SaaS-based Business Analytics Market Analysis and Latest Trends

SaaS-based Business Analytics refers to the use of software-as-a-service (SaaS) platforms to analyze an organization's data in order to derive meaningful insights and make data-driven decisions. This approach eliminates the need for on-premise infrastructure and enables businesses to access analytics tools and services through the internet on a subscription basis.

The market for SaaS-based Business Analytics has been witnessing significant growth in recent years, and this trend is expected to continue in the forecast period. The increasing adoption of cloud-based services, the rise in data-driven decision-making across industries, and the demand for real-time data analytics are some of the key factors contributing to the market growth.

The market is also experiencing several latest trends that are shaping its growth. One such trend is the integration of artificial intelligence (AI) and machine learning (ML) capabilities into SaaS-based analytics solutions. This integration enables businesses to automate data analysis, gain deeper insights, and improve decision-making processes.

Another trend in the market is the growing focus on predictive and prescriptive analytics. Businesses are increasingly looking for advanced analytics capabilities that can help them forecast future outcomes and provide recommendations for optimal actions. This trend is driving the development of SaaS-based business analytics solutions with sophisticated predictive and prescriptive analytics capabilities.

Furthermore, the market is witnessing the emergence of industry-specific analytics solutions. As different industries have unique data requirements and analytics needs, vendors are developing industry-specific solutions that cater to the specific demands of sectors such as healthcare, retail, finance, and manufacturing.

In conclusion, the SaaS-based Business Analytics market is expected to grow at a CAGR of 7.7% during the forecast period. The market is driven by the increasing adoption of cloud-based services, the demand for real-time data analytics, and the integration of AI and ML capabilities. The focus on predictive and prescriptive analytics and the development of industry-specific solutions are also key trends shaping the market.

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SaaS-based Business Analytics Major Market Players

The SaaS-based business analytics market is highly competitive with several key players dominating the industry. Some of the major players in the market are Microsoft, Qlik, SAS, Salesforce.com, TIBCO Software, Birst, Oracle, GoodData, Host Analytics, IBM, SAP, Teradata, and Zoomdata. These companies offer various software solutions to assist organizations in analyzing their data and making informed business decisions.

Microsoft is a prominent player in the SaaS-based business analytics market with its offering, Microsoft Power BI. The company has witnessed substantial market growth due to its strong customer base and continuous product innovation. According to a report by MarketsandMarkets, the global SaaS-based business intelligence market, in which Microsoft holds a significant market share, is expected to grow from USD 10.7 billion in 2020 to USD 34.3 billion by 2025, at a CAGR of 26.8% during the forecast period.

Salesforce.com is another key player in the market, with its Salesforce Analytics Cloud. The company offers advanced analytics capabilities that help organizations gain valuable insights from their data. Salesforce.com has witnessed significant market growth due to its strong customer base and extensive sales and marketing efforts.

Oracle is a leading player in the SaaS-based business analytics market, offering Oracle Analytics Cloud. The company has a strong market position and is known for its comprehensive suite of business analytics solutions. According to a study by Grand View Research, the global business analytics market size is projected to reach USD 512.04 billion by 2028, growing at a CAGR of 9.9% from 2021 to 2028.

The sales revenue of some of the above-mentioned companies is as follows:

Overall, the SaaS-based business analytics market is expected to witness substantial growth in the future, driven by factors such as the increasing demand for data-driven decision-making, the growing adoption of cloud-based solutions, and advancements in data analytics technologies.

What Are The Key Opportunities For SaaS-based Business Analytics Manufacturers?