SaaS-based Business Analytics Market: Current Analysis and Forecast (2022-2028)

SaaS-based Business Analytics Market: Current Analysis and Forecast (2022-2028)

The global SaaS-based business analytics market is expected to register a CAGR of around 14% over the period of 2022-2028. SaaS-based business analytics software helps enterprises interpret and analyze business data by enabling continuous research and exploration of past business performance and uncovering actionable insights for business strategy. It helps enterprises in discovering patterns and connections between data streams and automate tasks and processes for real-time decision-making. Due to its low cost and ease of use, cloud-based business analytics software is in high demand among small businesses. Further on, factors such as the growing acceptance of cloud computing among various industries, increasing use of business analytics to drive process and cost efficiencies, and increasing applications of artificial intelligence (AI) and big data analytics in businesses are further contributing to the growth of this market. Moreover, increasing investment in AI and AI startups is further contributing to the growth of this market. For instance, according to the 2022 Stanford AI Index report, private venture investment in AI surged to USD 93.5 Bn in 2021, more than doubling from 2020.

GoodData Corporation, Oracle Corporation, International Business Machines Corporation, MicroStrategy Incorporated, OpenText Corporation, QlikTech International AB, SAP SE, SAS Institute Inc., Microsoft Corporation, and TIBCO Software Inc. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report
"Amongst organization size, the large enterprises held a prominent share in the market in 2020”

By organization size, the market is bifurcated into large enterprises and SMEs. Among these two, the large enterprises seized a considerable share of the global SaaS-based business analytics market mainly due to the need for enhanced customer experience, improved efficiency, reduced manufacturing cost, better product management, etc. Moreover, business analytics gives businesses an excellent overview and insight into how companies can become more efficient, and these insights enable such businesses to optimize and automate their processes.
"Amongst end-user industry, banking and financial services accounted for a prominent share in the market in 2020”

On the basis of the end-user industry, the SaaS-based business analytics market is segmented into information and communication technology, banking and financial services, retail, healthcare, and others. The banking and financial services are anticipated to witness robust CAGR during the forecast period, due to the growing preference for cloud-based infrastructure and digital applications to capture information and drive business in the banking and financial services industry.
"North America to witness significant growth during the forecast period”

North America held a prominent share of the market in 2020 and is expected to showcase a prominent growth rate during the forecast period. The growth of this market can be attributed to the presence of key market players in the region and the quick adoption of new technologies. In addition, the increasing focus on AI and big data analytics in the major economies in the region is further contributing to the growth of this market. For instance, on May 5th, 2021, the White House Office of Science and Technology Policy released the new “AI.gov” a website dedicated to connecting the American people with information on federal government activities advancing the design, development and responsible use of trustworthy AI. Moreover, according to Stanford University Artificial Intelligence Index, in 2020, there were 4 funding rounds worth $500 million or more; in 2021, there were 15.

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• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
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• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
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