Market Insights Reports delivers key insights on the Global Business Analytics market in its latest report titled, “Business Analytics Market – Growth, Trends, COVID-19 Impact, And Forecasts (2021 – 2026)” provides an in-depth analysis of key players strategies, market growth, product demand, growth factors, technological innovations, regional outlook and global dynamics which includes drivers, challenges, and opportunities dominant in the industry. This Market study provides comprehensive data that enhances the understanding, scope, and application of this report.
The Business Analytics Market was valued at USD 67.92 billion in 2020 and is expected to reach USD 103.65 billion by 2026 and work at a CAGR of 7.3% over the forecast period (2021-2026)
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Top Key Players in the Global Business Analytics Market: Cloudability Inc., Oracle Corporation, Google LLC, PanTerra Networks Inc., Mixpanel Inc., Densify Inc., Infor, SAP SE, Teradata Corporation, Adobe, Tableau Software Inc., SAS Institute Inc., International Business Machines Corporation (IBM), and Others.
– May 2020 – Microsoft announced that Azure Synapse Analytics, the next generation of Azure SQL Data warehouse, is now available for public preview. Azure Synapse provides overwhelming performance over large data volumes. It has built-in capabilities for data ingestion, data preparation, machine learning, and visualization while accelerating time to value and reducing the total cost of ownership (TCO).
– May 2020 – Oracle announced the availability of Oracle Analytics for Cloud HCM which is built on Oracle Analytics Cloud and Oracle Autonomous Database, Oracle Analytics for Cloud HCM provides HR executives, analysts, and people related to business with better insights into workforce management by providing a comprehensive view into data from across the organization. The self-service analytics capabilities help customers get the maximum value of Oracle Cloud HCM.
Strategic decisions in many organizations were traditionally powered by business analytics that relied on big, centralized-managed data servers or data warehouses. However, things have been changing recently, and business analysts are pulling data from dozens of heterogeneous data sources. Organizations had to be patient with the slow development and deployment of BI, analytics and supporting data management solutions. However, smarter, faster, and more automated technologies, along with flexible development methods, are helping to reduce delays.
– Another key trend in 2019 and likely to continue across 2020 is the use of augmented analytics. Here, the insights that are most important or critical to a business are focused upon. Also, augmented data preparation is expected to gain popularity among business users as they will be able to pursue data-testing tasks without IT staff’s help. Back in 2018, as businesses were exposed to smart data discovery and augmented analytics platforms, to interpret massive volumes of data. In traditional Business Intelligence (BI) and Analytics systems, over 80 % of this data remained unused or underutilized, severely restricting the usefulness of the analytics systems. Augmented data management as a process overlooks automatic data refinement by using machine learning and artificial intelligence techniques.
– Businesses across the whole world are struggling to respond to the COVID-19 impact. Managers must make rapid decisions about controlling costs and maintaining liquidity and need to define the proper priorities while staying active and adjusting their decisions quickly to ongoing changes. According to a recent survey that included 300 analytics professionals across the United States conducted by Burtch Works and the International Institute for Analytics, 43 % of respondents stated that analytics is at the front of their activities, helping their organizations make major decisions in response to the COVID-19 crisis. More than 26 % of the respondents said that they were dealing with a substantial number of requests related to COVID-19, and more than 10% were asked to focus exclusively on the analytics associated with the impact of coronavirus.
Top Line Market Forecast:
Both Regional and Global sectors are included in the Outlook, with special breakouts for the NAM, European, MENA, and Global regions. The data covered is from 2015 to 2019 historically and from 2020 to 2026 forecast, it also includes the impact of Covid-19 both on the short- and long-term prospects of the industry.
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North America is Expected to Hold Major Share
– The region houses significant players such as Microsoft, Oracle, and Salesforce.com, to name a few. With the growth of rapid processing, models enabled the same instance of data to support batch analytics, interactive analytics, global messaging, database, and file-based models in different types of organizations in the United States. A 2019 survey by Alteryx with 350 retailers and brand manufacturers suggested that almost 81% of respondents are gathering shopper insights. While 76% consider insights to be critical to their sales/revenue performance. However, a mere collection of data does not suffice. According to the study, only 16% have been able to actively move onto data harnessing, while 24% and 60%, respectively, are yet to discover and have just started.
– As of January 2020, Microsoft announced new retail products related to its Microsoft Dynamics 365 line. This is in line with offering retail customers to improve operational efficiency and measure saleable items in their stores while accurately determining who is buying and how to get more buyers. Therefore, the company launched a new Dynamics 365 Customer Insights, which maximizes customer lifetime value by surfacing a 360-degree view of the customer. This 360-degree approach drives retailers to curate personalized engagements at scale. The Dynamics 365 Connected Store application overlooks real-time and predictive insight into the retail space by analyzing data from video cameras and IoT sensors.
– Multiple vendor activities have been tracked towards acquisition. For instance, in June 2019, Google Cloud acquired a Data Analytics firm, named Looker. Looker’s analytics platform provides applications for business intelligence and use-case specific solutions which include Sales Analytics and a flexible, embedded analytics product to give a conclusion on business decisions. The acquisition will deepen the integration of Looker into Google Cloud Platform, so that the customers benefit from Looker’s multi-cloud functionality and data analytics from SaaS applications like Salesforce, Marketo, and Zendesk.
– Also, according to Telecom Advisory Services, in 2019, the United States generated 41.52 million exabytes per month of internet traffic. According to Cisco, the cloud traffic in North America was expected to be 4,860 exabytes per year in 2019. About 10% of enterprise generated data is generated and processed outside a conventional centralized data center or cloud, which suggests the need for analytics across organizations in the region.
This Business Analytics Market report addresses:
– The Market size from 2016-2021
– Expected market growth until 2026
– Forecast of how market drivers, restraints, and future opportunities will affect
– Segment and regions that will drive or lead the market growth and why
– Comprehensive mapping of the competitive landscape
– In-depth analysis of key sustainability strategies adopted by market place
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Post Covid-19 Analysis:
All the reports that we list have been tracking the impact of COVID-19 on the market. Both upstream and downstream of the entire supply chain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check with the sales team.
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