Major companies in the business analytics & enterprise software market include SAP; SAS Institute; IBM Corporation; Oracle Corporation and Tableau Software Inc. The global business analytics & enterprise software market is expected to grow from $260.
New York, Jan. 28, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Business Analytics & Enterprise Software Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06009783/?utm_source=GNW
84 billion in 2020 to $275.11 billion in 2021 at a compound annual growth rate (CAGR) of 5.5%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $439.73 billion in 2025 at a CAGR of 12%.
The business analytics & enterprise software market consists of sales of business analytics and enterprise software by entities (organizations, sole traders and partnerships) that produce business analytics and enterprise software designed to analyze business data to better understand an organization’s strengths and weaknesses. Enterprise software is a software used to satisfy the needs of an organization rather than individual users. Such organizations include businesses, schools, interest-based user groups, clubs, charities, and governments. The business analytics & enterprise software market is segmented into ERP software; BI software; CRM software; SCM software and other software.
Asia Pacific was the largest region in the global business analytics & enterprise software market, accounting for 39% of the market in 2020. North America was the second largest region accounting for 37% of the global business analytics & enterprise software market. Africa was the smallest region in the global business analytics & enterprise software market.
Over the past five years there has been an increasing prevalence of low cost open source alternatives. Open source has become a preferred platform for developing new technology. In the past, software product companies would open source software that was not making money, but now companies are open sourcing software to increase its presence and share in the market. According to Allison Randal, President, Open Source Initiative, 78% of companies use open source solutions and 64% participate in open source projects indicating an increase in open source software platforms to build applications in 2015.
The outbreak of Coronavirus disease (COVID-19) has acted as a significant restraint on the business analytics & enterprise software market in 2020 as supply chains were disrupted due to trade restrictions and employees working for these establishments faced difficulties related to infrastructure and communication owing to lockdowns imposed by governments globally, forcing them to work from home. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of ’lock down’ and the outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the business analytics & enterprise software market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Mobility is an integrated component of digital solutions and is transforming businesses on a global scale driving demand for IT services. It is an essential feature for customer experience management and for enhancing interaction amongst strategic partners and suppliers. It also provides greater access to information and services which can be integrated to execute critical business operations. The development and implementation of mobile applications requires IT services. For example, Tieto’s competitive asset in mobility and Tieto’s enterprise mobility solution framework offers customized solutions to companies operating in healthcare, logistics, telecommunications, energy and manufacturing verticals.
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