The enterprise analytics software market was valued at US$17.278 billion in 2019. Enterprise analytics majorly refers to the form of big data where the organizations can perform analytical processes over the data throughout the organization so as to extract meaningful insights by using BI and analytical tools and further make various decisions from the insights. The market is projected to show a robust growth during the next five years due to the rapid growth in the adoption of these tools across the various industries due to the continuous growth in the amount of the generation of data. As the amount of data across the organizations is increasing the need for streamlining of the business activities is also on the verge of increasing due to which the need for various tools to help the organizations rapid analysis, management, and optimization of the data is increasing. Thus, providing an impetus for the market to grow. As all the functionalities are integrated into a single tool that further enables the organizations to analyze the required data in less time hence offering numerous economic benefits to the companies which are also instigating its adoption across the small and medium enterprises also and thereby significantly adding up to the market growth.
Furthermore, the rising implementation of data-driven operations across various industries such as healthcare, retail, and Transport and Logistics among others is also significantly driving the demand for various BI solutions and thereby positively impacting the market growth during the next five years. Furthermore, the business environment is currently highly volatile and competitive thus there is an increase in the demand for strategic decisions at every step of the business, this coupled with the rapid proliferation of data due to the increase in the number of data sources is also widening up the opportunities for the market to surge in the near future. Moreover, decision making is also considered as an integral part of the business process in today’s era which further requires thorough analytical processing of the data and models, these tools have the abilities to offer smarter decisions and more actionable insights which is also increasing its adoption in the coming years.
The enterprise analytics software market has been segmented on the basis of offering, enterprise size, deployment, industry verticals, and geography. By offering the market has been segmented into business intelligence (BI) platforms, traditional BI platforms, data science platforms, and analytics applications. On the basis of enterprise size, the market has been classified into small and medium, and large. By deployment, the segmentation has been done on the basis of cloud and on-premise. By geography, the segmentation has been done on the basis of North America, South America, Europe, Middle East and Africa, and Asia Pacific.
Small and Medium enterprises to show a notable growth
On the basis of enterprise size, the small and medium enterprises segment is anticipated to show a noteworthy growth during the next five years owing to the rising adoption of these solutions across the companies in this segment due to growing data-driven operations which is significantly increasing the amount of data being generated. Also, the increased accessibility of these organizations to cheap data centers offered by the cloud solutions vendors is also considered to be a prime factor for its adoption across this segment as this further leads to a reduction in the up-front investments for the companies falling under this category. The large enterprises are projected to hold a significant share in the market owing to the high adoption of these tools due to the presence of a vast amount of raw data with these organizations coupled with the high budget capabilities which is another factor that is supplementing its adoption across the companies falling under large enterprises category.
North America to hold a notable market share
Geographically, the North American region is anticipated to hold a noteworthy share in the market throughout the forecast period owing to the presence of state-of-art infrastructure and the early adoption of technology. Furthermore, the presence of key market players in the region is also one of the factors bolstering the enterprise analytics software market in the North American region. Furthermore, the presence of well-established industries in the region also provides an impetus for the market to grow in the near future. The Asia Pacific region is anticipated to show a decent growth during the next five years on account of a significant growth in the number of SMEs along with a decent growth across the various industry verticals.
Prominent key market players in the enterprise analytics software market include Microsoft Corporation, SAP, Oracle, IBM, and Adobe among others. These companies hold a noteworthy share in the market on account of their good brand image and product offerings.
Major players in the enterprise analytics softwaremarket have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last two years.