Analytics and Business Intelligence (BI) software provide analysis which help to examine structured and unstructured data. The use of business intelligence and analytics software is high in large corporations, while small and medium-sized businesses have recently started to adopt the same for their operations. Due to the growth of digital capabilities and digital marketing across a variety of industries, including media, FMCG, and telecommunications, marketing analytics is being increasingly used for targeted advertising.

Market insights:

The global business intelligence market was valued at INR 1,778.26 Bn in 2021. It is expected to reach INR 2,923.94 Bn by 2027, expanding at a CAGR of ~8.70% during the 2022 2027 period. The analytics market in India is expected to reach INR 11,200.42 Bn by 2027, up from INR 3,356.88 Bn in 2021, expanding at a CAGR of ~21.60% during the 2022 2027 period.

Impact of COVID-19:

The COVID-19 pandemic has disrupted businesses and economies, along with how organizations manage their operations. Organizations are struggling to meet customers expectations in terms of process optimization and heightened security concerns. The COVID-19 pandemic has caused a shift in working patterns, with an increase in demand from businesses to provide remote workers with the resources they need to operate effectively. The pandemic has led to an exponential increase in the use of smartphones and tablets, resulting in significant growth opportunities for the analytics market.

Market Influencers:

Market drivers:

The demand for cloud-based collaboration tools, content management solutions, and online streaming platforms has increased. Most organizations use analytics to improve decision-making and automate processes for increased productivity and cost-effectiveness. To meet the demands of clients, new entrants use machine learning for designing games, translating languages, predicting future market trends, composing music, and diagnosing diseases.

Key deterrents to the growth of the market:

Rise in concerns regarding data privacy and security is a challenge for any IT deployment that uses enterprise data as part of its value chain. Most people in developing countries have either not heard about cloud computing, or are unaware of the extent to which it can affect business operations. System defects in data flow occur when system requirements are omitted or not fully met due to human error intervention in the development, testing, or verification processes.