(MENAFN- America News Hour) Present day corporates are forced to make crucial strategic and marketing decisions frequently owing to an increase in purchasing power, demand and stiff market competition due to the entry of multiple players. Business analytics software helps in interpretation and analysis of business data through persistent exploration and investigation of historical business performance to gain decisive insights about business planning. Organizations optimize their business operations and facilitates informed and strategic decision making with the help of the same. The outputs are generally used by managers, security personnel, financial analysts, and key decision makers of organizations.
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Technology
The availability of sophisticated tools and techniques and the advancement in algorithm development has facilitated data analytics and business intelligence to grow like never before. Business Analytics, at the junction of business and technology, comprises finding innovative techniques to study and analyze data to comprehend customer preferences, behaviour and other useful business insights. Its aim is to acquire competitive advantage in the market scene by improving financial performance and decisions, strategic planning and achieving operational efficiency. Efficient and effective use of data analytics helps contribute in higher financial performance, better and faster decision making based on quantitative findings and has a higher chance to execute decisions as intended.
Market Dynamics
The major factors driving the Business Analytics market are the rising demand for improved productivity, increased demand for improved customer satisfaction, and gain insight from the regular data generated by the various business activities. Demand for social media analytics, a part of business analytics, is also rising significantly because of the growing popularity of social media marketing. High investment cost for implementation of BA solutions and reluctance in adoption of business analytics are the major restraints for the growth of this market. Effective data warehousing, which may be a challenge for small organizations to implement considering the high costs involve dare likely to hamper the market for business analytics software during the forecast period.
Market Segmentation
The global business analytics market has been fragmented on the basis of deployment, end-use industry, and application. On the basis of end-use industry, the business analytics market has been segregated into BFSI, government, manufacturing, IT and Telecom, retail, health care, capital markets, education, media, utilities, and others.In terms of deployment, the market has been divided into cloud and on premise. Based on application, the business analytics market has been segmented into supply chain analytics, workforce analytics, spatial analytics, behavioral analytics, marketing analytics, risk and credit analytics, pricing analytics, transportation analytics, and others.
Geographic Analysis
North America is projected to hold the largest share of the BA market Because of the technological advancements and early adoption of Business Analytics solutions in the region. The market in Asia-Pacific (APAC) is expected to grow at the highest CAGR during the forecast period, main reasons for which are increasing technological adoption and huge opportunities across verticals in the APAC countries, especially India, China, and Japan. Australia and New Zealand have also made significant leaps in the development and application of this technology.
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Key Players
Major players operating in the global business analytics market include SAS Institute Inc., Tableau Software, SAP SE, Oracle Corporation, Adobe Systems Incorporated, International Business Machines Corporation, Salesforce.com, Qlik Technologies, Inc., Microsoft Corporation, Tibco Software, Fair Isaac Corporation, and JDA Software Group, Inc. Wipro and Accenture have gained prominence in the field due to their active involvement in the development of platforms for Analytics.
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