Business Analytics software is used to gain insights that inform business decisions and can be used to automate and optimize business processes.
New York, NY -- (SBWIRE) -- 10/31/2017 -- Enterprises are having overflowing data related to their customers, prospects, internal business processes, suppliers, partners and competitors which is important to them. Often, they can't leverage this flood of data so they convert it to actionable information for growing revenue and to increase profitability and efficiently operating the business by using this available information to understand demand and trend about their product through Business Analytics software's. Business Analytics software has high adoption rate in large enterprise as they have data support system and adequate capital that permit them to invest in this business optimizing software. Business analytics software operates by analyzing the current and future course of action and taking strategic decisions according to the data being analyzed.
Business Analytics software is used to gain insights that inform business decisions and can be used to automate and optimize business processes. Data-driven companies treat their data as a corporate asset and leverage it for a competitive advantage. Business Analytics software works exactly on the principle of human brain. Business analytics software systems can process and analyze unstructured data and can update itself on the basis of past experiences in a similar way a human brain functions which shows a close similarity between human brain and business analytics software.
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Business Analytics Software Market: Drivers and Challenges
Increasing volume of enterprise data is one of the major factors driving the adoption of business analytics software. In addition, increase in cloud-based deployment among SMEs, modernization of business environments and growing need for customer analytics is anticipated to further encourage the growth of business analytics software market. Moreover adoption of machine learning techniques, and the emergence of smart data discovery solutions are stimulating next round of investments for Business Analytics Software Market which in turn would increase the quality and quantity of business analytics software products to be available in the market.
On the other hand, some additional spending on implementation, and IT infrastructure maintenance, may result into restricting small and medium enterprise with limited budgets from adoption the solution, this acts as a challenge for the business analytics software market.
Business Analytics Software Market: Segmentation
Segmentation of Business Analytics Software Market on the basis of Software:
Business analytics software market on the basis of software is divided in content analytics, Enterprise Performance Management, Predictive analytics and others which aims to give overall data collection and algorithm based results.
Enterprise Performance Management
Segmentation of Business Analytics Software Market on the basis of end user:
Business analytics software market on the basis of end user can be divided into Small, Medium and large enterprises which shows the need of business analytics software among all the enterprises.
Segmentation of Business Analytics Software Market on the basis of Verticals:
Business analytics software market on the basis of verticals can be divided into Retail, Manufacturing, BFSI, Healthcare, consumer goods, IT and telecommunication, media and entertainment and others which shows the need of business analytics software in various verticals of the market.
IT and telecommunication
media and entertainment
In April 2017, Infor, a Business Analytics Software company announced that it has acquired Birst, Inc., a vendor of cloud-native, business intelligence (BI), analytics, and data visualization. Birst who is a platform for sourcing, refining, and presenting standardized data insights at scale to drive business decisions.
In April 2015, Microsoft Corp. announced that it has acquired Datazen, a mobile Business Analytics Software company. Datazen will complement Microsoft's cloud-based business analytics service, Power Business Analytics and Business Intelligence and some other services.
Major industry participants in Business Analytics Software market includes Microsoft, IBM, Oracle, Microstrategy, GoodData, Targit, SAS, SAP, and Tableau Software among others players.
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North America is expected to be the largest market for business analytics software due to major growth in the market. It accounted for around half of the markets share globally in this Business Analytics Software. Asia Pacific is expected to manifest high-growth over the foreseeable future due to rapid industrialization in the region and growing number of start-ups focusing on smartphone application development.