Business Analytics Market Expected to Reach $66,719.8 Million by 2019 - New report by MarketsandMarkets
(PRWEB) March 18, 2015 -- This MarketsandMarkets report forecasts Business Analytics Market to $66,719.8 Million in 2019 at an estimated CAGR of 10.3%. North America is expected to be the largest market in terms of market size while Asia-Pacific is expected to experience an increase in market traction during the forecasted period.
Browse 65 market data tables and 34 figures spread through 156 pages and in-depth TOC on "Business Analytics Market - Global Forecast to 2019"
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Business Analytics Market is at its growing stage and is expected to rise exponentially due to the enhancement of technology in this sector. Today companies are demanding real-time data based solutions for the analyzing each and every factor influencing the business.
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The factors driving Business Analytics market are the escalating demand for enhanced productivity, growing demand for improved customer satisfaction and gain insight from the day to day data generated by the various business activities. High investment cost for implementation of business analytics solutions and reluctance in adoption of business analytics are the major restraints for the growth of this market.
MarketsandMarkets broadly segments the global Business Analytics market into following sub-segments:
1) Solutions: query, reporting analysis tools, advanced and predictive analytics, location intelligence, content analytics, data warehousing platform and enterprise performance management.
2) Regions: North America (NA), Asia-Pacific (APAC), Europe , Middle East & Africa (MEA) and Latin America (LA).
3) User Type: SMB's and large enterprise.
4) Industry Verticals: BFSI, education, energy & power, government, healthcare, telecom & IT, media & entertainment and others.
5) Deployment Type: on-premise and cloud.
There can be seen increase in demand for the analytics by the organizations due to the rising big data trend, rapidly changing business environment and customer preferences. Thus organizations are in need to analyze the huge volume of data generated by the daily activities of customers, business processes and every resource of the organization in order to detect and reduce the chances of failure, optimize operations cost effectively and provide better customer services. Furthermore the increasing demand among the large enterprises as well as SMB's is also helping market to progress with an explosive growth rate. These solutions are gaining traction in various industry verticals such as BFSI, energy and utilities, education, healthcare, manufacturing, media and entertainment, retail, telecom and IT followed by other verticals.
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