The global business intelligence software market size is expected to reach USD 48.5 billion by 2025 at a CAGR of 10.1%, according to a new report by Grand View Research, Inc. Proliferation of internet technology and growing demand for data-driven models across various organizations is expected to boost the market growth. Business intelligence (BI) forms a crucial component for success of any organization and leads them towards accessing information to enhance their work processes. BI is instrumental in identifying the opportunities and threats by enabling the organizations to adapt to the dynamics of operations, thus helping to survive in the corporate world.
BI tools are essential for smooth functioning of BI software, as such tools have a huge impact on possibilities and functionalities of BI applications. BI software is increasingly being used in various end-use industries to streamline operations, reduce costs, minimize risks, and strengthen the relationships between suppliers and customers. These factors are expected to drive the market over the forecast period.
Inception of novel technologies and rise in number of BI vendors in domains such as machine learning and analytics is expected to stimulate the market growth. In addition, data sets need organizations to invest in advanced technologies such as artificial intelligence, machine learning, and big data to strengthen the analysis of enormous data sets. The software can help employees in claiming the responsibility of their respective work areas by using the operating numbers and facts, and making data-driven decisions. Additionally, adoption of BI tools helps in improving visibility across the organization by helping employees in understanding the organization-wide decisions and gauging the impact of their respective decisions against the enterprise as a whole.
Further key findings from the report suggest:
- The cloud BI segment dominated the market in 2018 and is expected to maintain its dominance over the forecast period. The segment covers the cost for hardware and software problems and offers feasible solutions without any major alteration
- The executive management segment is expected to gain traction as BI software is widely used in large organizations to implement strategic decisions
- BI software is majorly used in the banking sector due to technological advancements and customer oriented way of working
- The small and medium enterprises segment is expected to exhibit the highest CAGR of 10.7% over the forecast period. Increasing number of small and medium enterprises globally and rising demand to modernize their operations is driving the small and medium enterprises segment
- In the manufacturing sector, BI software is being widely adopted, since data-driven models have replaced the process-oriented models
- The Asia Pacific regional market is expected to register highest growth over the forecast period. Rising volume of data and the growing need for competitive insights across end use industries is expected to drive the growth of BI market in the region
- Key players in the market include Cloud9 Analytics; Google, Inc.; IBM Corporation; Informatica; Microsoft Corporation; Oracle Corporation; SAP SE; SAS Institute, Inc.; and Tableau Software.
Access full research report on global business intelligence software market: www.grandviewresearch.com/industry-analysis/business-intelligence-software-market
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According to a new market research report " Business Intelligence Market by Type (Platform, Software, Service), Data type (Unstructured, Semi-Structured, Structured), Business Application, Organization Size, Deployment Model, Industry Vertical, and Region - Global Forecast to 2021", published by MarketsandMarkets™, The global Business Intelligence (BI) market is estimated to grow from USD 17.09 Billion in 2016 to USD 26.88 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 9.5%.BI helps business users access business data and perform queries to generate insights.
It equips business users with easy-to-use data exploration, data preparation, appropriate analytics, and data visualization tools & techniques.Browse and in-depth TOC on “Business Intelligence Market”89 - Tables46 - Figures167 - Pages Ask for PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1048Business Intelligence (BI) tools enable enterprises realize crucial benefits, such as cutting losses, creating new opportunities, saving costs, and increasing efficiency by analyzing and acting on any business issue.
The major growth drivers of the Business Intelligence market include increasing adoption of cloud, growth of advanced analytics, adoption of data driven decision-making, and emergence of Internet of Things (IoT)-enabled technologies.Many organizations across various verticals have been utilizing BI tools to enhance their decision-making abilities.
First, the growing market pressures, such as global rivalry, regulations, slender margins, and quickened design cycles, which compel organizations to have the capacity to take quick decisions based on business data.
Second, owing to rapid digitization, more data is being generated by the systems, devices, equipment, automation, and products than ever before, which requires the use of robust BI tools for real-time analysis.
Hence, organizations are adopting BI tools to gather valuable insights that would simplify and streamline the decision-making process in real-time.BI solutions are used widely by major verticals globally, such as Banking, Financial Services, and Insurance (BFSI); telecommunications & IT; retail & consumer goods; healthcare & life sciences; government & defense; manufacturing; energy & utilities; media & entertainment; transportation & logistics; and others, for various business needs.
Market Research Future (MRFR), predicts that the global business intelligence market will grow at a CAGR of 11.03%m, reaching USD 34.3 billion by 2022 from USD 16.3 billion in 2016 during the forecast period 2016-2022.Market OverviewOrganizations are increasingly turning to Business Intelligence (BI) to address the challenges of business decisions posed by vast amounts of data.
Business Intelligence equips organizations with the advantages of faster decision making, real-time performance measurement, greater insights into customer behaviour, better quality of information, better estimation of threats and opportunities, increased sharing of information and improved efficiency, enhanced communication, quick response to changes in financial conditions and supply chain operations, reduced equipment downtime, and others.
The drivers of the global business intelligence market are numerous, however, growing adoption of data analytics by organizations across the globe, the emergence of IoT-enabled technologies, and increasing usage of data analytics remain the principal drivers of the market.
Moreover, with the rise of mobile-based applications, there has been an emerging demand for mobile analytics business intelligence.Market Research Future (MRFR), predicts that the global business intelligence market will grow at a CAGR of 11.03%m, reaching USD 34.3 billion by 2022 from USD 16.3 billion in 2016 during the forecast period 2016-2022.The main barriers to the adoption of BI are cost and complexity.
Departmental silos remain one of the principal obstacle along with other factors such as employee resistance to adoption of new technology, lack of CIO participation in decision making, lack of expertise to utilize the technology to its fullest potential.
Even though the barriers to adoption of business intelligence are many and significant, implementation of BI has facilitated businesses make improved business decisions over accurate data.Get a Free Sample @ https://www.marketresearchfuture.com/sample_request/2299SegmentationThe global business intelligence market has been segmented based on technology, service, component, deployment, organization, and industry.
