Insights on the Business Analytics Software Global Market

The “Business Analytics Software Market by Component, Deployment Model, Application, Enterprise Size, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2021-2030” report has been added to ResearchAndMarkets.com’s offering.

According to this report the global business analytics software market size was valued at $61.10 billion in 2020, and is projected to reach $177.00 billion by 2030, growing at a CAGR of 11.2% from 2021 to 2030.

Business analytics software uses statistical tools and methodologies to conduct predictive analysis in order to obtain decision-making inputs and insights from business performance data. It analyzes business data and information by conducting ongoing investigations and explorations of historical business performance data in order to derive actionable insights for business planning.

Business analytics software aids in the optimization of business operations and the facilitation of strategic decision-making for an organization. Financial analysts, managers, security workers, and key decision makers in corporations mostly use the outputs. The popularity of cloud-based business analytics software has grown among small and medium-sized businesses, owing to its low cost and ease of use.

The growth of the global business analytics software market is driven by factors such as increase in adoption of business analytics software by multiple organizations and surge in demand for cloud-based business analytics software among SMEs. In addition, rise in awareness regarding numerous benefits provided by business analytics solutions and worldwide acceleration of digital transformation in enterprises due to COVID-19 outbreak fuels growth of the market.

However, high implementation costs of business analytics software and lack of skilled workforce limit the growth of this market. Conversely, emerging trends such as social media analytics & text analytics and increase in need to gain insights for business planning are expected to provide numerous opportunities for the expansion of the market during the forecast period.

Key Benefits

The study provides an in-depth analysis of the global business analytics software market forecast along with the current & future trends to explain the imminent investment pockets
Information about key drivers, restraints, & opportunities and their impact analysis on global business analytics software market trends is provided in the report
Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry
The quantitative analysis of the market from 2021 to 2030 is provided to determine the market potential

Key Market Segments

By Component