Business analytics
software helps in interpretation and analysis of business data
through continuous exploration and investigation of historical
business performance to gain decisive insights for business planning.
Through the application of statistical methods and tools in business
performance data, a business analytics software conducts predictive
analysis to derive decision making insights and inputs. A business
analytics software thus helps an organization optimize its business
operations and facilitates informed and strategic decision making. It
also helps uncover patterns and relationships between data streams
and leads to automation of tasks and processes for real-time
responses in decision making. The outputs are mostly used by
managers, security personnel, financial analysts, and key decision
makers of organizations. Demand for cloud-based business analytics
software is high in small and medium sized enterprises owing to its
low cost and enhanced usability. Furthermore, demand for social media
analytics, a part of business analytics, is also rising significantly
due to the increase in popularity of social media marketing.
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Organizations are
increasingly opting for business analytics software in order to gain
strategic and competitive advantage over their competitors. This is
one of the major factors driving the global business analytics
software market. Additionally, the software aims to help
organizations make quick and informed decisions through the analysis
of the historical business data. This has been driving the market for
business analytics software. Currently, there exists need for quick
decision making and immediate actions in response to situations
considering the competitive nature of businesses. This highlights the
importance of the business analytics software. Furthermore, increase
in volume and diversity of data in organizations has given rise to
the need for analytical software to derive meaningful patterns,
relationships, and insights from unorganized data. The features of
business analytics software meet such requirements, thereby boosting
the growing demand and adoption of business analytics software across
varying scales of companies. However, in order to efficiently
operate, business analytics software require sufficient volumes of
meaningful data. This requires effective data warehousing, which may
be a challenge for small organizations to implement considering the
high costs involved. These challenges are likely to hamper the market
for business analytics software during the forecast period.
Nonetheless, increase in social media marketing by organizations is
expected to offer growth opportunities for the business analytics
software market during the forecast period.
The global business
analytics software market has been segmented on the basis of
deployment, end-use industry, application, and geography. In terms of
deployment, the business analytics software market has been divided
into cloud and on premise. Based on 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 application, the
business analytics software 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. Based on geography,
the business analytics market has been divided into North America,
Asia Pacific, Europe, Middle East & Africa, and South America.
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Major players
operating in the global business analytics software 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.
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