MarketsandMarkets™ published a new market research report on “Business Intelligence Market by Type (Platform, Software, Service), Data type (Unstructured, Semi-Structured, Structured), Business Application, Organization Size, Deployment Model, Industry Vertical, and Region – Global Forecast to 2021“, The global Business Intelligence (BI) market is estimated to grow from USD 17.09 Billion in 2016 to USD 26.88 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 9.5%.
Browse 89 tables and 46 figures spread through 167 Pages and in-depth TOC on “Business Intelligence Market by Type (Platform, Software, Service), Data type (Unstructured, Semi-Structured, Structured), Business Application, Organization Size, Deployment Model, Industry Vertical, and Region – Global Forecast to 2021″
Business Intelligence (BI) tools enable enterprises realize crucial benefits, such as cutting losses, creating new opportunities, saving costs, and increasing efficiency by analyzing and acting on any business issue. MarketsandMarkets forecasts the global BI market to grow to reach USD 26.88 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 9.5% during the forecast period (2016–2021). The major growth drivers of the BI market include increasing adoption of cloud, growth of advanced analytics, adoption of data driven decision-making, and emergence of Internet of Things (IoT)-enabled technologies.
Many organizations across various verticals have been utilizing BI tools to enhance their decision-making abilities. However, there are two specific aspects of various industries that make BI a perfect fit for them. First, the growing market pressures, such as global rivalry, regulations, slender margins, and quickened design cycles, which compel organizations to have the capacity to take quick decisions based on business data. Second, owing to rapid digitization, more data is being generated by the systems, devices, equipment, automation, and products than ever before, which requires the use of robust BI tools for real-time analysis. Hence, organizations are adopting BI tools to gather valuable insights that would simplify and streamline the decision-making process in real-time.
BI solutions are used widely by major verticals globally, such as Banking, Financial Services, and Insurance (BFSI); telecommunications & IT; retail & consumer goods; healthcare & life sciences; government & defense; manufacturing; energy & utilities; media & entertainment; transportation & logistics; and others, for various business needs. The manufacturing vertical is expected to grow at the highest CAGR during the forecast period.
The region-specific market analysis includes industry trends, market potentials, and market forecasts on the basis of components, services, data types, applications, deployment models, organization size, and verticals. The global BI market is witnessing a rapid growth in various emerging economies in Asia-Pacific (APAC), Latin America, and Middle East & Africa (MEA). The North American region is expected to have the largest market share over the next five years, followed by Europe. APAC is expected to be the fastest growing region in the Business Intelligence market during the forecast period. Globally, BI adoption is increasing due to the growing amount of business data. Companies such as Microsoft Corporation (U.S.), IBM Corporation (U.S.), SAP SE (Germany), Oracle Corporation (U.S.), Tableau Software (U.S.), SAS Institute (U.S.), Qlik Technologies (U.S.) offer competitive BI product portfolios across the regions.
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