- Rise in adoption of business analytics software by several organizations and surge in awareness regarding numerous benefits offered by business analytics solutions have boosted the growth of the global business analytics software market.
PORTLAND, Ore., Nov. 16, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Business Analytics Software Market by Component (Software and Service), Deployment Model (On-demand/Cloud and On-premise), Application (Customer Analytics, Supply Chain Analytics, Marketing Analytics, Pricing Analytics, Risk & Credit Analytics, and Others), Organization Size (Large Enterprises and Small- & Medium-sized Enterprises), and Industry Vertical (IT & Telecom, Retail & E-commerce, BFSI, Manufacturing, Healthcare, Government, Education, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027". As per the report, the global business analytics software industry garnered $53.68 billion in 2019, and is projected to reach $120.27 billion by 2027, generating a CAGR of 10.5% from 2020 to 2027.
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Drivers, restraints, and opportunities
Rise in adoption by several organizations, increase in demand for cloud-based business analytics software among SMEs, and surge in awareness regarding numerous benefits offered by business analytics solutions have boosted the growth of the global business analytics software market. However, high implementation cost and lack of skilled workforce hamper the market. On the contrary, emerging trends such as social media analytics and rise in need to gain insights for business planning are expected to create lucrative opportunities for the market players in the coming years.
Impact of Covid-19 Pandemic on Business Analytics Software Market:
Get detailed COVID-19 impact analysis on the Business Analytics Software Market
The customer analytics segment dominated the market
By application, the customer analytics segment held the largest share in 2019, accounting for more than one-fourth of the global business analytics software market. This is due to increasing focus on customer analytics by various industries to get better insights about consumer demand and preferences and rise in ompetition among enterprises to provide better customer satisfaction and personalized experience. However, the risk & credit analytics segment is expected to manifest the highest CAGR of 16.6% during the forecast period, as it helps enterprises to manage risk-related issues using several techniques and technologies.
The small and medium enterprises segment to manifest the highest CAGR through 2027
By organization size, the small and medium enterprises segment is expected to register the highest CAGR of 11.6% from 2020 to 2027, owing to increase in focus on big data and rise in awareness about obtaining insights by analyzing real-time data across SMEs. However, the large enterprises segment held the largest share in 2019, contributing to nearly three-fifths of the global business analytics software market, as the business analytics & intelligence software enable large enterprises to analyze information instantly and make smart and informed decisions.
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North America held the largest share
By region, the market across North America held the largest share in 2019, accounting for around two-fifths of the market. This is due to the earlier adoption of advanced network infrastructure by exploring the boundaries of technology, science, and commerce to meet immediate end-user demand and create a connected network. However, the global business analytics software market across Asia-Pacific is expected to portray the highest CAGR of 14.4% during the forecast period, owing to increase in volume of data and major shift toward digitization.
Major market players
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