The global business intelligence market report, an analyst says In the past few years, social media has played critical roles in SMEs and mid-sized organizations. Many SMEs are increasingly embracing this trend and integrating their BI software with social media platforms.
Market outlook of business intelligence market - market research analyst predicts the global business intelligence market to grow at a CAGR of around 10% during the forecast period. The growing adoption of data analytics by organizations worldwide is a key driver for the growth of this market.
The majority of corporate data sources include data generated from enterprise applications along with newly generated cloud-based and social network data. business intelligence tools are useful in the retrieval and analysis of this vast and growing volume of discrete data.
They also help optimize business decisions, discover significant weak signals, and develop indicator patterns to identify opportunities and threats for businesses.
The increased acceptance of cloud BI solutions by SMEs is also boosting the growth of this market. The adoption of cloud services allows end-users to concentrate on core activities rather than managing their IT environment.
Cloud BI solutions enable applications to be scaled quickly, can be easily integrated with easy integration with third-party applications, and provide security at all levels of the enterprise IT architecture so that these applications can be accessed remotely.
Market segmentation by technology of the business intelligence market:
- Traditional BI
- Mobile BI
- Cloud BI
- Social BI
The mobile BI segment accounts for approximately 20% of the global BI market. It enables the mobile workforce to get business insights by data analysis, using applications optimized for mobile and smart devices.
The growing smartphone adoption is likely to emerge as a key growth driver for this segment during the forecast period.
Market segmentation by deployment of the business intelligence market
- Cloud BI
- On-premises BI
The on-premise segment accounted for 86% of the market share during 2015. However, the report anticipates this segment to witness a decline in its shares by the end of the forecast period.
In this segment, the software is purchased and installed on the server of an enterprise. It requires more maintenance but is highly secure and easy to manage.
Geographical segmentation of the BI market
The Americas dominated the market during 2015, with a market share of around 56%. The high adoption of cloud BI solutions in this region is the major growth contributor for this market.
The US is the market leader in this region as most of the key vendors are based out of here.
Competitive landscape and key vendors
Microsoft is one of the largest BI vendors and offers Power BI, which helps to deliver business-user-oriented, self-service data preparation and analysis needs through Excel 2013 and Office 365. The competitive environment in this market is expected to intensify during the forecast period due to an increase in R&D innovations and mergers.
The market is also expected to witness a growing trend of acquisitions by the leading players. The key players in the market are expected to diversify their geographical presence during the forecast period.
The key vendors of the market are -
- SAS Institute
Other prominent vendors in the market include Actuate, Alteryx, Board International, Brist, Datawatch, GoodData, Infor, Information Builders, Logi Analytics, MicroStrategy, Panorama Software, Pentaho, Prognoz, Pyramid Analytics, Qlik, Salient Management Company, Tableau, Targit, Tibco Software, and Yellowfin.
Key questions answered in the report
- What will the market size and the growth rate be in 2020?
- What are the key factors driving the BI market?
- What are the key market trends impacting the growth of the BI market?
- What are the challenges to market growth?
- Who are the key vendors in the global BI market?
- What are the market opportunities and threats faced by the vendors in the BI market?
- Trending factors influencing the market shares of the Americas, APAC, and EMEA?
- What are the key outcomes of the five forces analysis of the BI market?