GITNUX MARKETDATA REPORT 2024

Business Analytics Statistics: Market Report & Data

Highlights: The Most Important Business Analytics Statistics

  • By 2022, the global business analytics market is estimated to reach $67.92 billion.
  • By 2023, spending on technologies that support Big Data and Business analytics is projected to reach $189.1 billion.
  • 99.5% of data for business analytics remains unused.
  • Every second, Google processes over 40,000 searches, giving businesses an abundance of data.
  • Implementing business analytics can improve a company's profitability by 20%.
  • In 2022, about 77% of companies have at least a portion of their computing infrastructure in the cloud, supporting business analytics.
  • 80% of business and analytics professionals report that AI drives business innovation in their organization.
  • The finance sector invests the most in business intelligence and analytics, with a 22% share of the market.
  • Over 70% of businesses that use business analytics to make strategic decisions have seen their profits increase by 10%.
  • 84% of businesses have started using big data analytics to mitigate the risk of cyber threats.
  • Companies spend $189 billion on public cloud services for business analytics.
  • Over 90% of sales and marketing teams believe that cloud-based business intelligence (analytics) systems are critical to overall success.
  • Experts predict business analytics will reduce business costs by $40 billion by 2023.
  • By the end of 2023, about 33% of organizations will take actions to implement data streaming to enable real-time business analytics.
  • The demand for data science and analytics is expected to generate 11.5 million job openings by 2026.
  • The supply chain management sector is predicted to invest $2.3 billion in analytics by 2023.
  • Nearly two-thirds (65 percent) of respondents to a recent survey believe their companies do not have the right resources to support analytics.
  • Companies that invest in big data for analytics are 10% more profitable than those that do not.
  • 67% of surveyed businesses stated that they gained a competitive advantage through the use of analytics.
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In the dynamic realm of business, the role of statistics is ever-evolving. With the advent of sophisticated technologies, businesses have plunged into the world of data, where Business Analytics Statistics plays a paramount role. This concept, not a mere tool but a scientific approach for strategic planning, has emerged as the lifeblood of enterprises. From predictive modeling, optimization to data visualization, it uncovers valuable insights concealed within raw data. This blog post delves into the intricacies of Business Analytics Statistics, providing an enlightening view of how this powerful tool can transform mundane data into strategic decisions, ushering in a new era of informed decision-making.

The Latest Business Analytics Statistics Unveiled

By 2022, the global business analytics market is estimated to reach $67.92 billion.

Highlighting the projected worth of the global business analytics market at $67.92 billion by 2022 underlines a compelling narrative of swift growth and ever-increasing relevance in the business landscape. This astronomical figure serves to underscore the escalating significance and dependency of businesses on analytics for strategic decision-making and performance enhancement. In the context of a blog post about Business Analytics Statistics, such a statistic paints a vivid picture of the thriving field, inspiring readers to delve deeper and explore the burgeoning opportunities within business analytics more comprehensively.

By 2023, spending on technologies that support Big Data and Business analytics is projected to reach $189.1 billion.

Grasping the projected colossal sum of $189.1 billion dedicated to Big Data and Business Analytics technologies by 2023 catapults us into the future’s undeniable reality. Behind this figure lies the growing recognition amongst businesses across the globe about the transformative potential of Big Data and Business Analytics. By translating raw data into actionable insights, these Analytics tools are empowering corporates to make more informed business decisions, predict market trends, optimize operations and enhance customer experiences like never before. This staggering growth in investment not only reflects the increasing reliance of companies on data-driven strategies but also underscores the colossal opportunities for technology developers, data scientists, and analysts in the burgeoning Business Analytics arena.

99.5% of data for business analytics remains unused.

Harnessing the power of unused data presents a potential goldmine for businesses, as evidenced by the startling statistic that 99.5% of data for business analytics remains untapped. This suggests that a vast abundance of valuable insights is simply waiting to be discovered, capable of vastly improving decision making, enhancing strategic planning, and positively impacting revenue growth. Therefore, this revelation underlines the imperative need for businesses to not only increase their investment in sophisticated analytical tools but also to foster a data-driven culture to fully leverage this underutilized resource for competitive advantage. This statistic, in essence, positions data analytics not just as a luxury, but rather, a dire necessity in today’s data-saturated environment.

Every second, Google processes over 40,000 searches, giving businesses an abundance of data.

A mesmerizing spectacle of our digital age is Google’s swift hands, that sift through over 40,000 searches every single second. This pulsating heart of internet data amasses a sea of valuable information, creating a treasure map for businesses. Through the lens of Business Analytics, this data helps businesses expertly navigate the market landscape, interpreting customer trends, patterns, and behavior. Strategically leveraging these real-time insights, businesses can enhance decision-making, optimize operations, dig out market opportunities and cut a path to success, making this statistic a cardinal point in any discourse on Business Analytics Statistics.

Implementing business analytics can improve a company’s profitability by 20%.

Peering into the financial rewards of business analytics, it is compelling to acknowledge that companies can see a profitability leap of 20% through its implementation. The statistic vibrantly illustrates the direct impact of data-driven strategies on a company’s financial health, serving as a persuasive emphasis point in our blog post. By incorporating analytics into their modus operandi, companies not only gain critical insights to enhance decision-making processes, but also unlock potential profitability improvements. Therefore, this figure underscores the necessity of adopting analytics, transforming it from a mere auxiliary tool to a core business strategy, ultimately substantiating our blog post’s discussion about Business Analytics Statistics.

In 2022, about 77% of companies have at least a portion of their computing infrastructure in the cloud, supporting business analytics.

Highlighting the statistic that, “In 2022, about 77% of companies have at least a portion of their computing infrastructure in the cloud, supporting business analytics,” paints a clear picture of the profound integration of cloud computing in modern businesses. It emphasizes the significant role of cloud technology in fostering efficiency and flexibility in data storage and analytical practices. This movement of companies towards the digital sphere—where data is more accessible, secure, and cost-efficient—can be seen as a testament to the growing reliance and trust in technology to drive business decisions and strategic planning. Such a statistic lends credibility to the impact and relevance of business analytics in today’s digitalized and data-driven world.

80% of business and analytics professionals report that AI drives business innovation in their organization.

Punctuating the significance of AI in the realm of business and analytics, a striking data point reveals that a staggering 80% of professionals within the field credit AI as a primary catalyst for business innovation within their organizations. This revelation not only underscores AI’s pivotal role in modern business strategies but also implies a heightened demand for AI expertise amongst business and analytics professionals. Within a blog post dedicated to business analytics statistics, this percentage serves as a convincing testament to the expanding intersection where smart technology meets strategic business growth.

The finance sector invests the most in business intelligence and analytics, with a 22% share of the market.

Navigating the sea of business analytics data, one beacon of investment shines brightly – the finance sector, claiming a substantial 22% share of the market. This significant reveal underscores the marriage between the financial industry and advanced intelligence tools, highlighting how integral these solutions are in dissecting financial patterns, predicting market trends, and driving data-driven decisions. Illuminating this intertwining in the context of a blog post on Business Analytics Statistics showcases the role analytics plays in highly competitive industries and attracts aspiring entrepreneurs with its promise of wisdom extracted from raw data.

Over 70% of businesses that use business analytics to make strategic decisions have seen their profits increase by 10%.

Painting a vibrant picture of the impact of business analytics, the statistic that over 70% of businesses employing analytics for strategic decisions reported a profit increase of 10% is a glance into the transformative power of data-driven decisions. It is the glowing testament lighting the potential trail for other businesses, showcasing that taking advantage of analytics isn’t merely a trendy buzzword, rather an actionable strategy resulting in tangible profit increase. Within the realm of an in-depth exploration of Business Analytics Statistics, this statistic acts as the compelling protagonist, persuasively advocating for data as the differentiating factor determining financial success.

84% of businesses have started using big data analytics to mitigate the risk of cyber threats.

Highlighting the statistic, ‘84% of businesses have started using big data analytics to mitigate the risk of cyber threats’, underpins the increasing reliance and trust businesses place on data science and analytics for critical decision-making. In the vast landscape of Business Analytics Statistics, this nugget of information pinpoints how enterprises not only use analytics to unlock growth opportunities but also to safeguard their operations against cybersecurity risks. This duality reinforces the pivotal role of business analytics, moving beyond its traditional bounds, towards a more holistic and essential business tool in the digital age, where staying protected from cyber threats is just as crucial as ensuring business prosperity.

Companies spend $189 billion on public cloud services for business analytics.

Drilling deep into the intriguing arena of Business Analytics Statistics, an astounding revelation surfaces – a whopping $189 billion expenditure on public cloud services by companies. This figure not only cemented the stance of the public cloud as a key technology for business analytics’ implementation, but it also reflects the escalating trend of businesses prioritizing digital transformation. It underscores the relentless march of enterprises towards utilizing high-power data analytics to drive strategic decisions, sharpen competitive edge, and fuel growth, unearthing the critical interdependence between analytics and cloud technology. This multi-billion-dollar spending vividly illustrates the enormous business value and huge financial commitment industries are reposing in public cloud services to unlock their analytics potential.

Over 90% of sales and marketing teams believe that cloud-based business intelligence (analytics) systems are critical to overall success.

Delving into the realm of Business Analytics Statistics, the assertion that over 90% of sales and marketing teams esteem cloud-based business intelligence (analytics) systems as vital to their overarching triumph offers a persuasive argument. Serving as an empirical indicator, this percentage underscores the dominant view among these cornerstone teams about the instrumental role of data analytics, infused through cloud technology, in driving business decisions, optimizing operations, identifying market trends, and fostering competitive advantage. Hence, not only does this statistic elevate the pivotal stature of cloud-based analytics in modern businesses, but it also highlights the compelling need for firms to adapt and invest in these sophisticated systems for sustained success.

Experts predict business analytics will reduce business costs by $40 billion by 2023.

Highlighting the prediction that business analytics could potentially slash business costs by a whopping $40 billion by 2023 gives our readers potent insight into the transformative power of this tool. In an era where businesses of all sizes constantly strive for cost optimization, these figures anchor the vital role predictive analytics plays in identifying cost-saving opportunities. Hence, this forecast not only serves as compelling validation for firms considering an investment in business analytics, but it also sharpens the competitive edge for those already wielding its power, making it an indispensable focus in our discussion on Business Analytics Statistics.

By the end of 2023, about 33% of organizations will take actions to implement data streaming to enable real-time business analytics.

Navigating the panorama of Business Analytics Statistics, one cannot overlook the anticipation that by the end of 2023, approximately 33% of organizations plan to incorporate data streaming for real-time analytics. This emphasizes the discernible shift towards live, actionable insights in the business world. A conventional batch processing approach may not instantaneously meet dynamic market needs, inspiring many entities to embrace this live-streaming data approach. The growing incline towards real-time analytics underscores its pivotal role in modern business decision-making, fostering enhanced efficiency, instant problem-solving, and a competitive edge in volatile markets.

The demand for data science and analytics is expected to generate 11.5 million job openings by 2026.

Painting an employment panorama of the near future, the forecast of data science and analytics potentially generating 11.5 million job openings by 2026 certainly amplifies the pivotal role these fields will play. This projection not only underscores the accelerating value of data-driven decision-making in businesses, but it also signals towards a future where proficiency in analytics could be a deciding factor for career progression. In the landscape of Business Analytics, this statistic couldn’t be more crucial, driving home the immense potential and opportunity that lies within this blend of business acumen and analytical prowess.

The supply chain management sector is predicted to invest $2.3 billion in analytics by 2023.

In a blog post about Business Analytics Statistics, this projection of the supply chain management sector investing $2.3 billion in analytics by 2023 is a compelling testament to the growing recognition of analytics as a game-changer for enterprises. It encapsulates the rise of data-driven decision-making, the relevance of predictive modelling and the increasing reliance on statistics in shaping robust, future-proof strategies. The vast sum also underscores the burgeoning role this field is expected to play in the optimization and efficiency of supply chains worldwide, reiterating that business analytics is no longer a luxury, but an essential instrument for successful operation in a competitive marketplace.

Nearly two-thirds (65 percent) of respondents to a recent survey believe their companies do not have the right resources to support analytics.

Highlighting the statistics that nearly two-thirds (65 percent) of companies claim to be ill-equipped for analytics underlines a significant business challenge in our data-driven age. It serves as a stark reminder that, despite the increased emphasis on data analytics in business strategy, there is still a noteworthy gap in resources and skills. Not only does this statistic provoke concern, but it also offers an opportunity. Addressing this lack of resources could provide a considerable competitive edge, emphasizing the importance of investment in data analytics resources and talent development within companies. In the context of a blog post about Business Analytics Statistics, this information feeds directly into a broader narrative about the place of analytics in modern business.

Companies that invest in big data for analytics are 10% more profitable than those that do not.

Undoubtedly, the competitive edge in today’s business environment can hinge on astute management of vast amounts of information. In the wake of this emerging trend, the statistic depicting a 10% higher profitability in companies investing in big data analytics isn’t just an arbitrary figure. It underscores how leveraging big data—an amalgamation of structured, semi-structured, and unstructured data—can enable businesses to make insightful decisions, streamline operations, enhance customer experiences, or even pioneer new products or services. Hence, this significant uplift in profitability, powered by big data investments, serves as an empirical testimony to the transformative potential of analytics in the business world— making it a vital cornerstone in any discourse about business analytics statistics.

67% of surveyed businesses stated that they gained a competitive advantage through the use of analytics.

Highlighting the statistic ‘67% of surveyed businesses gained a competitive edge through analytics’ illuminates the transformative power of business analytics. In the competitive landscape of modern business, this figure underscores how analytics has emerged as a tactical game-changer. With over two-thirds of enterprises attributing their competitive advantage to analytics, it becomes clear that this tool is not merely an optional extra, but rather an indispensable arsenal in the business toolkit. This manifestation of numbers serves as a beacon, guiding readers to understand the prevailing trend and increasing significance of business analytics in today’s fast-paced market.

Conclusion

Embracing business analytics statistics is paramount to a modern organization’s success. Through meticulous data collection, accurate analysis and insightful interpretation, businesses can unlock significant hidden potentials within their operations. These numbers can refine decision-making processes, optimize operational efficiency, trigger substantial profit growth, and even help navigate through uncertain market conditions. Ultimately, business analytics statistics are a compass, guiding firms to their strategic goals and beyond.

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FAQs

What is Business Analytics?

Business Analytics is a practice that brings together skills, technologies, processes and practices to explore and interpret historical data, draw conclusions and uses the insights to make informed business decisions.

What are the different types of Business Analytics?

The different types of business analytics include descriptive analytics which takes a look at past data to analyze historical trends, predictive analytics that forecasts future trends, decisions analytics that supports decision-making, and prescriptive analytics that recommends actions based on the data.

Why is Business Analytics important?

Business Analytics is critical for businesses today as it offers insights to make informed business decisions, reduces the risks and uncertainties involved, identifies the trends, helps in the optimization of operations, and assists in spotting the potential business gaps and challenges.

What tools are used in Business Analytics?

Some of the common tools used in Business Analytics are Microsoft Excel, Tableau, Business Objects, SAS, Python, R, SQL databases, Google Analytics, and Apache Hadoop, among others.

What skills are required for Business Analytics?

A good business analyst needs a balance of skills in technical data analysis, including knowledge of big data tools, awareness of latest trends like machine learning and AI, business acumen, problem-solving aptitude, effective communication and presentation skills, and strong understanding of the specific industry.

How we write our statistic reports:

We have not conducted any studies ourselves. Our article provides a summary of all the statistics and studies available at the time of writing. We are solely presenting a summary, not expressing our own opinion. We have collected all statistics within our internal database. In some cases, we use Artificial Intelligence for formulating the statistics. The articles are updated regularly.

See our Editorial Process.

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