Business Analytics Market by Analytics Type, Deployment Mode, Organization Size, Industry Vertical, Business Function

List of Tables

The Business Analytics Market was valued at USD 73.03 billion in 2023, expected to reach USD 79.46 billion in 2024, and is projected to grow at a CAGR of 8.68%, to USD 130.84 billion by 2030.

Market research analytics involves the systematic collection, analysis, and interpretation of market data to guide strategic business decisions. Its scope encompasses consumer behavior analysis, competitive benchmarking, market segmentation, and trend identification. The necessity of business analytics lies in its capacity to transform raw data into actionable insights, enabling companies to optimize their operations, anticipate market shifts, and enhance customer satisfaction. Analytics finds application across industries, from retail and finance to healthcare and technology, providing value in customer acquisition, risk management, and product development. The end-use scope involves various stakeholders, including marketing teams seeking to refine targeting strategies, executives aiming to align business objectives with market dynamics, and product managers endeavoring to innovate offerings based on consumer feedback.

KEY MARKET STATISTICS
Base Year [2023]	USD 73.03 billion
Estimated Year [2024]	USD 79.46 billion
Forecast Year [2030]	USD 130.84 billion
CAGR (%)	8.68%

Key growth factors in the market include technological advancements in big data and artificial intelligence, increasing demand for data-driven decision-making, and the proliferation of internet penetration which has expanded digital data availability. Emerging opportunities lie in personalized customer experiences powered by AI-driven insights, real-time analytics for immediate market responsiveness, and the integration of blockchain for data security and transparency. However, challenges include the high cost of implementing advanced analytics systems, the complexity of integrating disparate data sources, and issues related to data privacy and regulations.

For businesses looking to innovate, focusing on developing advanced predictive analytics capabilities, investing in agile analytics infrastructures, and leveraging machine learning for deeper consumer insights are promising areas. Conducting ongoing research into consumer sentiment analysis and adaptive learning models can also yield distinct competitive advantages. The market for business analytics is dynamic, characterized by rapid technological evolution and increasing competition, making it essential for companies to remain adaptive and forward-thinking. Emphasizing a culture of data literacy and fostering partnerships with technology vendors can further enhance analytics capabilities and ensure market relevance.

Market Dynamics: Unveiling Key Market Insights in the Rapidly Evolving Business Analytics Market

The Business Analytics Market is undergoing transformative changes driven by a dynamic interplay of supply and demand factors. Understanding these evolving market dynamics prepares business organizations to make informed investment decisions, refine strategic decisions, and seize new opportunities. By gaining a comprehensive view of these trends, business organizations can mitigate various risks across political, geographic, technical, social, and economic domains while also gaining a clearer understanding of consumer behavior and its impact on manufacturing costs and purchasing trends.

Market Drivers
- Significant investment in business intelligence and analytics by enterprises to gain a competitive edge
- Emergence of user-friendly business analytics platforms accessible to non-technical professionals
- Integration of business analytics with other enterprise systems, such as ERP and CRM for holistic insights
- Increasing regulatory and compliance requirements driving the need for robust data analysis and reporting
Market Restraints
- High costs associated with advanced data storage solutions within the business analytics market
- Privacy concerns and regulatory challenges in managing large datasets in business analytics applications
Market Opportunities
- Emerging demand for AI-driven business analytics solutions across multiple industries
- Expansion of data analytics applications in small to medium-sized enterprises (SMEs)
- Increased focus on real-time data analytics for enhanced business decision-making processes
Market Challenges
- Balancing data privacy and security with the need for comprehensive business analysis
- Adapting to rapid advancements in technology and business analytics methodologies to stay competitive

Porter's Five Forces: A Strategic Tool for Navigating the Business Analytics Market

Porter's five forces framework is a critical tool for understanding the competitive landscape of the Business Analytics Market. It offers business organizations with a clear methodology for evaluating their competitive positioning and exploring strategic opportunities. This framework helps businesses assess the power dynamics within the market and determine the profitability of new ventures. With these insights, business organizations can leverage their strengths, address weaknesses, and avoid potential challenges, ensuring a more resilient market positioning.

PESTLE Analysis: Navigating External Influences in the Business Analytics Market

External macro-environmental factors play a pivotal role in shaping the performance dynamics of the Business Analytics Market. Political, Economic, Social, Technological, Legal, and Environmental factors analysis provides the necessary information to navigate these influences. By examining PESTLE factors, businesses can better understand potential risks and opportunities. This analysis enables business organizations to anticipate changes in regulations, consumer preferences, and economic trends, ensuring they are prepared to make proactive, forward-thinking decisions.

Market Share Analysis: Understanding the Competitive Landscape in the Business Analytics Market

A detailed market share analysis in the Business Analytics Market provides a comprehensive assessment of vendors' performance. Companies can identify their competitive positioning by comparing key metrics, including revenue, customer base, and growth rates. This analysis highlights market concentration, fragmentation, and trends in consolidation, offering vendors the insights required to make strategic decisions that enhance their position in an increasingly competitive landscape.

FPNV Positioning Matrix: Evaluating Vendors' Performance in the Business Analytics Market

The Forefront, Pathfinder, Niche, Vital (FPNV) Positioning Matrix is a critical tool for evaluating vendors within the Business Analytics Market. This matrix enables business organizations to make well-informed decisions that align with their goals by assessing vendors based on their business strategy and product satisfaction. The four quadrants provide a clear and precise segmentation of vendors, helping users identify the right partners and solutions that best fit their strategic objectives.

Strategy Analysis & Recommendation: Charting a Path to Success in the Business Analytics Market

A strategic analysis of the Business Analytics Market is essential for businesses looking to strengthen their global market presence. By reviewing key resources, capabilities, and performance indicators, business organizations can identify growth opportunities and work toward improvement. This approach helps businesses navigate challenges in the competitive landscape and ensures they are well-positioned to capitalize on newer opportunities and drive long-term success.

Key Company Profiles

The report delves into recent significant developments in the Business Analytics Market, highlighting leading vendors and their innovative profiles. These include Alteryx, Board International, Domo, GoodData, Google, IBM, Informatica, Looker, Microsoft, MicroStrategy, Oracle, Qlik, SAP, SAS, SiSense, Tableau, Teradata, ThoughtSpot, TIBCO, and Yellowfin.

Market Segmentation & Coverage

This research report categorizes the Business Analytics Market to forecast the revenues and analyze trends in each of the following sub-markets:

Based on Analytics Type, market is studied across Descriptive Analytics, Diagnostic Analytics, Predictive Analytics, and Prescriptive Analytics. The Descriptive Analytics is further studied across Ad-hoc Analysis and Traditional BI. The Diagnostic Analytics is further studied across Data Discovery and Root Cause Analysis. The Predictive Analytics is further studied across Forecasting and Predictive Modeling. The Prescriptive Analytics is further studied across Optimization.
Based on Deployment Mode, market is studied across Cloud-Based and On-Premise. The Cloud-Based is further studied across Hybrid Cloud, Private Cloud, and Public Cloud.
Based on Organization Size, market is studied across Large Enterprises and Small and Medium Enterprises (SMEs).
Based on Industry Vertical, market is studied across BFSI, Government, Healthcare, Manufacturing, Retail, and Telecommunications. The BFSI is further studied across Banking Analytics and Insurance Analytics. The Government is further studied across E-Government and Public Safety. The Healthcare is further studied across Operational Analytics and Patient Analytics. The Manufacturing is further studied across Production Analytics and Supply Chain Analytics. The Retail is further studied across Customer Analytics and Sales Analytics. The Telecommunications is further studied across Customer Analytics and Network Analytics.
Based on Business Function, market is studied across Finance, Human Resources, Marketing and Sales, and Operations. The Finance is further studied across Budgeting and Financial Planning. The Human Resources is further studied across Performance Management and Talent Analytics. The Marketing and Sales is further studied across Campaign Management and Customer Segmentation. The Operations is further studied across Resource Management and Supply Chain Management.
Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom.

The report offers a comprehensive analysis of the market, covering key focus areas:

1. Market Penetration: A detailed review of the current market environment, including extensive data from top industry players, evaluating their market reach and overall influence.

2. Market Development: Identifies growth opportunities in emerging markets and assesses expansion potential in established sectors, providing a strategic roadmap for future growth.

3. Market Diversification: Analyzes recent product launches, untapped geographic regions, major industry advancements, and strategic investments reshaping the market.

4. Competitive Assessment & Intelligence: Provides a thorough analysis of the competitive landscape, examining market share, business strategies, product portfolios, certifications, regulatory approvals, patent trends, and technological advancements of key players.

5. Product Development & Innovation: Highlights cutting-edge technologies, R&D activities, and product innovations expected to drive future market growth.

The report also answers critical questions to aid stakeholders in making informed decisions:

1. What is the current market size, and what is the forecasted growth?

2. Which products, segments, and regions offer the best investment opportunities?

3. What are the key technology trends and regulatory influences shaping the market?

4. How do leading vendors rank in terms of market share and competitive positioning?

5. What revenue sources and strategic opportunities drive vendors' market entry or exit strategies?

Product Code: MRR-1A1A064C05B2

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Significant investment in business intelligence and analytics by enterprises to gain a competitive edge
  - 5.1.1.2. Emergence of user-friendly business analytics platforms accessible to non-technical professionals
  - 5.1.1.3. Integration of business analytics with other enterprise systems, such as ERP and CRM for holistic insights
  - 5.1.1.4. Increasing regulatory and compliance requirements driving the need for robust data analysis and reporting
- 5.1.2. Restraints
  - 5.1.2.1. High costs associated with advanced data storage solutions within the business analytics market
  - 5.1.2.2. Privacy concerns and regulatory challenges in managing large datasets in business analytics applications
- 5.1.3. Opportunities
  - 5.1.3.1. Emerging demand for AI-driven business analytics solutions across multiple industries
  - 5.1.3.2. Expansion of data analytics applications in small to medium-sized enterprises (SMEs)
  - 5.1.3.3. Increased focus on real-time data analytics for enhanced business decision-making processes
- 5.1.4. Challenges
  - 5.1.4.1. Balancing data privacy and security with the need for comprehensive business analysis
  - 5.1.4.2. Adapting to rapid advancements in technology and business analytics methodologies to stay competitive
5.2. Market Segmentation Analysis
5.3. Porter's Five Forces Analysis
- 5.3.1. Threat of New Entrants
- 5.3.2. Threat of Substitutes
- 5.3.3. Bargaining Power of Customers
- 5.3.4. Bargaining Power of Suppliers
- 5.3.5. Industry Rivalry
5.4. PESTLE Analysis
- 5.4.1. Political
- 5.4.2. Economic
- 5.4.3. Social
- 5.4.4. Technological
- 5.4.5. Legal
- 5.4.6. Environmental

6. Business Analytics Market, by Analytics Type

6.1. Introduction
6.2. Descriptive Analytics
- 6.2.1. Ad-hoc Analysis
- 6.2.2. Traditional BI
6.3. Diagnostic Analytics
- 6.3.1. Data Discovery
- 6.3.2. Root Cause Analysis
6.4. Predictive Analytics
- 6.4.1. Forecasting
- 6.4.2. Predictive Modeling
6.5. Prescriptive Analytics
- 6.5.1. Optimization

7. Business Analytics Market, by Deployment Mode

7.1. Introduction
7.2. Cloud-Based
- 7.2.1. Hybrid Cloud
- 7.2.2. Private Cloud
- 7.2.3. Public Cloud
7.3. On-Premise

8. Business Analytics Market, by Organization Size

8.1. Introduction
8.2. Large Enterprises
8.3. Small and Medium Enterprises (SMEs)

9. Business Analytics Market, by Industry Vertical

9.1. Introduction
9.2. BFSI
- 9.2.1. Banking Analytics
- 9.2.2. Insurance Analytics
9.3. Government
- 9.3.1. E-Government
- 9.3.2. Public Safety
9.4. Healthcare
- 9.4.1. Operational Analytics
- 9.4.2. Patient Analytics
9.5. Manufacturing
- 9.5.1. Production Analytics
- 9.5.2. Supply Chain Analytics
9.6. Retail
- 9.6.1. Customer Analytics
- 9.6.2. Sales Analytics
9.7. Telecommunications
- 9.7.1. Customer Analytics
- 9.7.2. Network Analytics

10. Business Analytics Market, by Business Function

10.1. Introduction
10.2. Finance
- 10.2.1. Budgeting
- 10.2.2. Financial Planning
10.3. Human Resources
- 10.3.1. Performance Management
- 10.3.2. Talent Analytics
10.4. Marketing and Sales
- 10.4.1. Campaign Management
- 10.4.2. Customer Segmentation
10.5. Operations
- 10.5.1. Resource Management
- 10.5.2. Supply Chain Management

11. Americas Business Analytics Market

11.1. Introduction
11.2. Argentina
11.3. Brazil
11.4. Canada
11.5. Mexico
11.6. United States

12. Asia-Pacific Business Analytics Market

12.1. Introduction
12.2. Australia
12.3. China
12.4. India
12.5. Indonesia
12.6. Japan
12.7. Malaysia
12.8. Philippines
12.9. Singapore
12.10. South Korea
12.11. Taiwan
12.12. Thailand
12.13. Vietnam

13. Europe, Middle East & Africa Business Analytics Market

13.1. Introduction
13.2. Denmark
13.3. Egypt
13.4. Finland
13.5. France
13.6. Germany
13.7. Israel
13.8. Italy
13.9. Netherlands
13.10. Nigeria
13.11. Norway
13.12. Poland
13.13. Qatar
13.14. Russia
13.15. Saudi Arabia
13.16. South Africa
13.17. Spain
13.18. Sweden
13.19. Switzerland
13.20. Turkey
13.21. United Arab Emirates
13.22. United Kingdom

14. Competitive Landscape

14.1. Market Share Analysis, 2023
14.2. FPNV Positioning Matrix, 2023
14.3. Competitive Scenario Analysis
14.4. Strategy Analysis & Recommendation

Companies Mentioned

1. Alteryx
2. Board International
3. Domo
4. GoodData
5. Google
6. IBM
7. Informatica
8. Looker
9. Microsoft
10. MicroStrategy
11. Oracle
12. Qlik
13. SAP
14. SAS
15. SiSense
16. Tableau
17. Teradata
18. ThoughtSpot
19. TIBCO
20. Yellowfin