Business analytics software conducts predictive analysis to derive decision-making inputs and insights through the application of statistical tools and methods in business performance data. It analyses business data and information through continuous investigation and exploration of historical business performance data to obtain decisive insights for business planning.
A business analytics software helps an organization to optimize business operations and facilitates strategic decision-making. The outputs are mostly used by financial analysts, managers, security personnel, and key decision-makers of organizations. The demand for cloud-based business analytics software is increasing among small- & medium-sized enterprises due to its low cost and enhanced usability.
The growth of the business analytics software market is driven by increase in adoption of predictive analytics software by large & small organizations to gain strategic and competitive advantage over competitors. In addition, ability of business analytics software to deliver better & faster decision-making and to provide competitive advantage by analyzing and acting upon information in a timely manner propel the growth of the market. However, budget constraints in small- & medium-sized businesses to provide effective data warehousing and lack of skilled and proficient workforce limit the growth of this market. Conversely, emerging trends such as social media analytics & text analytics and increase in future need to gain insights for business planning are expected to provide numerous opportunities for this market to grow.
The global business analytics software market is segmented on the basis of end user, deployment model, application. End user segment covered in this study include information and IT & telecom, retail, BFSI, manufacturing, and others. Based on deployment model, the market is segmented into on-demand/cloud and on premise. On the basis of application, the market is categorized into customer analytics, supply chain analytics, marketing analytics, pricing analytics, and others. Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The global business analytics software market is dominated by key players such as Oracle Corporation, SAS Institute Inc., SAP SE, International Business Machines (IBM) Corporation, Microsoft Corporation, Adobe Systems Incorporated, Tableau Software., Salesforce.com, Inc., QlikTech International AB, and Fair Isaac Corporation.
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