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.
This study provides a particularized anatomy according to the L.E.A.P mechanism
The regional analysis offers market assays across:
The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.
Latest Trends and Cardinal Growth Prospects
The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.
Existing and Future Insights in Growth
The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.
Ascensions in Technology
Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.
The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.
The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.
The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!
This report is the key to questions such as:
What are the prominent factors that will help in reshaping the market growth?
Which trends have the potential to bring expansive growth for the market?
What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?
Which regions will emerge as champion growth contributors for the market?
Which aspects will serve as game-changers for the market?
What are the latest innovations in the market?
Which factors will hinder the growth of the market?
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