According to the report, the global business intelligence market accounted USD 16.33 billion in 2015 and is expected to reach USD 26.50 billion by 2021, growing at a CAGR of around 8.4% between 2016 and 2021.
Business intelligence is a technology motivated process for analyzing data and presenting actionable information to help business managers, corporate offices and other end users to make more informed business decisions. BI encompasses varieties of tools, applications, and methodologies that enable organizations to collect data from internal systems and external sources, prepare it for statistical analysis, develop and run queries against the data. IT further helps to create reports, dashboards, and data visualizations to make the results available to corporate decision makers as well as operational workers. BI is a mixture of tools and techniques used to transform raw data into meaningful information for the critical business decision-making process. It helps users to examine data, receive information from various channels or business activities, and use that information in organizational opportunities to improve business efficiency.
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The BI solution, when integrated with analytics can handle a large amount of unstructured data to identify and analyze business patterns. This technology helps users to examine current and historical data.
BI solution helps to produce better business decisions with timely, accurate and more comprehensive analysis of corporate information assets. These advantages drive the growth of Business Intelligence market. Also, ability to identify growth opportunities, reduce costs and wastage by identifying areas of high expenditure, inefficiencies and analyzing transactional records are the major factors to accelerate the growth of the market. Other drivers of the market include benefits such as identifying risks and threats, increase profit share, improve and measure workplace productivity by employee operational and supply chain efficiencies. With the enormous rise in the data generated in organizations, business intelligence & analytics industry have is growing at rapid speed. Business intelligence and analytics solutions offer an attractive opportunity to organizations for exceptional growth. Organizations now look for these types of solutions in order to solve their business problems that also help them improve overall business performance and stay competitive in the market. Integrating the Business Intelligence tool with other operational and management system, establishing and maintaining the appropriate data quality to feed into the Business Intelligence system are some of the limitations affecting the growth of this market.
Technology advances over the past few years have allowed business leaders to knock into more detailed, and precise data about their customers and their markets than ever. Information about customers, pricing, products, competitors, market changes and employee performance are all examples of business intelligence. The growing adoption of data analytics by organizations worldwide is a major driver for the growth of this market. BI tools are also useful in the retrieval and analysis of the vast and growing volume of discrete data.
North America is expected to be the largest market for BI solutions due to major growth of data analytics in the market. Asia Pacific is expected to manifest high-growth over the foreseeable future due to rapid industrialization in the region and growing number of start-ups focusing on smartphone application development. Asia-Pacific is the fastest growing regional markets where the business intelligence market is estimated to grow by CAGR around 8.6 % in coming years.
Major industry vendors in this market space include Microsoft, IBM, Oracle, Microstrategy, GoodData, Targit, SAS, SAP, and Tableau Software.