Cloud-Based Business Analytics Software Market Statistics: 2023
The global cloud-based business analytics software market size was valued at $28,854 million in 2016, and is projected to reach at $57,055 million by 2023, growing at a CAGR of 10.2% from 2017 to 2023.
Demand for cloud-based business analytics software is high in small- & medium-sized enterprises owing to its low cost and enhanced usability. In addition, requirement of social media analytics, which is a part of business analytics, is on a significant increase due to rise in popularity of social media marketing. This in turn drives cloud-based business analytics software market growth.
Cloud-based Business Analytics Software helps elucidate and analyze business data through continuous exploration and investigation of old business performance to gain decisive insights for business planning over cloud. Through the application of statistical methods and tools in business performance data, a cloud business analytics software conducts predictive analysis to derive decision-making insights and inputs. It helps the organizations optimize business operations and facilitate informed & strategic decision-making.
The hybrid cloud segment led the market in 2016, and is expected to continue to remain dominant in the near future. Furthermore, the other industry vertical segment dominated the overall market in the same here, and deployed the cloud business analytics software on a larger scale.
Increase in adoption of business analytics software by many organizations and surge in demand for cloud-based business analytics software among SMEs are the major factors that fuel the growth of the business analytics software market. However, factors such as insufficient volume of meaningful data among SME’s and traditional data warehouses hamper the market growth to a certain extent.
The report focuses on the growth prospects and restraints of the market based on the analysis of regional trends. The study provides Porter’s Five Forces analysis of the industry to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the growth of the market.
Segment Review
The global cloud-based business analytics software market is segmented into deployment model, end user, application, and region. Based on deployment model, it is divided into private cloud, public cloud, and hybrid cloud. Based on end user, it is classified into IT & telecom, retail, BFSI, manufacturing, and others. By application, it is categorized into customer analytics, supply chain analytics, marketing analytics, pricing analytics, and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players operating in the global cloud-based business analytics software market include Oracle Corporation, SAS Institute Inc., SAP SE, International Business Machines (IBM) Corporation, Microsoft Corporation, Adobe Systems Incorporated, Tableau Software., Salesforce.com Inc., Qlik-Tech International AB, and Fair Isaac Corporation.
Top Impacting Factors
Continuous increase in adoption of business analytics software, development of trends such as social media analytics, and increase in awareness about the benefits of cloud business analytics software for decision-making drive the growth of the market. However, insufficient volume of meaningful data among SMEs as well as traditional data warehouses are expected to hamper the market growth during the forecast period.
Increase in adoption of business analytics software by many organizations
Many organizations invest in business intelligence and analytic tools to drive revenue and improve service efficiencies, which fuels the growth of the market. Moreover, senior executives of many organizations increasingly explore different styles of analytics to resolve their business imperatives, which results in growth in importance of business analytics in many regions. This in turn boosts the adoption of business analytics.
Surge in demand for cloud-based business analytics software among SME’s
The increased availability of accessible cheap data centers delivered by cloud vendors, has brought down the costs of upfront investment for small- and medium-sized businesses, thereby reducing the market entry barrier. Therefore, there is a continuous increase in the demand for cloud-based business analytics software among small- and medium-sized enterprises.
Numerous benefits provided by cloud-based business analytics software
Ability of cloud business analytics software to help make proper business-related decisions and to provide competitive advantage by analyzing information in a timely manner propels the growth of the market. In addition, the demand for cloud-based business analytics software is on an increase due to its benefits such as easy access to vital business metrics, useful insight on customer behavior, increased revenue, improved efficiency, and others.
Key Benefits of the Study:
- This study includes the analytical depiction of the global cloud-based business analytics software market along with current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities.
- The current market is quantitatively analyzed from 2016 to 2023 to highlight the financial competency of the industry.
- Porter’s Five Forces analysis illustrates the potency of buyers & suppliers in the global cloud-based business analytics software industry.
Cloud-Based Business Analytics Software Market Report Highlights
| Aspects | Details |
 By Deployement Model |
|
 By End User |
|
 By Application |
|
 By Region |
|
 Key Market Players | QLIK TECHNOLOGIES INC., ORACLE CORPORATION, INTERNATIONAL BUSINESS MANAGEMENT CORPORATION (IBM), SAP SE, ADOBE SYSTEMS INCORPORATED, TABLEAU SOFTWARE, INC, SAS INSTITUTE INC, MICROSOFT CORPORATION, SALESFORCE.COM, INC |
Analyst Review
Cloud-based business analytics software helps to interpret and analyze business data by continuously exploring and investigating historical business information over cloud to gain decisive insights for business planning. Adoption of business analytics software over cloud has increased over a period of time due to its numerous advantages such as data security, advanced mobility, adaptable platforms, increased efficiency, and others. Increase in adoption of cloud-based business analytics software to gain useful insights from the historical data and rise in awareness about its benefits predominantly drive the growth of the business analytics software market. In addition, surge in volume & diversity of data in organizations make way for the need of analytical software to derive meaningful relationships, patterns, and insights from unorganized data, which has become one of the essential components for end users. Moreover, ability of these software to provide high performance at lower cost increases its adoption across small- and medium-sized organizations.
Furthermore, emerging trends in this global cloud-based business analytics software market such as social media analytics and its integration with mobiles boost the market growth. Some of the key players operating profiled in the report include Oracle Corporation, SAS Institute Inc., SAP SE, International Business Machines (IBM) Corporation, Microsoft Corporation, Adobe Systems Incorporated, Tableau Software, Salesforce.com, Inc., QlikTech International AB, and Fair Isaac Corporation. The market players have adopted various strategies to enhance their product portfolio and to increase their market penetration. Moreover, rise in investment for research to develop new products to increase their customer base strengthens their foothold in the market.
The projected market size of cloud-based business analytics software market is $57,055 million by 2023.
The market size of cloud-based business analytics software market was $28,854 million in 2016.
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The expected CAGR of cloud-based business analytics software market is CAGR of 10.2% from 2017 to 2023.
The expected revenue generated by the cloud-based business analytics software by 2023 is $57,055 million.
Access company profiles of major key players profiled in the study.
The major factors that are anticipated to drive the cloud-based business analytics software industry include Increase in adoption of business analytics software by many organizations, Surge in demand for cloud-based business analytics software among SMEs and Numerous benefits provided by Cloud-based Business Analytics Software.
North America accounted for the highest revenue among the other regions
The new opportunities in the cloud-based business analytics software market include emerging trends such as social media analytics and Increase in need to gain insights for business planning.
The leading palyer in cloud-based business analytics software market includes Oracle Corporation,SAS Institute Inc.,SAP SE,International Business Machines (IBM) Corporation,Microsoft Corporation,Adobe Systems Incorporated,Tableau Software.,Salesforce.com Inc.,QlikTech International AB,Fair Isaac Corporation.
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