Business analytics (BA) is the iterative, methodical exploration of an organization’s data, with an emphasis on statistical analysis. Business analytics is used by companies that are committed to making data-driven decisions. Data-driven companies treat their data as a corporate asset and actively look for ways to turn it into a competitive advantage.
Self-service has become a major trend among business analytics tools. Users now demand software that is easy to use and doesn’t require specialized training. This has led to the rise of simple-to-use tools from companies such as Tableau and Qlik, among others. These tools can be installed on a single computer for small applications or in server environments for enterprise-wide deployments.
As a result of basic modifications in the worldwide company landscape, demand for business analytics has risen within the worldwide industry. The last decade was an age of company advances and disruptions that brought company analytics to the forefront. In addition, the need to preserve seamless development across the company industry has also provided a boost to worldwide company analytics market development. In recent decades, several MNCs have experienced major changes, and this has led to the incorporation of business analytics across the entire world. Business analytics is a wide area of operation that encapsulates several tools that analyses business growth.
The emergence of smart data discovery capabilities, machine learning and automation of the entire analytics workflow has led to reduction of time for deriving insights and has made it easier to distribute the data analytics workload among a broader set of people. The increasing capability of analytics tools to analyze complex data from businesses is also driving the growth of business analytics market.
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The key players in the global business analytics market are IBM, Infor, Tibco Software, Inc., Microsoft Corporation, Microstrategy Incorporated, Oracle Corporation,, QLIK Technologies, Inc., SAP SE, SAS Institute, Inc. and Tableau Software, Inc.
Increasing use of smartphones and increasing digitization across all industry verticals can be a driving factor for the growth of business analytics market. North America is expected to dominate the global business analytics market during the forecast period. Increasing digitization of business processes and presence of majority key players in the US are driving the growth of business analytics market in the region. Asia-Pacific is expected to grow significantly in the global business analytics market during the forecast period.
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Global big data and Business Analytics Market to grow from $40,814.6 million in 2014 to $66,719.8 million in 2019.
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