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Global Business Analytics Market

Posted by Maximize Market Research on 07/05/2019
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Global Business Analytics Market was valued at US$ 10 Bn in 2017 and is expected to reach US$ 32 Bn by 2026, at a CAGR of 15.65 % during forecast period.

Global Business Analytics Market

Rate of production of data from user devices, like mobiles, tablets, and laptops is rising exponentially in line with the growth in the major end-user segments, trends, like online shopping, data from kiosks at malls and fuel stations are also increasing because of rise in the purchasing power of customers. This is directed to huge amounts of data to be processed for businesses to recognize user behavior and make customized products to gain market share and value.

Companies are increasingly dependent on technology to increase competitive advantage over competitors. Sales and marketing teams are projected to continue to keep track of their customers using CRM solutions which collects data from social media and other varied sources and present them in an actionable way to the users. Emergence of social media is playing major role in this regard, as firms are mandatory to adopt a consumer-centric approach, by actively taking feedback and designing movements using business analytics. With the rising growth of IoT, the data produced and requirement for business analytics are further estimated to increase.

Factors which are influencing the market growth contains rising demand for the analytics by the organizations owing to the growing big data trend, quickly changing business environment and customer choices. Still, high execution costs and unwillingness in acceptance of business analytics are some factors limiting the growth of market. Also, lack of skilled workers with sound technical capabilities poses major challenge to the market.

Amongst applications, Banking, financial services & insurance (BFSI) and retail industries holding the largest market share. Tableau is the fastest growing business analytics software company, growing around 90% in a year. North America held the larges

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