Portland, OR -- (SBWIRE) -- 05/23/2018 -- Cloud-based Business Analytics Software helps elucidate and analyze business data through continuous exploration and investigation of old business performance to gain decisive insights for business planning over cloud. Through the application of statistical methods and tools in business performance data, a cloud business analytics software conducts predictive analysis to derive decision-making insights and inputs. It helps the organizations optimize business operations and facilitate informed & strategic decision-making. The global cloud-based business analytics software market was valued at $28,854 million in 2016, and is projected to reach at $57,055 million by 2023, growing at a CAGR of 10.2%

Demand for cloud-based business analytics software is high in small- & medium-sized enterprises owing to its low cost and enhanced usability. In addition, requirement of social media analytics, which is a part of business analytics, is on a significant increase due to rise in popularity of social media marketing. This in turn drives cloud-based business analytics software market growth.

The hybrid cloud segment led the market in 2016, and is expected to continue to remain dominant in the near future. Furthermore, the other industry vertical segment dominated the overall market in the same here, and deployed the cloud business analytics software on a larger scale.

Increase in adoption of business analytics software by many organizations and surge in demand for cloud-based business analytics software among SMEs are the major factors that fuel the growth of the business analytics software market. However, factors such as insufficient volume of meaningful data among SME's and traditional data warehouses hamper the market growth to a certain extent.

The report focuses on the growth prospects and restraints of the market based on the analysis of regional trends. The study provides Porter's Five Forces analysis of the industry to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the growth of the market.

Segment Review

The global cloud-based business analytics software market is segmented into deployment model, end user, application, and region. Based on deployment model, it is divided into private cloud, public cloud, and hybrid cloud. Based on end user, it is classified into IT & telecom, retail, BFSI, manufacturing, and others. By application, it is categorized into customer analytics, supply chain analytics, marketing analytics, pricing analytics, and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players operating in the global cloud-based business analytics software market include Oracle Corporation, SAS Institute Inc., SAP SE, International Business Machines (IBM) Corporation, Microsoft Corporation, Adobe Systems Incorporated, Tableau Software., Salesforce.com, Inc., QlikTech International AB, and Fair Isaac Corporation.

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Top Impacting Factors

Continuous increase in adoption of business analytics software, development of trends such as social media analytics, and increase in awareness about the benefits of cloud business analytics software for decision-making drive the growth of the market. However, insufficient volume of meaningful data among SMEs as well as traditional data warehouses are expected to hamper the market growth during the forecast period.

Surge in demand for cloud-based business analytics software among SME's

The increased availability of accessible cheap data centers delivered by cloud vendors, has brought down the costs of upfront investment for small- and medium-sized businesses, thereby reducing the market entry barrier. Therefore, there is a continuous increase in the demand for cloud-based business analytics software among small- and medium-sized enterprises.

Numerous benefits provided by cloud-based business analytics software

Ability of cloud business analytics software to help make proper business-related decisions and to provide competitive advantage by analyzing information in a timely manner propels the growth of the market. In addition, the demand for cloud-based business analytics software is on an increase due to its benefits such as easy access to vital business metrics, useful insight on customer behavior, increased revenue, improved efficiency, and others.