Business Intelligence (BI) Market - Growth, Trends, and Forecast (2020 - 2025)
The Business Intelligence (BI) Market is segmented by Type (Mobile BI, Cloud BI, Social BI, and Traditional BI), Deployment (On-premises and Cloud), Function (Reporting, Data Mining, Data Analytics, OLAP, Process and Text Mining, and Complex Event Processing), and Geography.
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Scope of the Report
Key Market Trends
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The Business Intelligence (BI) Market was valued at USD 20.516 billion in 2019 and is expected to reach USD 40.50 billion by 2025, at a CAGR of 12% over the forecast period 2020 - 2025.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. The scope of BI is enormous and can have a positive impact on every hierarchy and unit of the organization. The BI technologies provide both qualitative and quantitative insight into the past, present, and the future operations of an organization.
BI 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 and 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 the Business Intelligence firm, MicroStrategy, 52 % of the firms worldwide used predictive analysis to get greater insights and contextual intelligence into company operations in 2018.
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 of the study includes mobile, cloud, traditional BI solutions, along with other relevant segmentation.
Process and Text Mining
Complex Event Processing
Middle East & Africa
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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 the 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.
the growing penetration of internet across the world 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 the analytics firm, Datapine, in the coming years, 90% of organizations will be using cloud services, such as SaaS. Considering the potential budget-friendly options, the 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 BI. In fact, according to a recent survey, 66% of the companies that have successfully implemented BI have adopted cloud.
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North America to Remain the Largest Market for BI
North America is the leading market for business intelligence. The presence of the major industry players in the region, intense R&D activities in the field of technology, increasing competition, and an evolving trend of data proliferation aid the growth of the market in North America.
According to a survey by the enterprise applications company, IFS, only 16% of 200 IoT decision making companies in 2017 in North America were able to integrate their IoT data with their respective ERPs. The data points like this have further fuelled the proliferation of advanced Business Intelligence tools, with the companies increasingly depending on 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.
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The global business intelligence market is competitive with many well well-established players. Some of the 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, and 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 the Big Data firm, Tableau Software Inc., for USD 15.3 billion. This marks 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. After the completion 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.