With the presence of a large pool of participants, the global business intelligence market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Tableau Software, Microsoft Corporation, TARGIT A/S, SAP, and IBM are some of the key vendors of business intelligence across the world. These players across business intelligence market are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the market study.
For instance, in August 2018, Genetec Inc., a BI service provider, demonstrated at GSX 2018 event that how the combination of new technologies and BI can help a firm set up sole tool to improve situational awareness, modernize, and ease the user experience along with minimization of total cost of ownership. This is likely to impel the growth of business intelligence market.
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As estimated in this report, the global business intelligence market stood at US$ 16.33 billion in 2015. Witnessing a tremendous rise during the period from 2015 to 2021, the revenue in business intelligence market is expected to reach US$ 26.50 billion by the end of the forecast period.
High Demand For Effectively Managing Firms’ Raw Data To Soar Market Growth
“Real time requirement for effectively managing large quantities of unstructured data for detecting and examining business patterns will boost the growth of business intelligence market in the near future,” says the author of this study. Apart from this, beneficial features such as ability to recognize business growth opportunities, reducing wastage & costs, minimization of inefficiencies, and examination of transactional data are anticipated to drive business intelligence market growth.
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BI technology helps users study present & past data and assist firms in resolving business issues leading to improvement in their overall performance. It assists the firms in detecting the risks & threats, raising their profit share, measure supply chain proficiencies, and determine employee productivity, thereby succoring business intelligence market expansion.
Combining the operations of business intelligence tools with other management systems along with establishment & maintenance of appropriate data quality to feed BI system, however, are some of the factors that can hinder the business intelligence market progress. Nevertheless, technological breakthroughs and rapid acceptance of data analytics by myriad organizations across the globe will result in escalating demand for business intelligence over a couple of years, normalizing the impact of hindrances on the business intelligence market, reports the study.
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Profitable Use Of Data Analytics To Assist North America Maintain Dominance
Geographically, North America has been leading the worldwide business intelligence market and is anticipated to continue on the dominant position in the years to come, states the market study. For the record, North America contributed approximately 56% towards global business intelligence market share in 2015.
Rapid acceptance of data analytics by the firms of the region is the key factor behind the dominance of the North America business intelligence market. The high number of market players being headquartered in North America is another significant factor that is supporting this regional market.
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The global business intelligence market is segmented as follows:
- Mobile BI
- Cloud BI
- Social BI
- Cloud BI
- On-Premises BI