The Business Analytics market size was valued at USD 81.46 billion in the previous year and is expected to reach USD 130.95 billion in the next five years, registering a CAGR of 8.07% during the forecast period. The business analytics market is primarily driven by the increasing digitalization across end-user industries and the need to improve their businesses with a better understanding of the customers. In addition, market vendors' integration of advanced technologies in business analytics solutions is expected to drive the market in the coming years.
The business analytics market is highly fragmented due to the presence of many small and medium-sized companies competing with each other and large enterprises. Technological advancements in the market are also bringing sustainable competitive advantage to companies, and the market is witnessing multiple partnerships and mergers. Some key players in the market include IBM, Microsoft, and Oracle, among others.
In November 2022, IBM announced the release of a business intelligence and analytics suite dubbed Business Analytics Enterprise. The solution was designed to help organizations break down data barriers and silos to collaboration caused by the use of various analytics tools across different divisions. The company said that the new suite - comprising a new Analytics Content Hub and enhanced versions of Planning Analytics and Cognos Analytics with IBM Watson (a question-answering computer system capable of answering questions posed in natural language)- provides business intelligence tools for budgeting, reporting, and forecasting data across different divisions.
In November 2022, Standard Chartered and US-based fintech platform upSwot launched a business analytics solution in Singapore that was to offer small- and medium-sized enterprises (SMEs) clients insights and forecasting capabilities on a single digital platform. The new solution allowed SME clients of Standard Chartered to integrate their business apps with upSWOT to produce dashboard analysis and real-time insights using the aggregated data.
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