Press Release / Industry / Business Analytics Market worth $66,719.8 Million by 2019

Business Analytics Market worth $66,719.8 Million by 2019

Business Analytics Market is at its growing stage and is expected to rise exponentially due to the enhancement of technology in this sector. Today, companies are demanding real-time data based solutions for the analyzing each and every factor influencing the business. There can be seen increase in demand for the analytics by the organizations due to the rising big data trend, rapidly changing business environment and customer preferences. Thus organizations are in need to analyze the huge volume of data generated by the daily activities of customers, business processes, and every resource of the organization, in order to detect and reduce the chances of failure, optimize operations cost effectively and provide better customer services. Furthermore, the increasing demand among the large enterprises as well as SMB’s is also helping BA market to progress with an explosive growth rate. These solutions are gaining traction in various industry verticals such as BFSI, energy and utilities, education, healthcare, manufacturing, media and entertainment, retail, telecom and IT followed by other verticals.

The factors driving this BA market are the escalating demand for enhanced productivity, growing demand for improved customer satisfaction, and gain insight from the day to day data generated by the various business activities. High investment cost for implementation of business analytics solutions and reluctance in adoption of business analytics are the major restraints for the growth of this market.

The BA market is consolidated with big players such as Oracle, IBM, Microsoft, Tibco and others are some of the active key players in the market.

MarketsandMarkets broadly segments the global BA market by regions as North America (NA), Asia-Pacific (APAC), Europe , Middle East & Africa (MEA) and Latin America (LA); by solutions as query, reporting analysis tools, advanced and predictive analytics, location intelligence, content analytics, data warehousing platform, and enterprise performance management; by deployment type as on-premise and cloud; by user type as SMB’s and large enterprise; by industry verticals as BFSI, education, energy & power, government, healthcare, telecom & IT, media & entertainment, and others and others.

MarketsandMarkets forecasts the Global Business Analytics Market to grow from $40,814.6 million in 2014 to $66,719.8 million in 2019. North America is expected to be the largest market in terms of market size, while Asia-Pacific is expected to experience an increase in market traction during the forecasted period.

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