DUBLIN--(BUSINESS WIRE)--The "Business Intelligence (BI) Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The business intelligence (BI) market is expected to grow with a CAGR of 12% over the forecast period 2019 - 2024
The emergence of Big Data and the growing need to make critical business decisions within a compressed time-period, Business Intelligence (BI) and Analytics have gained market share in the last decade. Research suggests that this trend will increase steadily with time, the advancement of technology, and growing investments.
- BI includes all the aspects of market intelligence and analytics, which helps transform unstructured data into meaningful information for efficient and precise decision making and strategy planning. Scope of BI is enormous and can have a positive impact on every hierarchy and unit of the organization. BI Technologies provide both qualitative and quantitative insight into the past, present, and the future operations of an organization.
- Business Intelligence can substantially improve financial performance, maximize utilization of resources, and reduce the risk of making inconsistent and incorrect decisions.
- Another driver for BI is the trend of integrating advanced analytics for big data with BI systems. Advanced analytics and BI are highly complementary as advanced analytics can provide a more in-depth, exploratory perspective on the data, while BI systems provide a more structured user experience in terms of dashboard visualization, reporting, performance management metrics, etc.
- For instance, according to Business Intelligence firm, MicroStrategy, 52% of the firms worldwide used predictive analysis to get greater insights and contextual intelligence into company operations in 2018 alone.
Scope of the Report
Business Intelligence (BI) is a technology-driven process for analyzing and presenting actionable data to help corporate end users make informed business decisions. BI includes applications, infrastructure and tools, and best practices that enable access to and analysis of information to support informed business decisions. The scope includes mobile, cloud, traditional BI solutions in the study scope along with other relevant segmentation.
Key Market Trends
Increasing Adoption of Data Analytics by Enterprises Globally
- Business Intelligence (BI) is being increasingly used 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 behavior, 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.
- Growing penetration of internet across the globe is one of the significant factors that contribute to the growth of the high volume of data that supplements the growth of structured data market. The emergence of the internet of things (IoT) and Big Data are significantly propelling the growth of the unstructured global data market for the forecast period.
- Cloud BI applications include BI-related services such as intelligent KPI monitoring or dynamic, interactive dashboard reporting. The popularity of cloud-based tools and services is increasing exponentially. According to analytics firm Datapine, in coming years, it is forecasted that 90% of organizations will be using cloud services such as SaaS. Considering the potential, budget-friendly options, access to complete business data from a single BI tool and its online nature that allows users to generate insights on-the-go and access data from any device, Cloud-based BI will be a major reason for the proliferation of Business Intelligence. In fact according to a recent survey of the companies who think they have successfully implemented BI, about 66% are on the cloud.
North America to Remain the Largest Market for BI
- The leading market for business intelligence in North America. Presence of major industry players in the region, intense R&D activities in the field of technology, increasing competition, and an evolving trend of data proliferation aids the growth of the market in North America.
- According to a survey by enterprise applications company, IFS in 2017, only 16% of 200 IoT decision making companies, in North America, were able to make integrate their IoT data with their respective ERPs. Data points like this have further fuelled the proliferation of advanced Business Intelligence tools, with companies increasingly looking at software that can meaningfully capture their ever-increasing data.
- In fact, according to Cisco Systems, around 50% of the ERP projects failed due to the lack of data integration. The limitations of ERP software have fuelled the growth of BI tools across North America. This growth will continue to sustain as BI penetrates new verticals across industries.
The global business intelligence market is competitive and has many well well-established players. Some significant players include Rackspace US, SAP SE, Microsoft Corporation, Cisco Systems, Inc., IBM Corporation, among others. This market will experience a series of consolidation through acquisitions, collaborations, mergers, partnerships by companies to get a competitive edge over other players of the market. Some of the segments of Business Intelligence verticals like advanced visualization have a number of niche players like Tableau Software, Inc., ADVIZOR Solutions, Inc.(Pursuant Group, Inc.) among others.
- June 2019 - Salesforce.com Inc has decided to buy big data firm Tableau Software Inc for USD 15.3 billion, marking the largest acquisition in the company's history as it looks to offer more data insights to its clients.
- June 2019 - Google LLC announced the acquisition of Looker, a unified platform for business intelligence, data applications, and embedded analytics for USD 2.6 billion. Upon the close of the acquisition, Looker will join Google Cloud.
- September 2018 - TARGIT A/S announced the acquisition of Advanced Computing, Inc. (ACI) to expand TARGIT's BI and analytics offerings for the heavy equipment industry. ACI has deep vertical experience of delivering advanced analytics to Caterpillar clients in North America for the past 15 years. The acquisition brings a team of BI experts into the fold of the TARGIT A/S.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Increasing Adoption of Data Analytics by Enterprises
4.3.2 Emergence of IoT-Enabled Technologies
4.4 Market Restraints
4.4.1 Cost and Complexity of Adoption owing to the Presence of Departmental Silos
4.5 Industry Value Chain Analysis
4.6 Industry Attractiveness - Porter's Five Force Analysis
5 MARKET SEGMENTATION
5.1 By Type
5.1.1 Mobile BI
5.1.2 Cloud BI
5.1.3 Social BI
5.1.4 Traditional BI
5.2 By Deployment
5.3 By Function
5.3.2 Data Mining
5.3.3 Data Analytics
5.3.5 Process and Text Mining
5.3.6 Complex Event Processing
5.3.7 Other Functions
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Rackspace US, Inc.
6.1.2 SAP SE
6.1.3 Microsoft Corporation
6.1.4 Cisco Systems, Inc.
6.1.5 SAS Institute Inc.
6.1.6 GoodData Corporation
6.1.7 TARGIT A/S (Gro Capital A/S)
6.1.8 International Business Machines Corporation
6.1.9 VMware, Inc.
6.1.10 Tableau Software, Inc.(salesforce.com, inc.)
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
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