Business Intelligence Vendors Market is anticipated to record a CAGR of 12.1% by 2027


Extensive insights into the Growth of Business Intelligence Vendors Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.
                              
                        
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IN THE NEWS

  • September 2019: LG Electronics announced the demonstration of a new system at the Internationale Automobil-Ausstellung (IAA), 2019, which is designed to integrate its webOS Auto In-Vehicle Infotainment (IVI) system with Microsoft Connected Vehicle Platform (MCVP).
  • September 2019: Magento announced the release of an update on Magento Business Intelligence Summer 2019, which is designed to enhance the scheduling capabilities along with new data visualizations.
  • August 2019: Weatherford International plc announced the integration of their oilfield industries’ ForeSite production optimization platform with Microsoft Power BI. The newly optimized platform will provide enhanced production data, conduct analyses, and create visualizations.

Introduction to Business Intelligence (BI) Vendors

Business Intelligence (BI) is defined as the processes which converts unstructured raw data and structured data into meaningful data insights. The tool helps businesses to drive profitable business actions by precise decision making and strategy planning. Business intelligence (BI) tools comprises of numerous software as a service (SaaS) enterprise applications. These applications provide enormous scope to businesses for the growth of the organization by improving their financial performance, along with helping them maximize the utilization of resources and further help to reduce inconsistent and incorrect decision making of businesses that might lead to downfall in profits. All those business service providers which provide access to such business intelligence (BI) tools to other business clients are known as business intelligence (BI) vendors.

Market Size And Forecast

The business intelligence vendors market is observing vibrant growth on account of growing need amongst businesses for the integration of advanced analytical tools required for business decisions and strategies with advanced technologies such as Big Data and Artificial Intelligence, combined with the emergence of IoT enabled technologies in the recent era and the adoption to such technologies by businesses worldwide. Furthermore, shifting demand amongst enterprises for analyzing business data from traditional to advanced BI techniques, owing to the massive surge in the volume of structured and unstructured data generated from numerous sources connected to the internet in the era of internet of technology (IoT) and industrial internet of technology (IIoT), are some of the notable factors that are expected to boost the growth of the global business intelligence vendors market.

Comparison of cloud And on-premise BI Graph

The market is anticipated to record a CAGR of 12.1% throughout the forecast period, i.e. 2019-2027. The business intelligence vendors market is segmented by deployment into cloud and on-premises, out of which, the cloud segment is anticipated to have the largest market share on account of various factors, such as, short implementation time, which helps businesses to instantly get access to business intelligence tools, low upfront investment, helping businesses lower their operational expenditure, along with no additional hardware costs among others.CLICK TO DOWNLOAD FREE SAMPLE

Business Intelligence Vendors Market Graph

Growth Drivers

Increasing Adoption of Data Analytics by Enterprises Globally

In the recent era, where several devices are connected to the internet and vast amount of data are generated, business organizations around the world are taking the opportunity to analyze these data so as to provide greater benefits to their consumers in terms of services and other consumer experiences, as well as understand consumer buying behavior, which can help businesses to generate more revenue and sales. It is also necessary for businesses to utilize these raw data to convert it to meaningful insights and help them formulate business decisions that can help them generate more profits. Furthermore, utilization of business intelligence tools help organizations with several advantages, such as, faster decision making, real-time performance measurement, better quality of information, better estimation of threats and opportunities, greater insights into customer behavior, increased sharing of information and others. The need amongst business organizations to enhance their business profits by the analysis of raw data generated from numerous sources around the world by the utilization of several business intelligence tools is anticipated to raise the demand for suppliers of BI tools, which in turn will drive the growth of the global business intelligence (BI) vendors market.

Growing Internet Penetration Around the World

According to the estimates provided by International Telecommunication Union (ITU), by the end of 2018, 51.2% of the global population were using the internet.

Individuals using the Internet Image

Large volume of raw and unstructured data is generated every second from around the globe as several devices are connected to the internet, and as further numerous other users are increasingly connecting to the internet. With the advent in technology worldwide and emergence of internet of things (IoT), the growth of unstructured data have observed a massive growth in the recent years. The rising internet penetration and the increasing amount of unstructured data generated is raising the interest amongst enterprises for analysis of these structured and unstructured data, which is anticipated to drive the growth of the business intelligence (BI) vendors market.

The Business Intelligence Umbrella

Business intelligence in itself is an umbrella of various technologies. Advancements in the digital economies continue to proliferate and evolve, compelling organizations to rely on augmented intelligence and machine learning. IoT continues to explode and Industry 4.0 concepts are embraced by manufacturers, causing organizations the need for analysis of data for various business heads, such as operations, production, sales and marketing among others. Rising need amongst enterprises for availability of all of these varied tools under one common umbrella tool, is anticipated to support the growth of the business intelligence vendors market throughout the forecast period.

Restraints

Threat of Data Security

Business Intelligence tools are widely used amongst enterprises for analyzing data. Concerns amongst enterprises for growing incidences of cybercrime, which include malware, data theft and ransomware among others, along with the absence of stringent rules and regulations, in order to deal with growing rate of cybercrime across nations, are some of the factors anticipated to act as a barrier to the growth of the global business intelligence vendors market during the forecast period.

Market Segmentation

Our in-depth analysis of the global business intelligence vendors market includes the following segments:

By Type

  • Traditional
  • Cloud
  • Mobile
  • Social

By Deployment

By Function

  • Reporting
  • Data Mining
  • Data Analytics
  • OLAP
  • Process and Text Mining
  • CPM
  • DSS
  • Complex Event Processing
  • Others

By Organization size

By Region

On the basis of regional analysis, the global business intelligence vendors market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.

North America is expected to have the largest market share on the back of presence of several major industry players in the region, combined with intense research and development activities amongst business organizations in the field of technology. Moreover, increasing competition across industries and the evolving trend of data proliferation is expected to support the growth of the market in the region.

The global business intelligence vendors market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis.

Top Featured Companies Dominating the Market

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