Market Share of Business Analytics Industry
The business analytics market is highly fragmented due to the presence of many small and medium-sized companies competing with each other and large enterprises. Technological advancements in the market are also bringing sustainable competitive advantage to companies, and the market is witnessing multiple partnerships and mergers. Some key players in the market include IBM, Microsoft, and Oracle, among others.
In November 2022, IBM announced the release of a business intelligence and analytics suite dubbed Business Analytics Enterprise. The solution is designed to help organizations break down data barriers and silos to collaboration caused by the use of various analytics tools across different divisions. The company said that the new suite — comprising a new Analytics Content Hub and enhanced versions of Planning Analytics and Cognos Analytics with IBM Watson (a question-answering computer system capable of answering questions posed in natural language)— provides business intelligence tools for budgeting, reporting, and forecasting data across different divisions.
In November 2022, Standard Chartered and US-based fintech platform upSwot launched a business analytics solution in Singapore that will offer small- and medium-sized enterprises (SMEs) clients insights and forecasting capabilities on a single digital platform. The new solution allows SME clients of Standard Chartered to integrate their business apps with upSWOT to produce dashboard analysis and real-time insights using the aggregated data.
Business Analytics Market Leaders
Oracle Corporation
IBM Corporation
SAP SE
Microsoft Corporation
Tibco Software Inc.
*Disclaimer: Major Players sorted in no particular order
