Portland, OR, Aug. 03, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global business analytics software market generated $45.04 billion in 2016, and is estimated to reach $86.45 billion by 2023, registering a CAGR of 9.7% from 2020 to 2023. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenario.
Increase in adoption by multiple organizations, surge in demand for cloud-based business analytics software among SMEs, and awareness regarding numerous benefits drive the growth of the global business analytics software market. However, high implementation cost and lack of skilled workforce hinder the market growth. On the other hand, emerging trends such as social media analytics and increase in need to gain insights for business planning create new opportunities in the coming years.
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Covid-19 scenario:
- The revenue generated from business analytics software will not be affected up to much extent during the months of coronavirus pandemic due to the uninterrupted operations of data-driven companies.
- Moreover, majority of software companies has continued their operations with work from home structure, therefore the development, deployment, and the maintenance of these software is carried out during the coronavirus pandemic. The insights offered by this software would help in coping up with the situation.
Get detailed COVID-19 impact analysis on the Business Analytics Software Market
The report offers a detailed segmentation of the global business analytics software market based on deployment model, end user, application, and region.
Based on deployment model, the cloud segment contributed to the largest share in 2016, and is estimated to maintain its dominant position during the forecast period. However, the same segment is expected to register the highest CAGR from 2017 to 2023.
Based on application, the customer analytics segment accounted for the largest share in 2016, and is expected to maintain the largest share throughout the forecast period. However, the others segment is estimated to portray the highest CAGR during the forecast period.
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By geography, the report analyzes the market across North America, Europe, Asia-Pacific, and LAMEA. It also includes country level analysis for each region.
Leading market players analyzed in the research 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.
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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 provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.