In a recent published report, Kenneth Research has updated the market report for Business Analytics Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
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U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Business Analytics Market products.
Market Scenario
Business analytics encompasses methodologies from applied mathematics, applied probability, applied statistics, computer science, and signal processing for using data to gain insights into business performance and drive business planning. Globalization is encouraging businesses to use similar technologies and resources which is causing business processes to converge to similar standards. This convergence has left the businesses with only quality of decision making as their means for outperforming their competitors. Business analytics provides tools to companies that makes the task of decision making easier. Business analytics is provided in terms of software and services. Data generated by businesses is analyzed and converted into forms that allow businesses to derive useful insights and drive the business growth.
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The growing volume of digital data generated by businesses has led to the growth of business analytics market. Businesses all over the world are incorporating business analytics tools to better understand their customers and improve their business. Development in business analytics tools due to the development in AI and predictive analytics has led to growth in business analytics market. The emergence of smart data discovery capabilities, machine learning and automation of the entire analytics workflow has led to reduction of time for deriving insights and has made it easier to distribute the data analytics workload among a broader set of people.
The increasing capability of analytics tools to analyze complex data from businesses is also driving the growth of business analytics market. There is an increase in investments to develop data analytics tools which can support analytics of real-time events and streaming data. Cloud deployment using business analytics platforms has resulted in reduced costs and time. The increase in adoption of analytics platform for cloud deployment can be considered as a driving factor behind the growth of business analytics market. Availability of active marketplaces of businesses is projected to create new opportunities for business analytics solution providers to offer tools that provide better and faster insights.
Increasing use of smartphones and increasing digitization across all industry verticals can be a driving factor for the growth of business analytics market. However, lack of awareness about business analytics and reluctance in its adoption can be considered as restraining factors behind the growth of business analytics market. The continued storage of data by enterprises on premise rather than on cloud is set to affect the business analytics market in the short term.
By Segments
The global business analytics market is segmented based on deployment, industry, software, end-user, application, service, and region.By deployment, the global business analytics market is segmented into on-cloud and on-premise.
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By industry, the global business analytics market is segmented into telecom and it, retail, media and entertainment, manufacturing, healthcare, government, energy and power, education, BFSI, and other.By software, the global business analytics market is segmented into advanced and predictive analytics, data discovery and visualization software, content analytics, corporate performance management suites, location intelligence, data warehousing platform, and other.
By end user, the global business analytics market is segmented into SMEs and Large-Scale Enterprises.By application, the global business analytics market is segmented into finance analytics, marketing analytics, supply chain analytics, data mining, and others.By service, the global business analytics market is segmented into managed services and professional services.By region, the global business analytics market is segmented into North America, Europe, Asia-pacific, and RoW.
Key players
Cloudability, Inc.(US), Densify, Inc.(Canada), EXPONEA (UK), Google LLC (US), International Business Machines Corporation (IBM) (US), Mixpanel, Inc. (US), PanTerra Networks, Inc. (US), SAP SE (Germany), SAS Institute, Inc. (US), Tableau Software, Inc. (US), Teradata Corporation (US), INFOR (US), Microstrategy Incorporated (US), Oracle Corporation (US), Adobe Systems Incorporated (US), Salesforce.com (US), Qlik Technologies, Inc. (US), Microsoft Corporation (US), Tibco Software (US), Fair Isaac Corporation (US), JDA Software Group, Inc. (US) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global business analytics market.
The prominent players keep innovating and investing in research and development to present a cost-effective product portfolio. There have been many key developments in the products that the key players offer in terms of business analytics solutions.
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Regional analysis
The regional analysis for global business analytics market is done for North America, Europe, Asia-Pacific, and the rest of the world.North America is expected to dominate the global business analytics market during the forecast period. Increasing digitization of business processes and presence of majority key players in the US are driving the growth of business analytics market in the region.
Asia-Pacific is expected to grow significantly in the global business analytics market during the forecast period. The growing adoption of smartphones and growth in data driven business are driving the growth of the business analytics market in this region.
Intended Audience
Business analytics solution providers
Cloud providers
Software integrators
Marketing firms
Application developers
IT enterprises
Technology investors
Regulatory industries
Associations and forums related to business analytics
Government bodies
Market research firms
About Kenneth Research
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