The global Business Analytics Platform Market size is forecast to reach $114.2 billion by 2027, growing at a CAGR of 11.6% from 2022 to 2027. Growing demand for business analytics in various industries such as Healthcare, BFSI and Retail & E-commerce in order to mitigate frauds or criminal activities, rising migration towards cloud based data management and others have been attributed to the market growth. Moreover, organizations must be equipped with business intelligence, data warehousing and Enterprise Performance Management solutions to better assess, store and act clearly on huge volumes of data both generated from within and outside their businesses. Furthermore, the rising shift towards social media analytics for improving business operations along with technological advancement towards artificial intelligence to improve business analytics, which can be used for content analysis, marketing analysis or weather forecasting can be considered vital in boosting the market growth in the long run.
Report Coverage :
The report based on: “Business Analytics Platform Market-Forecast (2022-2027)”, by IndustryARC, covers an in-depth analysis of the following segments of Business Analytics Platform Market Industry Outlook.
By Type : Prescriptive analytics, Predictive analytics, Diagnostics analytics, Descriptive Analytics
By Deployment : Cloud, On-premise
By Organization Size : Small & Medium Sized Businesses, Large Enterprises
By Application: Supply Chain Operations, Sales & Marketing, Operations Management, Predictive Maintenance, Fraud, Risk & Compliance Management, Human Resource & Finance, Asset Management, Others
ByEnd Users : IT & Telecom, Healthcare, Retail & E-Commerce, BFSI, Government, Manufacturing, Travel & Hospitality, Media & Entertainment, Others.
By Geography : North America (US, Canada, Mexico),Europe (U.K., Germany, Italy, France, Spain & Others), APAC (China, Japan, South Korea, India, Australia & Others),South America (Brazil, Argentina & Others), RoW (Middle East & Africa)
Key Takeaways :
– Cloud segment is analyzed to witness the fastest growth in the global business analytics platform market, during 2022-2027, due to growing shift of cloud based data management, rapid adoption of cloud computing and others.
– Retail and E-commerce sector dominated the global business analytics platform market, owing to rise in online shopping trends and others.
– North America Business Analytics Platform Market held the largest share in 2021, owing to factors such as growing shift towards cloud computing and booming retail & e-commerce industry.
– Growing shift towards social media analytics to improve business operations and technological advancement towards artificial intelligence for improving business analytics are analyzed to significantly drive the global business analytics platform market during the forecast period 2022-2027.
Business Analytics Platform Market Segment Analysis-By Deployment :
Based on deployment, the Business Analytics Platformmarket is segmented into cloud & on-premises. Cloud based business analytics platforms are analyzed to witness the fastest growth with the highest CAGR of 12.5% during the forecast period 2022-2027, owing to varied factors like rapid adoption of cloud computing, growing shift of cloud based data management and others. Compared to on-premise models, cloud deployed business analytics platform offer advantages including pricing flexibility with subscriptions, simplified mobile access, high security as well as ease in file sharing among clients or customers, thus raising its adoptability. Compared to on-premise models, cloud deployed business analytics platform offer advantages including pricing flexibility with subscriptions, simplified mobile access, high security as well as ease in file sharing among clients or customers, thus raising its adoptability. Organizations are increasingly adopting cloud-based analytics tools in business for various applications such as Customer Relationship Management, supply chain management, online file collaboration as well as managing storage purposes. According to Dresner Advisory Services study for Cloud Computing & Business Intelligence, about 54% of enterprises adopted cloud business intelligence tools in 2020, considering it highly critical for analyzing current as well as future business trends, thus improving business strategies. In November 2021, Oracle Corporation announced about the launch of cloud analytics solution, capable of detecting, understanding as well as resolving issues faster through the supply chain with its insights for Oracle Fusion Cloud Supply Chain & Manufacturing customers. Such factors are further set to drive its market growth in the long run.
Business Analytics Platform Market Segment Analysis-By End Users :
Based on end user segmentation, Retail & E-commerce sectordominated the global Business Analytics Platform market with a share of 38% in 2021, and is also anticipated to witness significant growth during 2022-2027. Rising shift towards online shopping trends, increasing need for improving sales profitability due to market competition and the rise in frauds or criminal activities are the some of the prime factors that have been attributing to its market growth. Retail & E-commerce firms are adopting business analytics solutions for studying changes in consumer preferences, providing relevant recommendations along with help increase overall product sales. Business Analytics solutions helps in building robust supply chain, determining the future trends, analyzing information to detect fraud, inventory management, provides information related to online marketing, optimize pricing of products and personalize the customers shopping experience. Such advantages increase the adoption rate of Business analytics platform in this industry. According to OpSec Security report 2020, 86% of consumers have been the victim of e-commerce frauds in the form of identity theft, credit or debit card fraud or data breach, sharp rise from 80% in 2019. Such factors can be considered vital in boosting the market growth of business analytics platform within retail & e-commerce industries in the long run.
Business Analytics Platform Market Segment Analysis-By Geography :
North America region accounted for the largest share of 36% in 2021, in the global Business Analytics Platform Market, and is also anticipated to have a significant growth during the forecast period 2022-2027. Factors attributing to the market growth include growing shift towards cloud computing or cloud based environments, rise in retail & ecommerce industry and frauds or criminal activities majorly within BFSI sectors. Moreover, high investment on R & D activities from some of the major market players in the region like IBM Corporation, Microsoft Corporation, Oracle Corporation and others along with availability of technical expertise have also helped in aiding the market growth over time. In January 2020, Microsoft Corporation announced new products related with Microsoft Dynamics 365 line which is designed for retailers to improve their operational efficiency and measure saleable items in their retail stores by analyzing data captured from video cameras and IoT sensors. According to Sisense survey, 55% of businesses in USA have started using business analytics in 2020 in order to improve operational efficiency, support customers and predict business outcomes during COVID-19. Such developments can influence the market growth in this region.
Business Analytics Platform Market Drivers :
Growing shift towards social media analytics for improving business operations positively impacts the market growth
Growing shift towards social media analytics for improving business operations can be considered as a major factor driving the market growth of Business Analytics Platform. Rising penetration of social media platforms leads to the adoption of social media analytics to derive real time insights related to consumer preferences, behavioral patterns and reviews which further influence the market growth during the forecast period. Small & Medium Businesses have been highly utilizing social media platforms for digital marketing which in turn, encouraged businesses to adopt media analytics to derive customer preference insights. According to a recent survey by Deloitte, 71% of small & medium sized businesses have been using social media to market themselves, thus aiding its market growth overtime. In September 2021, Talkwalker announced the launch of an AI-enabled Customer Intelligence platform in order to predict consumer data such as ratings and reviews which are being posted across various social media platforms. This development was done to offer real-time actionable insights related to consumer preference based on data from social media platforms, which are set to fuel the market growth in the coming time.
Technological advancement towards Artificial Intelligence for improving business analytics drive the market forward :
Technological advancement towards Artificial Intelligence for analyzing data and deliver business insights for better decision making and strategies is set to be one of the major factors which can drive the market forward. Organizations are adopting AI based business analytics or business intelligence tools to analyze data and derive insights for better business strategies. AI based business analytics have clear advantages over traditional analytics such as automate repetitive tasks, allows businesses to identify their potential customers or probable responses by using personalized data collected over time, improve delivery times & increasing sales and reduce operational cost of business. AI based business analytics can also be used for social media analysis, marketing analysis, weather forecasting and analyzes health issues. In February 2021, Sisense, the leading AI-driven platform for infusion analytics, announced Sisense Fusion which is designed to bring actionable insights to employees and customers to transform organization’s business or generate new products and innovations. Such developments can influence the growth of the market in the long run.
Business Analytics Platform Market Challenges :
High initial investments coupled with operational complexities hamper the market growth
Though business analytics have lot of advantages, high initial investments coupled with operational complexities have become a prime concern for every organization which acts as a major challenge restraining the market growth of the business analytics platform market. Since operational budget is the most important factor considered while organizations invest in advanced tools & technologies, cost of suitable business analytics platforms associated with maintaining & training employees on its utilization, slows down its market growth. Moreover, the price of implementing business analytics is a major concern for Small & medium sized business as the average price of business analytics solution is around $3,000 annually. Small & Medium sized businesses face strict budget constraints and resources, thus hampering its adoptability. Furthermore, integration of different analytics software to assist professionals in accessing data in an integrated system is quite a complex process which can be another factor for hampering the market growth.
Business Analytics Platform Industry Outlook
Partnership, Acquisitions, Collaboration, technology launches and R&D activities are key strategies adopted by players in the Market.
Business Analytics Platform top 10 companies include:
Adobe
IBM Corporation
Sisense
Microsoft Corporation
Oracle Corporation
QLIK
SalesForce Inc.
SAP SE
SAS Institute Inc
Google LLC
Acquisitions/Technology Launches :
In November 2021, Oracle announced its availability of an analytics solution, named NetSuite Analytics Warehouse, which have been built on Oracle Analytics Cloud and Oracle Autonomous Data Warehouse, capable of offering embedded real-time reporting as well as metrics dashboards. This development was done to assist customers in spotting patterns as well as surface insights faster from NetSuite or third-party data, in order to improve decision making while enhancing customer requirements.
In May 2020, Microsoft Corporation announced Azure Synapse Link, a new enterprise service solution that integrates analytics and data warehousing, to build next evolution of Azure SQL Data Warehouse. This allows businesses to analyze their data faster and more efficiently, providing better performance in terms of estimating large volumes of data, reducing total cost of ownership.
In May 2020, Oracle Corporation announced the launch of Oracle Analytics for Cloud HCM, as a part of helping HR executives and analysts to leverage better insights of workforce management.