The global business intelligence market is predicted to witness substantial growth owing to rising demand for big data analytics across the globe. Business intelligence (BI) comprises a wide range of applications, tools, and techniques that allow organizations to analyze data obtained from sources and run queries against it. It is a process driven by presentation of prosecutable information and data analysis to support organizations in making better business decisions. In addition, BI can help corporates increase their operational efficiency and gain a competitive edge over other. It can also offer efficient resource allocation and inventory management.
Increasing use of mobile devices like mobiles, tablets, and laptops generating large amount of data is anticipated to propel demand for business intelligence. Advent of internet of things (IoT) enabled technologies and growing adoption of big data analytics among organizations can impel market growth. Growing need for the development of indicator patterns to identify opportunities and threats in the business can augment market expansion in the coming years. In addition, increasing use of cloud-based BI solutions by small and medium-sized enterprises can boost market revenue. Moreover, rising volume of consumer data in the retail and BFSI sectors can propel demand for advanced BI solutions in the coming years.
Low awareness regarding benefits of business intelligence and lack of software experts to handle it efficiently can hamper market growth. However, growth of the e-commerce sector in developed and developing economies can create lucrative opportunities for the BI market.
The BI market can be segmented on the basis of software, deployment, and application. Based on software, the market can be categorized into advanced and predicted analytics, query reporting & analysis tools, location intelligence, content analytics, data warehousing platform, and enterprise performance management. In terms of deployment model, the market can be classified into hybrid, on premise, and cloud. On the basis of application, the market can be segmented into education, healthcare, energy and power, government, media and entertainment, retail, and manufacturing.
North America is expected to hold the largest market share in the coming years owing to high adoption rate of BI solutions. Presence of key market players in the region like Microsoft Corp., Juniper Networks, Verizon Wireless, and Rackspace can impel regional growth. Launch of innovative BI solutions in the region can gain traction among consumers. For instance, WideOrbit launched a new cloud-based business intelligence solution. It allows media companies to use sales, traffic, and billing data to handle inventory, financial risk, and pricing. Similarly, Momentum Worldwide launched its first BI platform that leverages artificial intelligence to absorb unstructured and structured data in order to offer real-time insights. The insights further help businesses to have a better understanding of their consumers.
Asia Pacific is anticipated to witness substantial growth in the coming years due to growth of the retail sector in developing countries, such as Malaysia, India, China, and Thailand. Growing adoption of BI software among retailers to increase their operational efficiency can augment regional market growth. Rising penetration of big data and IoT can fuel demand for advanced BI solutions in these developing countries. Growth of the manufacturing sector in India is likely to impel demand for enterprise resource planning (ERP) system, which, in turn, can boost market expansion. Increasing penetration of smartphones, machine learning, and high speed internet in China can stimulate product demand in the coming years.
The market in Europe is likely to expand significantly in the coming years owing to rising adoption of BI solutions. Launch of new BI platform by companies to expand their business across the globe can impel regional growth. For instance, Absorb Software launched its new BI module to offer advanced data visualization and custom reporting to organizations. Similarly, Deliveroo unveiled its new business intelligence unit in Singapore. The unit will examine local food trends, eating habits, tastes, and local restaurants. In addition, it will identify local companies and brands to improve their services.
Some of the leading companies operating in the business intelligence market are Microsoft Corp, Rackspace, Juniper Networks, SAP SE, and Verizon wireless.