Today, organizations function in a dynamic business environment that is characterized by constant changes in consumer demand for better products and services. To meet customer expectations and remain competitive, companies not only capture current data, but they also collect historical data to evaluate past performance and trends.
In a highly competitive business landscape, it is critical to analyze past and present trends in order to streamline business processes, optimize resources, identify risks, reduce operating costs, and better meet customer demands, all of which boost profitability. The growing need to analyze recent and previous trends is accelerating the adoption of BA (Business Analytics) tools, solutions, and software in diverse industries.
BA tools, utilizing data visualization, text mining, data aggregation, and data mining techniques, help enterprises gain real-time, actionable insights from complex datasets, ensuring data-driven, better-informed decisions. In addition, Business Analytics solutions, incorporating AI (Artificial Intelligence), Deep Learning, and Information Systems principles, facilitate near-accurate predictive analysis, enabling organizations to formulate strategies and explore business possibilities based on prediction models.
According to global market intelligence and advisory company Mordor Intelligence, the business analytics market will reach $103.65 billion by 2025, up from $67.92 billion in 2019, at a Compound Annual Growth Rate (CAGR) of 7.3 percent.
The rapidly expanding business analytics market offers many career options for qualified professionals, including positions such as Data Scientist, Data Visualization Analyst, Big Data Engineer, Financial Analyst, Marketing Analyst Manager, Fraud Analyst, Retail Sales Analyst, and Data Architect. However, experts from top universities and management consulting firms, as well as the World Economic Forum, agree that there is a severe shortage in the supply of professionals with analytics-related skills, compared to the soaring demand. The widening talent gap presents an excellent opportunity for individuals aspiring to make a career in the fast-growing field of analytics.
This business analytics trend report covers the top business analytics trends 2021 with 2020 hindsight, and also highlights the top tools and skills that will be in demand by companies in the years ahead. Download the trends report now!