use UiPath automation to prioritize tasks and propel action downstream applications from Qlik directly.
- Nov-2021: Qlik entered into a strategic partnership with Google Cloud, a suite of cloud computing services that runs on the same infrastructure. This partnership aimed to launch Qlik Data Integration, to grow the relationship between Qlik and Google Cloud.
- Sep-2021: Fico came into partnership with FinTecSystems, a leading German open banking platform. Through this partnership, the companies aimed to merge transaction data from FTS with analytics and platform solutions from Fico made by lenders to make the combined decision for both lenders and consumers. Also, it reduced the fraud risk and improve data-driven consumer communication.
- Jul-2021: SAP SE extended its partnership with Google Cloud, to boost enterprise transformation in the cloud. Through this partnership, Google Cloud would connect as a strategic cloud partner for the growth of SAP offerings. Moreover, Google would also expand SAP services presence on Google Cloud. Additionally, SAp products and services such as SAP Data Warehouse Cloud solutions, SAP Analytics Cloud within AP Business Technology Platform would be available in Google cloud.
- Jun-2021: Salesforce extended its partnership with Amazon Web Services, an Amazon company. Together, the customers would be able to develop and build custom applications that enlarge the powers of both platforms by combining, Salesforce data and workflows natively into solutions working on AWS, and make it easy for Salesforce developers to merge AWS data and workflows into Salesforce applications.
- Apr-2021: Adobe formed a partnership with Capgemini, a French multinational information technology services and consulting company. Together, the companies aimed to access customization at scale by using analytics and data to design experiences at the micro level while using automation and AI to accomplish at pace globally.
- Nov-2020: FICO came into a partnership with Linktera, a consultancy and digital solutions provider. Under this partnership, Linktera would market and implement FICO’s decision management solutions used by credit grantors as well as banks to expand lending growth and manage risk. Additionally, the partnership would fulfill the decision management and advanced analytics technologies in this region.
- Oct-2020: Adobe came into a partnership with Alteryx APA, an American computer software company. Together, the companies aimed to authorize firms to automate marketing analysts to accomplish quick analytics-driven outcomes. Additionally, Alteryx APA merges data science, process automation, and analytics in one platform, to answer all the queries from Adobe Experience Platform and Adobe Experience Cloud applications to achieve fast analytic outcomes to automate marketing analytics.
- Jun-2020: Microsoft came into a partnership with SAS an extensive technology and go-to-market strategic partnership. Under this partnership, the enterprise would migrate SAS’ analytical brand and industry solutions into Microsoft Azure as the favorite cloud provider for the SAS Cloud. Moreover, the companies would facilitate consumers to run SAS workloads in the cloud, expanding enterprise solutions to unlock crucial value to digital transformation activities.
- May-2020: SAP entered into a partnership with Informatica, an enterprise cloud data management provider. This partnership focused on combining SAP that would help established an enterprise journey to adopt SAP’s data and analytics cloud offering along with Informatica Intelligent Cloud Services. Moreover, this merger would feature SAP Data Warehouse Cloud, to support actual data warehouses and a broad set of applications and databases in the cloud.
- Feb-2020: Adobe extended its partnership with Verint Systems, a New York-based analytics company. Together, by merging Verint's predictive models with Adobe digital analytics outcomes, users can leverage consumer experience data to automate how consumers act and predict experience drivers to improve business outcomes.
» Acquisitions and Mergers:
- Aug-2021: Qlik tech completed its acquisition with NodeGraph, a customizable metadata management solution. Through this acquisition, Qlik would advance its vision of Active Intelligence where procedure and technology cause instant action from trusted data, real-time, and up to date to propel enterprise value around the analytics supply chain as well as entire data.
- Jul-2021: IBM took over Bluetab Solutions Group, a Spanish IT company that provides data solutions. Through this acquisition, the company aimed to propel its journey to the cloud and help customers to register even more value from mission-critical data.
- Jul-2021: Microsoft took over Suplari, a start-up that uses AI to analyze corporate expenditure and cash flow. This acquisition aimed to merge Suplari’s analytics tools to the Microsoft Dynamics 365 suite, to permit the consumer to process their historical and current spending to make a decision and predict future trends to desire to manage better cash flow. Moreover, the company uses machine learning and AI to categorize and clean suppliers and spend data tasks from multiple systems to supply clients with anticipating insights.
» Product Launches and Product Expansions:
- Oct-2021: Oracle introduced NetSuite, a series of new product innovations to help organizations accelerate growth. The product offers new analytics and automation that would help enterprises to rise activity and boost growth by amplifying the financial and operations, HR, project management, and supply chain abilities around NetSuite. Moreover, this solution merges Fintech into NetSuite, which allows the consumer to enhance uncover additional revenue streams and decision making as well as support service to the consumer to use powers of NetSuite.
- Oct-2021: Qlik launched Qlik Forts, a new hybrid cloud service based on the Qlik Cloud platform. The product delivers removal of previous siloed local data for cloud analytics, to ensure the cost performance and saving asset SaaS while meeting every jurisdiction, policy requirement, and governance.
- Sep-2021: Infosys, a global leader in next-generation digital services and consulting, introduced Leads and Proposals Solution as part of SAP’s industry cloud offering for the experienced services industry. Through this launch, the cloud-native business-to-business solution would use anticipating analytics, the SAP Analytics Cloud solution, and the SAP Conversational AI service, merged with SAP S/4HANA Cloud to propel innovation in the professional services sector.
- Jun-2021: Salesforce introduced Tableau 2021.2, designed to help people make smarter and faster decisions. The product offers Explain Data runs statistical models, Ask Data feature, Ask Data for Salesforce, and Einstein Discovery for Reports would let users pose queries to CRM along with quick replies as dashboards and recommendations specific.
- Apr-2021: Adobe introduced Adobe Customer Journey Analytics, new AI capabilities to help businesses gain insights, transform data into digital experiences. The solution offers clients with scale and speed to attach omnichannel data into a unified view, to analyze and visualize consumer complete journey easily with real-time dashboards analytics everywhere.
- Feb-2021: Oracle introduced Construction AI Advisor for its Cloud Service. This product aimed to deliver custom advice to enterprises based on project data and past scheduling.
- Dec-2020: Oracle introduced MySQL database service. The product delivers a new analytics engine that performs business analysis and transaction clearing tasks within the same database system. Although, MySQL service is a beta test and available and optimized for Oracle’s Infrastructure-as-a-Service cloud platform, Oracle Cloud Infrastructure.
- Oct-2020: Google introduced a new version of Google Analytics, with machine learning at its core. The product offers new ways to track and monitor key data trends and be aware of significant changes as well as new opportunities for business owners and marketers.
- May-2020: Oracle introduced Oracle Analytics for Cloud HCM. The product offers analysts, line-of-business leaders, and HR executives with dept insight into workforce management by allowing a broad view of data from across the organization.
Scope of the Study
Market Segments Covered in the Report:
- Software and
- IT & Telecom
- Retail & eCommerce
- Government & Defense
- Education and
By Organization Size
- Large Enterprises and
- Small & Medium-sized Enterprises (SMEs)
- Customer Analytics
- Supply Chain Analytics
- Marketing Analytics
- Pricing Analytics and
- Risk & Credit Analytics
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Adobe, Inc.
- IBM Corporation
- Microsoft Corporation
- Oracle Corporation
- Salesforce.com, Inc
- SAP SE
- SAS Institute, Inc.
- Google LLC
- QlikTech International AB (Thoma Bravo)
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What would be the size of the business analytics software market by 2027?
The global business analytics software market size is expected to reach $120 billion by 2027.
What are the key driving factors and challenges in the business analytics software market?
High demand for cloud-based business analytics software are driving the market in coming years, however, concerns regarding data breaches limited the growth of the market.
Who are the leading players in the business analytics software market?
Adobe, Inc., IBM Corporation, Microsoft Corporation, Oracle Corporation, Salesforce.com, Inc., SAP SE, SAS Institute, Inc., Google LLC, and QlikTech International AB (Thoma Bravo)
At what CAGR is the business analytics software market estimate to grow in the forecast period?
The expected CAGR of the business analytics software market is 10.5% from 2021 to 2027.
Which segment shows a high revenue share of the business analytics software market in 2020?
The BFSI segment acquired maximum revenue share in the Global Business Analytics Software Market by Vertical 2020; thereby, achieving a market value of $32.2 billion by 2027.
Which region dominated the business analytics software market in 2020?
The North America is the fastest growing region in the Global Business Analytics Software Market by Region 2020, and would continue to be a dominant market till 2027.