The business landscape in the past three decades has been shaped by the exponential build-up of data and the rise of innovative technologies that have created entire new sectors of the economy. Mobile devices and cloud-based solutions are among the most transformative developments in recent years, dramatically impacting not only consumer behaviors and preferences but also business models. “Driven by the need to operate efficiently and competitively in an increasingly digitized world, enterprises are embracing innovative tools and processes to extract maximum value from their vast data troves,” comments Trevor Silver, founder and CEO of leading analytics, data engineering, and cloud computing solutions provider Exusia.
“Today’s corporations can gain an advantage through the application of business analytics, deriving benefits such as improved decision-making, greater process and cost efficiencies, enhanced financial performance, and smarter planning. As data collections continue to expand, demand for business analytics solutions will only grow, with cloud-based options set to remain the most attractive area for investment.”
Although the coronavirus pandemic has affected corporate spending, the fundamental drivers of the business analytics market are very much intact, and the current situation may even provide an additional boon, Trevor Silver notes. The public health crisis has forced most businesses to adjust their operations and adopt new practices, which will increase the need for analytical tools to optimize strategy, planning, and marketing.
According to a report published by Mordor Intelligence before the pandemic, the value of the global business analytics market reached $67.92 billion in 2019. The research group forecast growth at a compound annual rate of 7.3% from 2020 to 2025, resulting in revenues of $103.65 billion by the end of the specified period.
Within the broader business analytics market, cloud-based solutions have registered the strongest growth in recent years, and this segment is expected to remain in the lead over the coming years, comments Trevor Silver.
A brand-new report from 360iResearch projects a compound annual growth rate of 20% from 2019 to 2025, which would take the value of the cloud business analytics market from $16 billion to just under $48 billion. Technavio is more restrained in its prognosis, but it is also bullish on this segment, estimating the expansion rate at 11.7% in 2020 compared to 2019. Moreover, the company projects an acceleration to 13% through 2024, with incremental growth of $7.4 billion over the period. Technavio lists as one of the main drivers for the cloud business analytics market the shift from a capex to an opex model.
Over two decades, Trevor Silver has built a reputation as an outstanding analytics and data engineering professional with extensive expertise in areas such as enterprise data strategy, architecture, delivery execution, and managed services. He has been equally successful as an investor and entrepreneur, devoting his attention in recent years to Exusia – a company he founded in 2012. Under his leadership, the Miami-based firm has grown to become a trusted provider of agile technology solutions and operational guidance to operators in the healthcare, financial services, telecommunications, hospitality, entertainment, energy, and consumer products industries worldwide.
Trevor Silver – Founder and CEO of Exusia: http://trevorsilver.com Trevor Silver, CEO of Exusia, Examines Big Data Opportunities in Food Industry: https://finance.yahoo.com/news/trevor-silver-ceo-exusia-examines-024000717.html Trevor Silver, CEO of Exusia, on the Need for Data-Driven Insights to Improve Efficiency and Transparency in Government Agencies: https://news.yahoo.com/news/trevor-silver-ceo-exusia-data-023000509.html