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Business analytics refers to all the methods and techniques used by an organization to measure performance. Business analytics can also be used to evaluate an entire company as it can identify weaknesses in existing processes and highlight meaningful data preparing an organisation for future growth and challenges.
Investments on the Internet of Things is expected to reach US$ 1.2 Tn and the market by US$ 3.5 Bn in 2022 which would result in an increase in the number of connected devices and the rate of data production. With a high increase in the data production through connected devices, the global business analytics market is also expected to grow at a steady rate.
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Development in business analytics tools owing to the development in AI and predictive analytics, increasing capability of analytics tools to analyse complex data from businesses and availability of active marketplaces of businesses is projected to create new opportunities for business analytics market providers to offer tools that provide better and faster insights.
The key players in this market include Cloudability Inc., Densify Inc., Google LLC, International Business Machines Corporation (IBM), Mixpanel Inc., PanTerra Networks Inc., SAP SE, SAS Institute Inc., Tableau Software Inc., Teradata Corporation, Infor, Oracle Corporation, and Adobe Systems Incorporated among others.
By Enterprise Size
· Small and Medium Enterprises
· Large Enterprises
By Industry Vertical
· Telecom and IT
· Media and entertainment
· Energy and power
· Other (government)
· North America (USA and Canada)
· Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico and Rest of Latin America)
· Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
Major trends in business analytics market include companies demanding for real time data, increase in investments to develop data analytics, increasing investments on self-service business intelligence, and introduction of data monetization technique.
The region with dominant growth is North America, owing to increasing digitization of business processes and presence of key players in the US are driving the growth of business analytics market in the region. The other regions that are contributing to the business analytics market growth include Europe, Latin America, the Middle East and Africa and Asia Pacific. The Asia Pacific region is expected to gain momentum in the coming years owing to the rapid industrialization in this region. The growing adoption of smartphones and growth in data driven business are driving the growth of the business analytics market in this region by generating and processing large amounts of data as there is a large population across the Asia Pacific region.
Key Industry Developments
· Incorta entering in partnership with Business Analytics consulting firm Edgewater Ranzal to provide better services for customers using Direct Data Mapping platform in 2018.
· March 2017- CaliberMind, a marketing intelligence software, raised US$ 3.2 Mn from different funding rounds. These funds are expected to assist the company in enhancing its product portfolio with AI and machine learning based capabilities.