Market Size of Business Analytics Industry
| Study Period | 2018 - 2028 |
| Market Size (2023) | USD 88.83 Billion |
| Market Size (2028) | USD 130.95 Billion |
| CAGR (2023 - 2028) | 8.07 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Business Analytics Market Analysis
The Business Analytics Market size is expected to grow from USD 88.83 billion in 2023 to USD 130.95 billion by 2028, at a CAGR of 8.07% during the forecast period (2023-2028).
The business analytics market is primarily driven by the increasing digitalization across end-user industries and the need to improve their businesses with a better understanding of the customers. In addition, the integration of advanced technologies by market vendors in business analytics solutions is expected to drive the market in the coming years.
- The business analytics market is evolving quickly. Increasingly, the emphasis is on real-time Business Intelligence (BI) to enable faster decision-making and on Data Visualization, which enables data patterns to be seen more clearly. Additionally, it is anticipated that in the upcoming years, demand for more efficient business analytics solutions would be driven by the increasing usage among various end users.
- Traditionally, strategic decisions in many organizations were powered by business analytics that relied on big, centralized-managed data servers or warehouses. However, things have been changing recently, and business analysts are pulling data from dozens of heterogeneous data sources.
- In addition, visualization and explorative data analysis for the business user have been evolving into one of the most important trends in the business analytics market. Various end-user industries are also leveraging the power of business analytics to make strategic business decisions. While business analytics solution helps in supply chain management, inventory management, measuring the performance of targets, and risk mitigation plans in manufacturing, it is extended to include fraud detection and defense.
- Further, the vendors are introducing innovative business analytics solutions by integrating advanced technologies for better data storage facilities and visualization. For instance, modern Machine Language (ML) - powered business analytics platforms offer improved data visibility and comprehension. Furthermore, the proliferation of data has enabled startups to compete successfully with established blue-chip firms in the market by building customized and superior analytics offerings.
- The COVID-19 pandemic led to a boom in digital transformation, such as adopting cloud solutions, Artificial Intelligence (AI), and ML across various industries. The outbreak has accelerated many companies' use of advanced business analytics and AI. These strategies have helped engage customers through digital channels, manage fragile and complex supply chains, and support workers by disrupting their work and lives. The demand for business analytics solutions exceeded the pre-COVID-19 level and is expected to grow in the coming years.
