MARKET OVERVIEW
Total Addressable Market
Business intelligence and analytics software has rapidly gained traction in the market and is considered the fastest growing IT industry. Organizations are in dire need of tools that streamline their business process by quickly analyzing, optimizing, and managing the exponential increase in data. All these functionalities are encompassed within a single console that lets organizations analyze the correct data at the right time, helps understand customers' behavior and changing preferences, and monitors the performance of every resource of the organization. Hence the usage of these tools is ubiquitously seen across all the industry verticals. BFSI and retail are capturing the maximum of the market, whereas healthcare, media, and entertainment are rapidly gaining traction. Moreover, players show their differentiating competencies by introducing specific solutions and applications to focus on the need and demands of a particular department or process. This has ramped up the interest of organizations in investing in this business optimizing tools.
Revenue in the Information Sector has grown 2.9% per year on average between 2016 - 2021 to $1.9tr, making it the fastest-growing sector in the US over the past five years.
Meanwhile, the number of businesses in the US Information Sector has grown 2.6% per year between 2016 and 2021 to 469,081 businesses. The US Information Sector has been the seventh-ranked sector for business growth over the past five years.
Business analytics
Advanced analytics tools, such as predictive analytics and data mining, help extract value from data and generate business insights, such as hidden patterns, correlations, market trends, and customer preferences, to help organizations make informed business decisions.
On a broad scale, data analytics technologies and techniques give organizations a way to analyze data sets and gather new information. Business intelligence (BI) queries answer basic questions about business operations and performance. Big data analytics is a form of advanced analytics, which involves complex applications with elements such as predictive models, statistical algorithms and what-if analysis powered by analytics systems.
The size of the business intelligence and analytics software application market is forecast to reach around 16.5 billion US dollars in 2022. Growth in this market is driven by a focus on digital transformation, a demand for data visualization dashboards, and the increased adoption of the cloud.
The big data and analytics (BDA) software market has seen an incremental increase in annual revenue worldwide from 2011 to 2019, with a slight exception in 2015. In 2019, the worldwide revenue from business analytics software amounted to 67 billion US dollars.
Business intelligence and analytics software has rapidly gained traction in the market and is considered the fastest-growing IT industry. Organizations are in dire need of tools that streamline their business process by quickly analyzing, optimizing, and managing the exponential increase in data. All these functionalities are encompassed within a single console that lets organizations analyze the right data at the right time and helps understand the behavior and changing preferences of customers and monitor the performance of each and every resource of the organization. Hence the usage of these tools is ubiquitously seen across all the industry verticals. BFSI and retail are capturing the maximum of the market, whereas healthcare, media and entertainment are rapidly gaining traction in the market. Moreover, players are showing their differentiating competencies by introducing specific solutions and applications to focus on the need and demands of a particular department or process. This has ramped up the interest of organizations in investing in this business optimizing tools.
Big data and analytics software market
The BDA software market can be broken down into three main categories: business intelligence analytic tools and platforms, analytic data management and integration platforms, and analytic and performance management applications. Simply put, the BDA software market provides business solutions in various industries through analytical software tools that support the full life cycle of data integration, intelligence, analysis, visualization, and other related decision support systems or decision automation functions. The vendors who lead this big data and analytics software market include Microsoft, Oracle, and SAP.
Global Business Intelligence and Analytics Software Market at $17.9B in 2015, growing to $26.8B by 2020, at 8.4%.
Global Predictive Analytics market at $7.2B in 2020, growing to $21.5B by 2025, at 24.5% during the forecast period.
Global Business Intelligence market at $23.1B in 2020, growing to $33.3B by 2025, at 7.6% during the forecast period. Various factors such as the growing focus on digital transformation, rising investments in analytics, rising demand for dashboards for data visualisation, increase in adoption of cloud, and increase in data generation are expected to drive the growth of the business intelligence market.
Why is big data analytics important?
Organizations can use big data analytics systems and software to make data-driven decisions that can improve business-related outcomes. The benefits may include more effective marketing, new revenue opportunities, customer personalization and improved operational efficiency. With an effective strategy, these benefits can provide competitive advantages over rivals.
Migration to the cloud
The BDA software market is continually experiencing migration to the cloud. As of 2019, the cloud services portion grew tremendously and now takes up about a quarter of the total revenue of the BDA software market. It would not be a surprise if the increase in cloud services may be contributing to the total size of the public cloud software as a service (SaaS) market that has seen an increase in recent years[10]
Competition
Indirect (might evolve into partnership):
http://statista.com/ is the obvious, however very broad.
Direct:
No peer-to-peer data-sharing centers were identified, which is what data2money.com is focused on becoming. Also, there is a strong belief that competitors will become our partners as data source seeders too.
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