Press Release Description
Data Analytics & Business Intelligence Services to Witness Higher Adoption with a Spike in Online Activities
The Southeast Asia Data Analytics & Business Intelligence market is projected to grow at a CAGR of around 7.25% during the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. The major reason for the growth is the rising online activities among internet users, such as online shopping, food delivery, online education, digital banking, and others. For it, the users share their data about finances, educational qualifications, etc., to this digital services platform. This information is used by data analytics & business intelligence service providers to analyze the pattern of the consumer’s preference & the market. Hence, this data is used by business firms to take critical decisions & frame strategies to attract more customers. However, the growing incidence of data breaches is limiting the usage of data analytics and business intelligence as it puts critical data in danger of being disclosed or misused. As a result, organizations are avoiding data analytics & business intelligence services.
Furthermore, despite the potential data loss & privacy issues, several tech-based industries are turning to data analytics & business intelligence services to make the best use of big data while developing business strategies & expansion plans, ensuring the adoption of data analytics & business intelligence services. The government in some Southeast Asian countries, like Vietnam, Indonesia, and several others are actively promoting digitalization to boost the overall economic outlook. In line with it, several initiatives, such as Making Indonesia 4.0 & the Philippines Digital Transformation Strategy, among others, are being launched to streamline digital activities in the respective countries. This would render data online, which, in turn, would generate the demand for data analytics & business intelligence services to filter out useful data.
Moreover, the growing penetration of the Internet of Things (IoT) & Machine Learning technologies has resulted in enhanced usage of data analytics & business intelligence data. As these technologies run entirely on data & algorithm patterns, thus tech-based companies require the data to make their product or service more streamlined & customer-oriented. Therefore, the rising number of internet users & rise in digital data have resulted in the market growth in the ensuing years, further states the research report, “Southeast Asia Data Analytics & Business Intelligence Market Analysis, 2023.”
IT & Telecom Industry to Lead the Market
Based on the industry type, the market is classified into Healthcare, Derivatives, E-commerce & Retail, IT & Telecom, Banking, Financial Services & Insurance, Hospitality, and Others (Media & Entertainment. Manufacturing, etc.) Among them, the IT & Telecom industry captured the prominent market share & the same trend is projected to continue in the forecast years as well. With the extensive penetration of cellular data connection in the region, this number is presumed to grow, thus generating enormous data. As a result, the IT & telecom industry is actively integrating the application of data analytics services to evaluate the data & provide quality services based on consumer preference, thereby driving the Southeast Asia Data Analytics & Business Intelligence market growth in the years ahead.
Singapore to Hold a Dominant Share
Geographically, Singapore captures the dominant share in the Southeast Asia Data Analytics & Business Intelligence market, as the country has a higher number of internet users compared to others. Singapore is also a hub for major tech players such as Grab, food panda, sea, etc. These companies primarily rely on data & business intelligence to identify customer choices & industry outlook. In the coming years, the same pattern is foreseen to persist as more startups enter areas like e-commerce, food delivery, etc., which are anticipated to seek to expand the application of data analytics services to streamline their services. Further, resulting in higher demand for this service, therefore influencing the Southeast Asia Data Analytics & Business Intelligence market expansion during 2023-28.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Altair Engineering Inc., Microsoft Corporation, Alteryx, Inc, IBM Corporation, Sisense Inc., SAP SE, FICO, Oracle Corporation, Salesforce Inc., Equifax, Inc., TransUnion, Zoho Corporation Pvt. Ltd., Mu Sigma, QlikTech International AB, Others (Dell Technologies, ThoughtSpot Inc., etc.), are looking forward to strengthening their market position.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends influencing the current scenario of the market?
- What key factors would propel and impede the industry across the region?
- How has the industry been evolving in terms of geography & service adoption?
- How has the competition been shaping across various countries?
- How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2018-28?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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