Software Analytics Market Size, Share, Growth, and Industry Growth, By Type (Professional Service, Support, and Maintenance Services), By Application (It & Telecommunications, BFSI, Retail, Healthcare, Manufacturing, Media & Entertainment, Transportation & Logistics, and Others), Regional Forecast By 2031

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Software Analytics Market Report Overview

The global software analytics market size is USD 8.208 Billion in 2023 & the market is projected to touch USD 13.52 billion in 2032, exhibiting a CAGR of 5.7% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with software analytics experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

Big data analytics examines both organized and unstructured databases in order to comprehend and provide insights based on undiscovered patterns, correlations, shifting market trends, and more. Leading industries concentrate on using analytical techniques to get consumer insights by developing business intelligence. For instance, in December 2020, Amazon, Inc. introduced Amazon Health Lake, a HIPAA-compliant big data analytics service that offers real-time patient data insights for the healthcare industry.

Additionally, improvements in software analytics are expected to aid in enhancing the ability of data science experts to appraise situations. Enterprises can help in improving crucial company activities, processes, and goals by utilizing big data analytics. By converting information into firms, intelligence is able to better control risk, manage data volumes, satisfy stakeholder requests, enhance controls of the process, and increase administrative performance.

COVID-19 Impact: Adoption of Digital Services Surged Market Growth

During the pandemic, data generation is predicted to grow due to digital transformation in healthcare, retail, manufacturing, and other sectors. The Industrial Internet of Things (IIoT) and artificial intelligence (AI) drive production industry automation. Predictive maintenance, asset management, inventory management, network manufacturing, real-time warnings, and other applications of artificial intelligence are being used to boost the growth of the industrial industry amid difficult economic times. The healthcare market is expanding due to AI-driven healthcare business intelligence, electronic medical records, advanced reporting, and other solutions. Similar to how individuals switched to remote work during the epidemic, corporations from various industries used advanced analytics.

LATEST TRENDS

"Rapid Adoption of Advanced Analytics Tools to Fuel Market Growth"

The market is anticipated to expand due to the increasing use of advanced analytics tools for applications, including predicting and forecasting electricity consumption, the trade market, and traffic trend predictions. Utilizing sophisticated analytics in demand forecasting can support businesses in making profitable decisions. Governmental organizations and other sectors, including banking, manufacturing, and professional services, have recently invested significantly in big data analytics.

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Software Analytics Market Segmentation

• By Type Analysis

By type, the market is segmented into professional service and support, and maintenance services.

• By Application Analysis

Based on application, the market is classified into IT & telecommunications, BFSI, retail, healthcare, manufacturing, media & entertainment, transportation & logistics, and others.

DRIVING FACTORS

"Improved Ability Offered by the Service to Boost It’s Demand in Global Markets"

Businesses require data analytics because it improves their ability to make data-driven decisions and allows them to manage, process, and simplify enormous datasets in real-time. Big data and business analytics' primary goals are to aid companies in better understanding their target markets and customers and to improve marketing initiatives. These characteristics are projected to increase the big data market's acceptability by multiple businesses from various industries. Recent developments in big data analytics, such as text and social media analytics, are estimated to open up a lot of commercial opportunities for software analytics market growth.

Steady Developments in Technology to Surge Market Growth

Recent developments in software analytics, such as text and social media analytics, are anticipated to open up many new commercial opportunities. Additionally, because social media is more efficacious than traditional advertising, many companies use it as their immediate source for various product promotions, campaigns, and events. The ubiquity of internet-connected mobile devices like smartphones and tablets and the growing user base on social media platforms support the growth of social media analytics. In a competitive business environment where firms must move rapidly, customer demands constantly shift.

RESTRAINING FACTORS

"Rising Security Concerns May Challenge Market Growth"

Technology contains major security concerns, as it intakes your personal information, which may retard the software analytics market growth. Fake data generation, security, and customer data privacy are major factors forecasted to impede market growth. 

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Software Analytics Market Regional Insights

"North America to Lead the Market Due to the Presence of Major Businesses"

North America is estimated to hold a leading part of the software analytics market share as the region accommodates major businesses across all industries and widely implements advanced software. Due to the rising need for analytics solutions that provide sophisticated and better compliance analytics, which are essential for spotting fraud, policy violations, and other forms of corporate wrongdoing, the U.S. will experience substantial growth.

Asia Pacific is forecasted to show significant growth owing to the expansion of retail, BFSI, automotive, healthcare, and other industries. The potential for market expansion in the region is significant due to the presence of developing nations like China, India, South Korea, Singapore, Japan, and others. India is anticipated to display much more sophisticated capabilities, but China is likely to dominate.

KEY INDUSTRY PLAYERS

"Key Players Focusing On Gaining Collaborations and Partnerships to Expand "

Important market developments and inorganic and organic growth strategies are included in the studies. Many businesses are focusing on organic business growth, including product launches, product approvals, and other initiatives like patents and events. The market's inorganic growth tactics included acquisitions, partnerships, and collaborations. Market participants now have more opportunities to grow their clientele and businesses thanks to the efforts above. Industry participants in the market should soon benefit from significant growth prospects due to the expanding demand for filter products on the global market.

LIST OF TOP SOFTWARE ANALYTICS COMPANIES

• SAP (Germany)
• SAS Institute (U.S.)
• IBM (U.S.)
• Oracle (U.S.)
• Tableau Software (U.S.)
• Microsoft (U.S.)
• Teradata (U.S.)
• Microstrategy (U.S.)
• Informatica (U.S.)

INDUSTRY DEVELOPMENT

• December 2021- Oracle acquired Cerner, a digital information systems provider used in hospitals and health systems. Cerner uses big data analytics to store and process the patient’s data. 

REPORT COVERAGE

The market research study offers thorough information on numerous market aspects. The growth drivers, restraints, geographical analysis, competitive environment, and challenges are a few of them. Additionally, it provides an analytical analysis of market trends and projections for various factors to show potential investment areas. From 2022 through 2031, the market is objectively assessed to determine its financial viability. The report's data was compiled using a variety of primary and secondary sources.