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The latest report by IMARC, titled “ BusinessAnalyticsMarket:GlobalIndustryTrends,Share,Size,Growth,OpportunityandForecast20 23-2028
” " the global business analytics market size reached US$ 82.8 Billion in 2022.
Business analytics (BA) is a subset of business intelligence (BI) that is used for sorting, collating, processing and studying business data through statistical and operational analysis. It utilizes statistical models and iterative methodologies for transforming data into business insights. Some of the prominent components of BA include data aggregation, data mining, text mining, forecasting, predictive analytics, data visualization and optimization.
BA is essential for analyzing underlying patterns and micro-segmenting the data while offering a competitive edge to the enterprises by facilitating data-driven decisions making. These tools are also widely used by numerous organizations to recognize business patterns, optimize prices according to the current trends, understand consumer needs and maximize ideal outcomes. Request Free Sample Report: https://www.imarcgroup.com/business-analytics-market/requestsample
The market is primarily driven by the rising adoption of big data by numerous organizations across the globe. There has been a substantial increase in the amount of digital data generation from various business processes, systems and platforms. Along with this, the growing usage of social media platforms has also increased the generation of unstructured data for promotional purposes. Consequently, BA tools are widely employed to analyze the data to get a better understanding of the operations and requirements of the customers. Moreover, the emergence of the Internet of Things (IoT)-enabled technologies and the growing adoption of cloud computing by multiple enterprises are providing a thrust to the market growth.
There has been an escalating demand for predictive analytics across various end use industries, which is acting as a major growth-inducing factor. It is essential for predicting market trends for a vast array of products and services, which ultimately aids in improving the overall performance of businesses. Some of the other factors contributing to the market growth include technological advancements in the BI market, growing utilization of BA in finance-based security agencies to prevent fraudulent activities, increasing preference for cloud-enabled BA tools and significant growth in the e-commerce sector. On account of these factors, the market is expected to grow at a CAGR of 8% during 2023-2028.
Looking forward, the market value is projected to reach a strong growth during the forecast period (2023-2028).
MarketSummary:
BreakupbySoftware:
• Query, Reporting and Analysis Tools
• Advanced and Predictive Analytics
• Location Intelligence
• Content Analytics
• Data Warehousing Platform
• Others
BreakupbyDeploymentType:
• Cloud-based
• On-Premises
BreakupbyEnd-User:
• Large Enterprises
• Small and Medium Size Enterprises
BreakupbyVertical:
• BFSI
• Energy and Power
• Manufacturing
• Healthcare
• Government
• Education
• Media and Entertainment
• Telecom and IT
• Others
BreakupbyRegion:
• North America
• United States
• Canada
• Asia Pacific
• China
• Japan
• India
• South Korea
• Australia
• Indonesia
• Others
• Europe
• Germany
• France
• United Kingdom
• Italy
• Spain
• Russia
• Others
• Latin America
• Brazil
• Mexico
• Others
• Middle East and Africa
CompetitiveLandscapewithKeyPlayers:
• Adobe Systems Incorporated
• International Business Machines (IBM) Corporation
• Microsoft Corporation
• Microstrategy Incorporated
• Oracle Corporation
• Salesforce.com Inc.
• SAP SE
• SAS Institute Inc.
• Tableau Software
• Tibco Software Inc.
ViewFullReportwithTOC&ListofFigure:https://www.imarcgroup.com/business-analytics-market
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