Business Analytics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Business Analytics Market was valued at USD 67.92 billion in 2020 and is expected to reach USD 103.65 billion by 2026 and work at a CAGR of 7.3% over the forecast period (2021-2026). Strategic decisions in many organizations were traditionally powered by business analytics that relied on big, centralized-managed data servers or data warehouses. However, things have been changing recently, and business analysts are pulling data from dozens of heterogeneous data sources. Organizations had to be patient with the slow development and deployment of BI, analytics and supporting data management solutions. However, smarter, faster, and more automated technologies, along with flexible development methods, are helping to reduce delays.

• Another key trend in 2019 and likely to continue across 2020 is the use of augmented analytics. Here, the insights that are most important or critical to a business are focused upon. Also, augmented data preparation is expected to gain popularity among business users as they will be able to pursue data-testing tasks without IT staff's help. Back in 2018, as businesses were exposed to smart data discovery and augmented analytics platforms, to interpret massive volumes of data. In traditional Business Intelligence (BI) and Analytics systems, over 80 % of this data remained unused or underutilized, severely restricting the usefulness of the analytics systems. Augmented data management as a process overlooks automatic data refinement by using machine learning and artificial intelligence techniques.
• With hosted BI platforms and IoT devices pouring out diverse types of data, advanced data cataloging tools are gaining traction. For instance, Alation, a startup focused on cataloging data in the enterprise, in December 2019, launched an analytics application within its Data Catalog offering to extend stewardship and better governance for its clients. Visualization and explorative data analysis for business users have evolved into one of the most critical trends in the business analytics market. A host of major industries are also leveraging the power of business analytics to make strategic business decisions. While business analytics helps in supply chain management, inventory management, measure performance of targets, as well as risk mitigation plans, in manufacturing, it is extended to include fraud detection and defense as well.
• As traditional business analytics tools have been lacking in excellent data storage facilities or proper data visualization tools, the modern ML-powered business analytics platforms offer improved data visibility and comprehension. Moreover, increasing data has led startups to emerge in the space against blue-chip companies by building customized and superior analytics offering. This is evident as large organizations have been observed to acquire startups. Additionally, startups have revamped data management processes to automate the process of data circulation and optimize the course of further analysis. With salesforce .com acquiring Tableau, the latter in September 2019, launched new Data Management capabilities with Tableau Catalog while introducing its Server Management Add -On.
• Businesses across the whole world are struggling to respond to the COVID-19 impact. Managers must make rapid decisions about controlling costs and maintaining liquidity and need to define the proper priorities while staying active and adjusting their decisions quickly to ongoing changes. According to a recent survey that included 300 analytics professionals across the United States conducted by Burtch Works and the International Institute for Analytics, 43 % of respondents stated that analytics is at the front of their activities, helping their organizations make major decisions in response to the COVID-19 crisis. More than 26 % of the respondents said that they were dealing with a substantial number of requests related to COVID-19, and more than 10% were asked to focus exclusively on the analytics associated with the impact of coronavirus.