Cloud-Based Business Analytics Software Market by Deployment Model (Private Cloud, Public Cloud, and Hybrid Cloud), End User (IT & Telecom, Retail, BFSI, Manufacturing, and Others), and Application (Customer Analytics, Supply Chain Analytics, Marketing Analytics, Pricing Analytics, and Others) - Global Opportunity Analysis and Industry Forecast, 2017-2023
Cloud-based business analytics software conducts predictive analysis to derive decision making inputs and insights through the application of statistical tools and methods in business performance data. It analyses business data and information through continuous investigation and exploration of historical business performance to obtain decisive insights for business planning. Cloud-based business analytics software helps an organization to optimize business operations and facilitates strategic decision making. The outputs are mostly used by financial analysts, managers, security personnel, and key decision makers of organizations.
Increase in adoption of these software by many organizations to gain strategic and competitive advantage over their competitors drive the market. In addition, ability of cloud-based business analytics software to help make proper business-related decisions and also to provide competitive advantage by analyzing and acting upon information in a timely manner propels the growth of the market. However, insufficient volume of meaningful data in small and medium size businesses and lack of skilled and proficient workforce limits the growth of the market. Furthermore, development of trends such as social media analytics and text analytics as well as increase in need to gain insights for business planning is expected to provide numerous growth opportunities for the market.
The global cloud-based business analytics software market is segmented into deployment model, end user, and application. Based on deployment model, the market is divided into private, public, and hybrid. The end user segment covered in this study includes IT & telecom, retail, BFSI, manufacturing, and others. By application, the market is classified into customer analytics, supply chain analytics, marketing analytics, pricing analytics, and others. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The global business analytics software market is dominated by key players such as Oracle Corporation, SAS Institute Inc., SAP SE, International Business Machines (IBM) Corporation, Microsoft Corporation, Adobe Systems Software Ireland Ltd., Tableau Software., Salesforce.com, Inc., QlikTech International AB, and Fair Isaac Corporation.
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