Enterprise Analytics Software Market Size, Share, Opportunities, COVID 19 Impact, And Trends By Offering (Business Intelligence (BI) Platforms, Traditional BI Platforms, Data Science Platforms, Analytics Applications), By Enterprise Size (Small And Medium, Large), By Deployment (Cloud, On-premise), By Industry Verticals (BFSI, Healthcare, Retail, IT And Telecom, Manufacturing, Media And Entertainment, Others), And By Geography - Forecasts From 2022 To 2027

The enterprise analytics software market is estimated to grow at a CAGR of 10.94% to reach a market size of US$41.755 billion in 2027 from US$20.187 billion in 2020.

Enterprise analytics majorly refers to big data where organizations can perform analytical processes over the data throughout the organization to extract meaningful insights by using BI and analytical tools and further make various decisions from the insights. The market is projected to show robust growth during the next five years due to the rapid growth in the adoption of these tools across various industries and 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 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, it 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, thereby significantly adding to the market growth.

Furthermore, the rising implementation of data-driven operations across various industries such as healthcare, retail, 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 shortly. Moreover, decision-making is also considered an integral part of the business process in today’s era, which further requires thorough analytical processing of the data and models.  These tools can offer smarter decisions and more actionable insights, which is also increasing their adoption in the coming years.

The enterprise analytics software market has been segmented based on offerings, 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. Based on enterprise size, the market has been classified into small, medium, and large. By deployment, the segmentation has been done based on cloud and on-premise. By geography, the segmentation has been done based on North America, South America, Europe, the Middle East, Africa, and the Asia Pacific.

Small and Medium enterprises to show a notable growth

Based on enterprise size, the small and medium enterprises segment is anticipated to show 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 centres offered by the cloud solutions vendors is 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 within these organizations coupled with their high budget capabilities, which is another factor that is supplementing their adoption across the companies falling under the large enterprise’s category.

North America held 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 shortly. The Asia Pacific region is anticipated to show decent growth during the next five years on account of significant growth in the number of SMEs along with decent growth across the various industry verticals.

Recent Developments and expansions

• In May 2020, Sigma Computing, an innovative company in cloud-based analytics and business intelligence, announced the launch of its new templates, empowering the marketing teams to aggregate the data into a single dashboard for self-analyzation, and the creation of more detailed insights.
• In May 2020, Oracle announced Oracle Analytics for Cloud HCM. The company aims to deliver the HR executives across the various organizations a strong tool for decision-making and enhancing business performance.
• In May 2020, Tableau Software Inc. announced the launch of its Tableau 2020.2 which is the latest version of its business intelligence and data analytics platform.
• In May 2020, Sauce Labs Inc., a leading company that offers testing solutions announced its latest innovation, Failure Analysis. This is a new analytics solution that uses machine learning.
• April 2020, Tableau Software Company created a COVID-19 Data Hub, as a resource for accessing and analyzing the data on the recent pandemic of the novel COVID-19 virus to help the governments, scientists, and data analytics vendors understand and shape the crisis.

COVID-19 Impact on the Enterprise Analytics Software Market

In the initial months of 2020, the market's expansion was restrained due to the COVID-19 pandemic's breakout due to lockdown and halt in business activities to stop the virus's spread. However, numerous businesses around the globe started to establish a work-from-home culture for their employees, creating a market for cloud-based enterprise analytics to handle vital information and potentially creating new market dynamics. The main drivers of the market expansion during the pandemic were an increase in the volume of data generated by many businesses and the necessity to manage this data, which is anticipated to recover the market.

Enterprise Analytics Software Market Scope:

Report Metric	Details
Market size value in 2020	US$20.187 billion
Market size value in 2027	US$41.755 billion
Growth Rate	CAGR of 10.94% from 2020 to 2027
Base year	2020
Forecast period	2022–2027
Forecast Unit (Value)	USD Billion
Segments covered	Offering, Enterprise Size, Deployment, Industry Verticals, And Geography
Regions covered	North America, South America, Europe, Middle East and Africa, Asia Pacific
Companies covered	IBM Corporation, Microsoft Corporation, Information Builders, Oracle, SAP, SAS Institute Inc., Tableau Software, LLC, MicroStrategy Incorporated, Adobe, RapidMiner, Inc.
Customization scope	Free report customization with purchase

 

Segmentation

• By Offering
  • Business Intelligence (BI) Platforms
  • Traditional BI Platforms
  • Data Science Platforms
  • Analytics Applications
• By Enterprise Size
  • Small and Medium
  • Large
• By Deployment
  • Cloud
  • On-premise
• By Industry Verticals
  • BFSI
  • Healthcare
  • Retail
  • IT and Telecom
  • Manufacturing
  • Media and Entertainment
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • Israel
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Indonesia
    • Others

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Frequently Asked Questions (FAQs)

Q1. What will be the enterprise analytics software market size by 2027?
A1. The enterprise analytics software market is estimated to reach a value of US$41.755 billion by 2027. 

Q2. What is the size of the global enterprise analytics software market?
A2. Enterprise Analytics Software Market was valued at US$20.187 billion in 2020.  

Q3. What are the growth prospects for the enterprise analytics software market?
A3. The global enterprise analytics software market is estimated to grow at a CAGR of 10.94% over the forecast period. 

Q4. Which region holds the largest market share in the enterprise analytics software market?
A4. Geographically, the North American region is anticipated to hold a noteworthy share in the enterprise analytics software market owing to the presence of state-of-art infrastructure and the early adoption of technology.

Q5. What factors are anticipated to drive the enterprise analytics software market growth?
A5. The enterprise analytics software market is projected to show robust growth 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.