Business analytics software helps in interpretation and analysis of business data through continuous exploration and investigation of historical business performance to gain decisive insights for business planning. Through the application of statistical methods and tools in business performance data, a business analytics software conducts predictive analysis to derive decision making insights and inputs. A business analytics software thus helps an organization optimize its business operations and facilitates informed and strategic decision making. It also helps uncover patterns and relationships between data streams and leads to automation of tasks and processes for real-time responses in decision making. The outputs are mostly used by managers, security personnel, financial analysts, and key decision makers of organizations. Demand for cloud-based business analytics software is high in small and medium sized enterprises owing to its low cost and enhanced usability. Furthermore, demand for social media analytics, a part of business analytics, is also rising significantly due to the increase in popularity of social media marketing.
Organizations are increasingly opting for business analytics software in order to gain strategic and competitive advantage over their competitors. This is one of the major factors driving the global business analytics software market. Additionally, the software aims to help organizations make quick and informed decisions through the analysis of the historical business data. This has been driving the market for business analytics software. Currently, there exists need for quick decision making and immediate actions in response to situations considering the competitive nature of businesses. This highlights the importance of the business analytics software. Furthermore, increase in volume and diversity of data in organizations has given rise to the need for analytical software to derive meaningful patterns, relationships, and insights from unorganized data. The features of business analytics software meet such requirements, thereby boosting the growing demand and adoption of business analytics software across varying scales of companies. However, in order to efficiently operate, business analytics software require sufficient volumes of meaningful data. This requires effective data warehousing, which may be a challenge for small organizations to implement considering the high costs involved. These challenges are likely to hamper the market for business analytics software during the forecast period. Nonetheless, increase in social media marketing by organizations is expected to offer growth opportunities for the business analytics software market during the forecast period.
The global business analytics software market has been segmented on the basis of deployment, end-use industry, application, and geography. In terms of deployment, the business analytics software market has been divided into cloud and on premise. Based on end-use industry, the business analytics market has been segregated into BFSI, government, manufacturing, IT and Telecom, retail, health care, capital markets, education, media, utilities, and others. In terms of application, the business analytics software market has been segmented into supply chain analytics, workforce analytics, spatial analytics, behavioral analytics, marketing analytics, risk and credit analytics, pricing analytics, transportation analytics, and others. Based on geography, the business analytics market has been divided into North America, Asia Pacific, Europe, Middle East & Africa, and South America.
Major players operating in the global business analytics software market include SAS Institute Inc., Tableau Software, SAP SE, Oracle Corporation, Adobe Systems Incorporated, International Business Machines Corporation, Salesforce.com, Qlik Technologies, Inc., Microsoft Corporation, Tibco Software, Fair Isaac Corporation, and JDA Software Group, Inc.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.