In today’s data-driven business world, the field of Business Analytics has emerged as a powerful tool for organizations to make informed decisions and gain a competitive edge. By harnessing the power of data and statistical analysis, businesses can unlock valuable insights that drive growth, efficiency, and innovation. In this blog post, we will explore key industry statistics that highlight the growing importance and impact of Business Analytics in various sectors.
The Latest Business Analytics Industry Statistics Explained
The global Business Analytics market size was valued at $72.9 billion in 2018 and is expected to grow at a compound annual growth rate (CAGR) of 10.1% from 2019 to 2026.
The statistic indicates that the global Business Analytics market was valued at $72.9 billion in 2018 and is projected to experience significant growth over the forecast period from 2019 to 2026, with a compound annual growth rate (CAGR) of 10.1%. This suggests that the market is expected to expand steadily and reach a higher valuation by the end of the forecast period. The increasing adoption of data-driven decision-making processes across various industries, coupled with advancements in technology such as big data and machine learning, are likely drivers for this growth trajectory. Organizations are recognizing the value of leveraging analytics to gain insights, optimize operations, and drive business success, contributing to the anticipated growth in the Business Analytics market.
North America holds the largest market share in the global business analytics market.
The statistic ‘North America holds the largest market share in the global business analytics market’ indicates that North America contributes the greatest portion of revenue in the overall business analytics industry worldwide. This suggests that companies in North America are more heavily invested in business analytics solutions compared to other regions such as Europe, Asia, or Latin America. Factors such as a strong technological infrastructure, a large number of innovative companies, and a high demand for data-driven decision-making likely contribute to North America’s dominance in the business analytics market. This statistic implies that businesses in North America prioritize leveraging data and analytics to drive growth, improve efficiency, and gain a competitive edge in their respective industries.
The retail and consumer goods vertical is expected to hold the highest market share in the business analytics market.
This statistic indicates that within the business analytics market, the retail and consumer goods vertical is anticipated to have the largest proportion of market share compared to other industry verticals. This suggests that businesses operating within the retail and consumer goods sector are likely to be significant consumers of business analytics solutions and services. This could be due to the sector’s focus on optimizing operations, enhancing customer experiences, and driving sales through data-driven strategies. The high market share held by this vertical underscores the importance and value that businesses in retail and consumer goods place on leveraging analytics to gain insights and make informed decisions to drive business growth and competitiveness.
The cloud-based business analytics market is projected to grow at the highest rate during the forecast period.
The statement ‘The cloud-based business analytics market is projected to grow at the highest rate during the forecast period’ implies that compared to other segments within the business analytics market, the cloud-based sector is expected to experience the most significant increase in market size over the specified future period. This projection indicates a growing trend towards businesses adopting cloud-based solutions for their analytics needs due to factors such as scalability, cost-effectiveness, and ease of accessibility. The high growth rate projected for the cloud-based business analytics market suggests an increasing demand for cloud-based analytics services and solutions among organizations seeking to leverage data for informed decision-making and competitive advantage.
The global business analytics market is expected to reach $100.5 billion by 2025.
The statistic indicates that the global business analytics market is projected to grow significantly, reaching a value of $100.5 billion by the year 2025. This suggests a growing demand for analytics tools and services in the business world, driven by the increasing importance of data-driven decision-making and the adoption of big data technologies across industries. The anticipated growth in the market reflects businesses’ recognition of the value that analytics can provide in improving efficiency, enhancing competitiveness, and driving innovation. Therefore, companies are likely to invest more in analytics solutions to leverage data insights and stay ahead in a rapidly evolving business landscape.
The banking, financial services, and insurance (BFSI) sector is expected to hold the largest market size in the business analytics market.
This statistic implies that within the business analytics market, the banking, financial services, and insurance (BFSI) sector is projected to have the highest market share or revenue generation compared to other industries. This suggests that organizations operating within the BFSI sector are increasingly recognizing the value and importance of utilizing business analytics to optimize their operations, improve risk management, enhance customer experiences, and drive more informed decision-making. The significance of the BFSI sector in the business analytics market underscores the growing trend of data-driven approaches in the financial and insurance industries to stay competitive and achieve sustainable growth.
Over 40% of companies across the globe are using some form of business analytics to support their business decisions.
The statistic “Over 40% of companies across the globe are using some form of business analytics to support their business decisions” indicates a widespread adoption of analytical tools and techniques among organizations worldwide. This suggests that a significant portion of businesses recognize the value and benefits of leveraging data-driven insights to inform their strategic decision-making processes. By utilizing business analytics, companies can gain valuable insights into customer behavior, market trends, operational efficiencies, and other key aspects of their business operations, ultimately leading to more informed and effective decision-making. This statistic underscores the increasing importance of data analytics in today’s competitive business environment and highlights the trend towards data-driven decision-making among organizations globally.
Predictive analysis, a type of business analytics, is expected to reach $10.95 billion by 2022.
The statistic that predictive analysis, a type of business analytics, is anticipated to grow to $10.95 billion by 2022 highlights the increasing importance and investment in leveraging data to make informed predictions and decisions within businesses. This growth reflects the expanding use of advanced analytics techniques to extract valuable insights from large datasets, enabling organizations to anticipate trends, forecast outcomes, and mitigate risks. As businesses continue to recognize the value of data-driven decision-making, the predictive analytics market is poised for substantial growth as businesses seek to gain a competitive edge through improved forecasting and strategic planning.
The healthcare industry is expected to register significant growth in the business analytics market during the forecast period.
The statistic indicates that the healthcare industry is projected to experience substantial expansion within the business analytics market over a specific period in the future. This growth suggests that more healthcare organizations are likely to adopt and invest in analytical tools and technologies to analyze large volumes of data and derive actionable insights. The increasing demand for data-driven decision-making in healthcare, driven by factors such as the need for improved operational efficiency, better patient outcomes, and regulatory requirements, is driving this anticipated growth. Thus, this statistic signals a strategic shift towards leveraging analytics solutions to drive innovation, improve performance, and drive better outcomes within the healthcare sector.
Business Intelligence and Analytics software market is expected to reach $24.3 billion by 2020.
The statistic “Business Intelligence and Analytics software market is expected to reach $24.3 billion by 2020” indicates the predicted value of the global market for software used for business intelligence and analytics purposes by the year 2020. This implies a significant growth in the adoption and investment in these technologies by organizations across various industries. The increasing demand for data-driven insights and decision-making tools is driving the expansion of this market, as companies aim to leverage data to gain a competitive edge, improve operational efficiency, and enhance strategic decision-making processes. Overall, this statistic highlights the growing importance of business intelligence and analytics software in today’s data-driven business landscape.
The largest segment of the business analytics market is Business Intelligence (BI), with a 22.1% global market share.
The statistic indicates that Business Intelligence (BI) holds the biggest share within the business analytics market worldwide, capturing a significant 22.1%. This suggests that BI tools and techniques used to analyze data, generate insights, and make informed business decisions are widely adopted and valued by organizations. The dominance of BI in the market reflects the growing importance placed on data-driven decision-making and the need for businesses to leverage insights from complex datasets to stay competitive and drive growth. With its strong market share, BI is a key player in shaping the landscape of business analytics and will likely continue to play a crucial role in enabling organizations to extract value from their data assets.
In 2019, 90% of business analytics-related patents were published by companies in the US, China, and Japan.
In 2019, a significant majority (90%) of patents related to business analytics were published by companies in the United States, China, and Japan. This statistic suggests that these three countries are leading in terms of innovation and research in the field of business analytics. The dominance of these countries in patent publication indicates a high level of investment, research and development activities, and technological advancements in the business analytics sector. This trend highlights the importance of these countries in shaping the future of business analytics technologies and applications on a global scale.
The global operational analytics market size was valued at USD 5.09 billion in 2020 and is expected to expand at a CAGR of 14.3% from 2021 to 2028.
This statistic indicates that the global operational analytics market was worth USD 5.09 billion in 2020 and is projected to experience a compound annual growth rate (CAGR) of 14.3% from 2021 to 2028. The CAGR of 14.3% implies that the market is expected to grow consistently over the forecast period, reaching higher market values each year. This growth suggests a strong demand for operational analytics solutions, driven by factors such as the increasing focus on data-driven decision-making, digital transformation initiatives across industries, and the need for real-time insights to optimize operational efficiency. Overall, the statistic highlights a positive trend in the adoption and expansion of operational analytics technologies in businesses worldwide.
The Education sector demands business analytics solutions: 26% of educational institutions use business analytics to get student data and optimize learning.
The statistic indicates that there is a notable demand within the education sector for business analytics solutions, with 26% of educational institutions leveraging these tools to access student data and enhance the learning experience. This suggests a growing recognition within the education industry of the importance of data-driven decision-making and the potential benefits that analytics can offer in terms of understanding student performance, identifying patterns, and implementing strategies to optimize the learning process. By using business analytics tools, educational institutions can make more informed decisions, tailor educational programs to individual student needs, and ultimately improve overall learning outcomes.
Conclusion
Business analytics industry statistics highlight the growing importance of data-driven decision-making in today’s competitive business landscape. With the evolution of technology and the increasing availability of data, businesses have a wealth of information at their disposal to gain valuable insights and drive strategic decisions. As the demand for analytics professionals continues to soar, it is clear that investing in data analytics capabilities is crucial for organizations looking to stay ahead of the curve and drive business success.
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