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The SaaS-based business analytics market size is forecast to increase by USD 10.2 billion, at a CAGR of 13.63% between 2023 and 2028. The market is experiencing significant growth, driven by several key trends and factors. One major trend is the shift towards Software as a Service (SaaS) solutions, which offer flexibility, scalability, and cost savings compared to traditional on-premises systems. Another trend is the rising demand for data integration and visual analytics, which enable businesses to gain insights from disparate data sources and present complex data in an intuitive and user-friendly way. However, challenges remain, including bandwidth and connectivity issues, which can impact the performance and reliability of SaaS-based analytics solutions. To address these challenges, providers are investing in advanced compression technologies and developing offline analytics capabilities to ensure seamless data access and analysis, even in low-bandwidth environments. Overall, the market is poised for continued growth, driven by these trends and the increasing need for data-driven insights in today's business landscape.
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The market is witnessing significant growth due to the increasing adoption of advanced technologies such as Big data analytics, Predictive analytics, Artificial intelligence, and Machine learning. Cloud technology is playing a pivotal role in the market's expansion, enabling businesses to access analytics tools and insights on-demand. The BFSI industry and Telecom industry are major contributors to the market, leveraging analytics for process automation and customer segmentation. Retailers and Telecom companies are also investing heavily in Saas-Based Business Analytics to gain a competitive edge. On-premise software is gradually being replaced by Cloud-based solutions due to their flexibility and cost-effectiveness. Data integration is a key challenge for SMEs, but Service-oriented architecture and E-commerce technology are providing viable solutions. Visual analytics is simplifying data interpretation for non-technical users, while Data science and Business intelligence are essential components of the analytics ecosystem. On-site business analytics and Data integration are still prevalent in some industries, but the trend is shifting towards Cloud-based solutions.
Shift toward SOA is notably driving market growth. Service-oriented architecture (SOA) is a flexible IT framework that enables businesses, particularly Small and Medium Enterprises (SMEs), to efficiently manage their IT infrastructure through cloud-based solutions. The cloud-based approach offers real-time analytics capabilities, enabling data-driven startups and mission-critical workloads to function optimally. IBM's SOA solutions facilitate seamless integration with channel partners and stakeholders, ensuring regulatory compliance with regulations such as the Sarbanes-Oxley Act. In the era of big data and data science, businesses in sectors like retail, telecom, and healthcare require advanced business intelligence tools for effective decision-making.
SOA's pay-as-you-go model allows for cost savings, while its visual analytics capabilities simplify complex data integration. The on-site and cloud hybrid model offers flexibility in managing bandwidth and connection requirements. IBM's SOA solutions, with their service-oriented architecture, are ideal for e-commerce technology, retailers, and telecom and IT companies, providing a scalable and efficient platform for growth. Thus, such factors are driving the growth of the market during the forecast period.
Rising demand for data integration and visual analytics is the key trend in the market. SaaS-based business analytics solutions enable enterprises to integrate their back-office systems with database management systems through data integration techniques. This integration allows organizations to access real-time data and streamline workflows, facilitating informed decision-making. With the surge in data volumes, there is a growing need for tools that can analyze, transform, monitor, and interpret data to support mission-critical workloads. SaaS-based analytics solutions offer a cloud-based approach with pay-as-you-go models and subscription fees, making them accessible to data-driven startups, SMEs, and large enterprises alike.
The retail and e-commerce sectors, telecom companies, healthcare organizations, and various other industries rely on SaaS-based business analytics for data science and business intelligence. These solutions offer visual analytics, service-oriented architecture, and data integration capabilities, ensuring seamless data flow between on-site and cloud systems. Bandwidth and connection requirements are essential considerations for effective implementation, particularly for industries with large data sets. Overall, SaaS-based business analytics solutions provide valuable insights, enabling organizations to make informed decisions and maintain a competitive edge. Thus, such trends will shape the growth of the market during the forecast period.
Bandwidth and connectivity issues is the major challenge that affects the growth of the market. In today's data-driven business landscape, the shift towards cloud-based solutions for business analytics is a significant trend. Hardware infrastructure for on-site business analytics can be costly and limiting, particularly for small and medium-sized enterprises (SMEs). A cloud-based approach to business analytics offers several advantages, including real-time access to big data and the ability to scale up or down based on demand using a pay-as-you-go model. However, high bandwidth is required for accessing data from cloud-based systems, and network connectivity issues can impact business performance. Telecom companies and retailers, for instance, generate vast amounts of data that need to be analyzed in real-time to gain a competitive edge. SaaS-based business analytics solutions offer a service-oriented architecture, enabling seamless data integration and visual analytics.
Despite these benefits, concerns around data security and network isolation persist. Mission-critical workloads may require on-site analytics to ensure data privacy and security. Data science and business intelligence applications demand robust IT systems to process complex data sets, which can be challenging in a cloud environment. In conclusion, the adoption of SaaS-based business analytics solutions requires careful consideration of network bandwidth, data security, and performance. While cloud-based analytics offers agility and cost savings, it's crucial to address potential challenges to meet the unique needs of various industries, including retail and e-commerce, telecom and IT, and healthcare. Hence, the above factors will impede the growth of the market during the forecast period
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Board International SA - The company offers SaaS-based business analytics such as TIBCO Spotfire, TIBCO Jaspersoft, TIBCO BusinessEvents, TIBCO Cloud Integration, and TIBCO Nimbus.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The retail segment is estimated to witness significant growth during the forecast period. In today's data-driven business landscape, the adoption of advanced technologies such as big data analytics, predictive analytics, artificial intelligence, and machine learning is transforming various industries, including the BFSI sector and retail. Cloud technology is a key enabler of this digital transformation, enabling process automation and real-time insights through on-demand, flexible, and cost-effective cloud-based solutions. Large enterprises in the BFSI industry are increasingly moving towards cloud-based analytics tools to manage and analyze vast amounts of customer data, sales performance, network monitoring, asset utilization, and real-time energy trading. Predictive analytics and machine learning solutions enable informed decisions based on data-driven insights, enhancing customer experience through personalized services. Tech-savvy consumers and government investments in digital transformation are driving the demand for advanced analytics capabilities.
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The retail segment was the largest and was valued at USD 2.39 billion in 2018. Cloud-based solutions offer the flexibility of public, private, and hybrid cloud deployments, catering to different organizational needs. Data processing, data visualization, and data security are critical components of these solutions, ensuring data-driven decisions are informed and secure. The retail sector, in particular, is undergoing significant change, with retailers leveraging analytics to optimize supply chain management, reduce capital expenditure, and gain real-time insights into customer behavior and sales performance. Industry leaders like Walmart are utilizing advanced analytics tools to streamline operations, increase efficiency, and maintain control over their supply chain processes. In conclusion, the integration of advanced technologies, cloud solutions, and data analytics tools is revolutionizing various industries, enabling real-time insights, informed decisions, and improved customer experiences. The retail sector, in particular, is capitalizing on these advancements to optimize operations, reduce costs, and stay competitive in the dynamic e-commerce landscape.
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North America is estimated to contribute 41% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market is witnessing significant growth due to the increasing adoption of advanced technologies such as Big data analytics, artificial intelligence, and machine learning. These technologies enable process automation and the generation of data-driven insights in real-time. The BFSI industry is a major adopter of cloud technology for business analytics, with on-premise software giving way to cloud-based solutions. Public, private, and hybrid cloud deployments are gaining traction, offering flexibility and cost savings. Large enterprises are leveraging these solutions to gain valuable customer behavior insights, optimize sales performance, and enhance customer experience through personalized services. Tech-savvy consumers and digital transformation initiatives are driving this trend. Government investments in data-driven decision-making and real-time energy trading are also contributing to the market's growth. Data processing, visualization, and security are key concerns, necessitating the use of specialized data analytics tools. Machine learning solutions are increasingly being adopted for network monitoring, asset utilization, and predictive analytics. Informed decisions are being made based on these insights, leading to improved business outcomes.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
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The market is witnessing significant growth due to the increasing adoption of advanced technologies like predictive analytics, artificial intelligence, and machine learning. These technologies enable process automation and offer real-time insights to businesses, helping them make data-driven decisions. Cloud technology plays a pivotal role in the market's growth, with businesses moving towards cloud-based solutions for data storage, management, and analysis. The BFSI industry is a major adopter of Saas-based business analytics, leveraging data-driven insights to improve sales performance and customer experience. Large enterprises are investing heavily in machine learning solutions to gain personalized services and real-time energy trading. Tech-savvy consumers' demand for digital transformation is also driving the market's growth. Data processing, data visualization, and data security are crucial aspects of Saas-based business analytics.
In addition, network monitoring and asset utilization are other areas where Saas-based analytics solutions provide significant value. Government investments in digital transformation and customer behavior analysis are expected to further fuel the market's growth. Saas-based business analytics offers informed decisions in real-time, making it an essential tool for businesses looking to stay competitive. Despite the benefits, data security remains a concern, and technical expertise is required to implement and manage Saas-based analytics solutions effectively. Overall, the market is poised for continued growth, offering significant opportunities for businesses across industries.
Market Scope |
|
Report Coverage |
Details |
Page number |
158 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 13.63% |
Market growth 2024-2028 |
USD 10.2 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
12.14 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 41% |
Key countries |
US, Germany, China, UK, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Accenture Plc, Board International SA, GS Topco GP LLC, GoodData Corp., Infor Inc., International Business Machines Corp., Microsoft Corp., MicroStrategy Inc., Open Text Corporation, Oracle Corp., Planful Inc., QlikTech international AB, Salesforce Inc., SAP SE, SAS Institute Inc., Sisense Ltd., Splunk Inc., Tableau Software LLC, Teradata Corp., and TIBCO Software Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the market forecast period. |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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