Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Business Intelligence and Analytics Market: Insights and Analytic Information
The Business Intelligence (BI) and Analytics software provides insights and analytic information which can help managers, executives, and other corporate end users to read and analyze the stored information; and helps them to design reports, and facilitates decision making. The increasing demand of real time data analysis, increasing adoption of cloud technology, and rising installation of IoT devices are some of the major drivers fueling the market growth of the business Intelligence and analytics software market globally. Additionally, rising demand of data analysis to understand consumer demand and market trends, as well as increasing adoption of business intelligence and analytic tools by small and medium enterprises (SMEs) are providing growth opportunity in the business intelligence and analytics market globally.
Increasing requirement for real time data analysis in various organizations is expected to accelerate growth of the business intelligence and analytics market.
The increasing demand for real time data analysis has become one of the major factor driving growth of the business intelligence and analytics market. Due to increasing competition in the market, real time data analysis has become a major requirement in various organizations. Implementation of new technology such as stream mining in-database analytics and in-memory analytics provides real time analytic for situational intelligence, fraud detection, and customer interactions. Moreover, increasing installation of Internet of things (IoT) devices has generated large amount of real time data, which, in turn, has led to an increase in demand for real time business intelligence and analytical tools. According Coherent Market Insights analysis, In 2015, 145 zeta byte per year data was generated by IoT devices, and is projected to reach 600 zeta byte per by 2020. The adoption of business intelligence and analytics is higher in large enterprises as they are likely to have efficient data support systems. Furthermore, owing to increasing adoption of cloud technology in the business intelligence and analytics, the market of small and medium enterprises (SMEs) is expected to witness significant growth over the forecast period.
The global business intelligence and analytics market was valued at US$ 24.2 billion in 2018, and is estimated to witness a CAGR of 9.6 % during the forecast period (2019 –2027).
Figure 1. Global Business Intelligence (BI) and Analytics Market Share (%), by vertical segment (2018)
Source: Coherent Market Insights Analysis (2018)
Increasing adoption of cloud technology is expected to drive growth of the business intelligence and analytics solution market
The increasing adoption of cloud computing technology by small and medium enterprises has become a major factors fueling growth of the business intelligence and analytics market. A business intelligence and analytics tool is a resource intensive software or solution which requires huge data storage capacity. Cloud technology is a solution to overcome this challenge as it can provide vast data storage capacity. Additionally, features such as cost effectiveness and rapid implementation have increased demand for cloud-based business intelligence and analytics solutions in the market. In addition, introduction of new technologies, such as stream mining database analytics and in-memory analytics, which provides real time analytics for fraud detection, and customer interactions is propelling the market for business intelligence and analytics. Moreover, investments in maintaining IT infrastructure and data warehouses for data storage have reduced due to application of cloud technology. However, challenges with data security are expected to hinder growth of the business intelligence and analytics software market globally.
North America is expected to hold a dominant position in the global business intelligence and analytics market
According to Coherent Market Insights, the business intelligence and analytics market in North America held the dominant position in 2018. U.S. and Canada are the major countries driving the business intelligence and analytics market in North America due to increasing adoption of business intelligence and analytic software and solutions by organization. Additionally, increasing digitalization in North America is expected to provide growth opportunity for key player operating in the business intelligence and analytics market.
Major players operating in the global business intelligence and analytics market include Tibco Software, Tableau Software, Inc., SAS Institute, Inc., SAP AG, Qlik Technologies, Inc., Oracle Corporation, Microstrategy, Inc., Information Builders, IBM Corporation, and others.
Figure 2. Global Business Intelligence (BI) and Analytics Market Share (%), By Region, (2018)
Source: Coherent Market Insights Analysis (2018)