A lead analyst at AMR highlighted that the business analytics software market across Asia-Pacific is anticipated to grow at the fastest CAGR during the forecast period.
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Allied Market Research published a research report on the business analytics software market. The findings of the report states that the global market for business analytics software generated $61.10 billion in 2020, and is projected to reach $177.00 billion by 2030, witnessing a CAGR of 11.2% from 2021 to 2030. The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenario for market players, investors, shareholders, and new entrants.
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The report provides detailed insights on drivers, restraints, and opportunities to help the market players in devising several growth strategies. Rise in adoption of business analytics software by organizations and increase in demand for cloud-based business analytics software among SMEs drive the growth of the global business analytics software market. On the other hand, high implementation costs of business analytics software and lack of skilled workforce impede the growth to some extent. However, trends such as social media analytics & text analytics and surge in need to gain insights for business planning have paved the way for lucrative opportunities for the market players.
The outbreak of the pandemic had a mixed impact on the global business analytics software market. There was a sudden decline in demand for business analytics software, as governments in the majority of countries implemented lockdowns and imposed restrictions on international travel to contain the spread of virus, several businesses took a hit. On the other hand, the growing adoption of work-from-home culture had positively impacted the demand for cloud-based business analytics software, and this drift is expected to continue post-pandemic as well.
“The service segment is expected to experience fastest growth in the coming years, as services speed up software implementation, maximize the value of existing installation by optimizing it, and minimize the deployment cost & risks. In addition, services ensure effective functioning of software throughout the process, which further fuel the growth of the market.” Said Pramod Borasi, Senior Research Analyst at Allied Market Research.
The report offers detailed segmentation of the global business analytics software market based on component, deployment mode, application, organization size, end user, and region. These insights are helpful for the new as well as the existing market players to capitalize on the fastest growing and largest revenue generating segments to accomplish growth in the future.
By component, the service segment is anticipated to portray the fastest CAGR of 12.1% throughout the forecast period. On the other hand, the software segment contributed to the highest share in 2020, garnering more than half of the global business analytics software market revenue.
By application, the customer analytics segment generated the highest share in 2020, contributing to nearly one-fourth of the global business analytics software market revenue. However, the risk & credit analytics segment is anticipated to display the fastest CAGR of 13.8% throughout the forecast period.
By region, the global business analytics software market across North America held the major share in 2020, generating nearly one-third of the total revenue. Simultaneously, the market across Asia-Pacific would cite the fastest CAGR of 11.0% during the forecast period.
Leading players of the global business analytics software market analyzed in the report include Google LLC., Adobe, Fair Isaac Corporation, IBM Corporation, Microsoft Corporation, SAS Institute Inc., Oracle Corporation, Qlik, Salesforce.com, Inc., and SAP SE.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to offer business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.
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