Business Intelligence Market - Global Industry Analysis, Market Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025
The latest professional survey studies predict that the global business intelligence market will expand at a noteworthy growth rate of 7.6 % over the forecast period of 2020 to 2025. It dictates that the global business intelligence market was evaluated at US$ 23.1 billion in the base year of the study i.e. 2020.
The research report predicts that the global business intelligence market will cross the evaluation of US$ 33.3 billion by the end of the forecast period in 2025.
The players and vendors in the global business intelligence market offer various unique services as well as solutions to their end users. The major types of solutions offered by the participants in the global business intelligence market include dashboards and scorecards, ETL, and data integration.
These solutions are used in both the business functions of operations as well as finance. Key end users for the services and solutions in the global business intelligence market include IT, Telecom, and banking, financial services, and insurance or BFSI.
The major and significant drivers for the expansion of the global business intelligence market include the rising focus of governments and enterprises across the world on digital transformation, the increasing investments in data analytics, and the increase in the demand for dashboards by corporations across the world for data visualization.
Furthermore, the rising adoption of cloud storage as well as cloud deployment and computing and the rising volume of generated data are also expected to foster the growth within the global business intelligence market in coming years.
The increasing opportunities for digital transformation from emerging economies in regions such as Asia Pacific and Latin America are also anticipated to supplement the development trajectory of the global business intelligence market in coming years.
Players in the global business intelligence market are focused on developing new and innovative, easy to use products and solutions in the global business intelligence market.
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.
The reports at TMR Research provide qualitative solutions that break the barriers of doubt or uncertainties when the stakeholders plan to expand their growth reach. The researchers compile the necessary information that enlightens the CXOs about the current growth opportunities in a specific market and enables them to make the most of the opportunities.
TMR Research is a leader in developing well-researched reports. The expertise of the researchers at TMR Research makes the report stand out from others. TMR Research reports help the stakeholders and CXOs make impactful decisions through a unique blend of innovation and analytical thinking. The use of innovation and analytical thinking while structuring a report assures complete and ideal information of the current status of the market to the stakeholders.
TMR Research has rich experience in developing state-of-the-art reports for a wide array of markets and sectors. The brilliance of the experts at TMR Research and their alacrity to conduct thorough research and create phenomenal reports makes TMR Research better than others.
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
Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.
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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