Business Intelligence Market - Global Industry Analysis, Market Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025
The increasing implementation of data analytics by organizations and businesses across the globe is one of the primary factors driving the global business intelligence market. Business intelligence systems play a vital role in the strategic planning of businesses. The demand for mobile business intelligence services is high among various end-user industries, owing to the fact that with the help of applications optimized for smartphones and other smart devices, they allow the workforce to get business insights by data analysis. Another benefit of business intelligence services that attracts end users is that it permits data, which is capturing by mobile devices, to be implemented while in motion such that reports are up-to-date and mobile workers can make informed decisions in real time.
However, an increasing number of organizations are acknowledging cloud business intelligence services, as their adoption enables end users to divert attention from managing IT environment to core activities and easy integration with third-party applications. Cloud-based BI solutions facilitate applications to be scaled quickly and offer security at all levels of IT infrastructure of an enterprise such that these applications can be accessed remotely. Another factor which is expected to be a high-impact trend in the near future is the advancements in artificial intelligence. Companies worldwide are estimated to incorporate artificial intelligence with business intelligence solutions for sustainable growth.
North America, with the U.S. at the forefront, will be a prominent market throughout the forecast period. The high acceptance and awareness regarding the merits of business intelligence solutions are fuelling the growth of the region. However, market players are poised to capitalize on the immense potential offered by developing regions and thus, shift their focus towards Asia Pacific and the Middle East.
Business intelligence, usually referred to as BI, is a variety of software applications used to analyze and extract relevant business information from an organization’s raw data. Of late, the global market for business intelligence has gained significant traction with more and more organizations leveraging it to uncover useful insights that would enable them to strategize astutely and gain a competitive edge in the market.
A business intelligence solution has myriad functionalities in areas such as sales and marketing, information technology, and finance, healthcare, media and entertainment, government, research and education, energy and power, manufacturing and logistics, among others. Business intelligence has different features such as predictive analytics, dashboards, and scoreboards. Additionally, it also offers tools such as reporting tools, virtualization tools, search tools, query handling tools, etc.
The report by TMR Research, segments the global business intelligence market based on different parameters. For example, depending upon the technology deployed, it divides the market into cloud based business intelligence, mobile based business intelligence, conventional business intelligence, and social media based business intelligence. The report also segments the market based on functions and deployment, end users, and geography.
A humungous pool of available data and the growing awareness about its potential in generating insights about customers’ behavior and buying patterns is the foremost stimulant of the global market for business intelligence. Another factor boosting its uptake is the clamor for high standards in corporate governance. Additionally, the swift pace of change in the business environment resulting in demand for high performance management and expansions in Enterprise Resource Planning (ERP) is also contributing to the growth of business intelligence market. Popularity of cloud-based services, especially among small and medium sized enterprises is majorly filliping the market as well.
Countering the growth in the market is the steep capital investments and the complexity associated with cross organizational capabilities.
Due to the robust demand for business intelligence based on mobile and social media, there are opportunities aplenty for aspiring players to foray into the market with innovative analytics solutions. Geography-wise, the Asia-Pacific market, powered by China, is poised for robust growth in the near future due to the availability of skilled professionals at a relatively cheaper cost in the region. A sizeable proportion of the market share in Asia Pacific region is held by four global behemoths, namely Microsoft Corp., IBM Corp., Oracle Corp., and SAP. Australia too is predicted to account for a substantial share in the global market for business intelligence software.
The report furnishes an executive-level blueprint of the vendor landscape in the market. To that end, it also profiles the leading companies operating therein. Some such companies are Microsoft Corporation, Information Builders, Infor Global Solutions Inc., SAS Institute Inc., Adaptive Planning, Panorama Corp., Actuate Corporation, Cloud9 Analytics, Birst, IBM Corp., Google Inc., Indicee Inc., Informatica, Jaspersoft, Tableau Software, Microstrategy, Oracle Corp., Tibco Software, and SAP.
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5-Point Growth Formula
The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.
The 5-point growth formula includes the following points:
Current and Future Threats
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Accurate Trend Analysis
Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.
Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.
The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.
The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.
The reports offer answers to the top 7 questions that revolve around the growth of the market
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