Global Business Intelligence Market 2015-2021: Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2015 – 2021
Business intelligence helps users with meaningful insights and helps them to make better decisions which will provide them an edge over their competitors. From an IT perspective, BI is an umbrella term that covers architecture, applications, and databases. BI means a wide category of technologies that enable business users to gather, store, access and analyze data to make improved decisions. It allows data-driven insights to analyze business performance. In general, the major features of BI solution available in the market includes Decision support systems, Querying and Reporting, Data mining, Online Analytical Processing (OLAP), forecasting and statistical analysis. Business Intelligence systems and tools play a major role in the strategic planning process of various organizations. At present organizations have to collect and deal with huge volumes of data from their operations. The data from various sources has to be consolidated, stored and abstracted for future references and strategic planning of business processes. BI tools and systems help organizations to tackle these challenges.
North America is the largest region for Business Intelligence market. It accounted for around 56% of the market share globally in 2015. The growth in big data analytics and easy to operate features are some of the major factors for growth of the market in this region. The increasing growth in big data ecosystem requires a new way of storing & analyzing data for fast retrieval and analysis. Cloud analytics are mature, stable, reliable and scalable in-memory analytical solutions. It is accelerating business intelligence (BI) tools, & other parts of BI environment, to cater to various business requirements. Cloud analytics is delivered all the way through the internet which in turn makes deployment time shorter, cost effective and is easily installed in any organization.
Asia-Pacific is expected to grow with the growing CAGR in the coming years. Australia will remain the region’s one of the largest BI platform software markets in the next few years. Growth in Australia’s BI platform software market is accelerated by maintenance and new license revenue, with maximum clients in Australia looking at vendor consolidation as part of overall BI competency. As a developed market, Australia will maintain a more steady revenue stream from existing maintenance revenue, despite fears like economic downturn due to China and euro zone crisis. Apart from this, the emerging economies in Asia Pacific are also showing healthy signs of Business Intelligence technology adoption.
China will remain the second-largest BI software market in Asia Pacific. Most often, Business Intelligence solutions in China are used tactically in departmental deployments as a reporting tool, rather than as a strategic platform to build analytic capabilities to support decision making. Chinese organizations have the relatively low-level maturity of the demand of IT & analytic professionals which in turn creates extra challenges for BI technology implementation in China.
The European Business Intelligence market is expected to grow in the coming years. The drivers of European market include utility improvement in multiple domains, stable growth in big data, and effortless installment. However, the market in the European region is anticipated to grow at the sustainable rate in the forecast period due to lack of knowledge of regulations.
Latin America is estimated to grow in the forecast period. Technological advancements, growing social media analysis for brand building, and the hunt of having the competitive advantage are some of the key factors that are fueling the growth of the BI market in Latin America.
The Middle East and Africa are growing gradually in the Business Intelligence market. There were a number of reasons slowing the market growth in 2013. The Middle East and Africa grew slightly faster than the worldwide growth rate of 8 % Confusion still holds around how to best influence analytics on large data. Much big data investment happened outside traditional BI in infrastructure, experimental silos, and services. Growth in IT budgets is flat & IT traditional BI tools are overbought.
Microsoft, IBM, Oracle, Microstrategy, GoodData, Targit, SAS, SAP, and Tableau Software are some of the top vendors in the business intelligence market.