Westford, USA, Feb. 29, 2024 (GLOBE NEWSWIRE) -- The integration of artificial intelligence (AI) and machine learning (ML) technologies into business analytics software was accelerating. AI and ML algorithms enhanced the capabilities of predictive prescriptive analytics, enabling companies to predict trends, automate routine tasks, and gain deeper insights from their data in the global business analytics software market.
Browse in-depth TOC of “Business Analytics Software Market”
● Pages - 157
● Tables – 93
● Figures – 76
Cloud computing played a key role in the expansion of the global business analytics software market. The cloud-based analytics solution provided scalability, flexibility and cost-effectiveness, making it easier for businesses of all sizes to access and deploy powerful analytics tools without the need for significant infrastructure investments.
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Prominent Players of Global Business Analytics Software Market
- IBM Corporation
- Microsoft Corporation
- SAP SE
- Oracle Corporation
- SAS Institute Inc.
- Tableau Software (acquired by Salesforce)
- QlikTech International AB
- Adobe Inc.
- Teradata Corporation
- MicroStrategy Incorporated
- TIBCO Software Inc.
- Domo, Inc.
- Alteryx, Inc.
- Informatica Corporation
- Sisense Inc.
- IBM Corporation
- Google LLC
- RapidMiner, Inc.
- GoodData Corporation
- ThoughtSpot, Inc.
Finance Segment to Dominate Market Owing to the Widespread Use of Financial Tools
The finance segment showed its strength in terms of revenue, reaching $7.6 billion in value. This control comes from the widespread use of financial tools that enable real-time collection, processing, and analysis of financial data in the global business analytics software market. These tools provide an important basis for improved decision-making, thereby facilitating the growth of the finance sector. By leveraging business intelligence (BI) tools, the finance sides of organizations gains critical insight into probabilities, empowering companies to better assesses and mitigate risks.
Asia-Pacific is poised to exhibit impressive growth in the global business analytics software market, posting a spectacular CAGR of around 12.9%. This projected increase highlights the region’s dynamic economic environment, rapid technological advances, and growing data-driven approaches across all sectors as an Asia-Pacific outbound rise as the leading country in the market can be attributed to its growing economy, increasing digitalization and increasing need for insightful decision making.
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Executive Management Segment to Witness Significant Growth Owing to Rising Adoption of BI Software
A promising growth trajectory is predicted for the executive management segment over the forecast period in the global business analytics software market. The adoption of BI software for increased decision-making positions the personnel management side for notable expansion. The importance of BI for the organization, its role in supporting decision-making processes, facilitating employees to explore options through incredibly motivating computer applications, which has established its importance as part of employee management is in the market.
Notably, North America remains a formidable competitor in the global business analytics software market. North America follows close behind in terms of its high growth prospects. The segment has an established technology infrastructure, thriving innovation, and strong data analytics adoption. As organizations in North America seek to harness the power of data for competitive advantage, growth in the market remains robust.
A comprehensive analysis of the major players in the global business analytics software market has been recently conducted in this report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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Key Developments of Global Business Analytics Software Market
- In October 2022, Dynatrace, a leading software intelligence company, unveiled its state-of-the-art Grail Core technology embedded in the Dynatrace software intelligence platform.
- In October 2022, Epicor launched several new features in "Epicor Kinetic" software for manufacturers, a cloud-based enterprise ERP software. Developers can successfully compete with industry-specific deep functionality and overlapping businesses by integrating and optimizing business processes to deliver a smooth user experience journey.
Key Questions Answered in Global Business Analytics Software Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how do these differences shape the market's future growth?
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