In today’s business environment, the rapid growth of structure and unstructured data volume generated by various organization have raised the trend of big data. These data are either related to the product, customer, and competitor or through different digital channels. Analysis of data and the requirement of insights have raised the demand for business intelligence and analytics software and solution. Moreover, the increasing adoption of cloud computing technology by various organization, increasing demand of insights from unstructured data, and increasing installation of internet of things devices are some of the major market drivers fueling the growth of business intelligence and analytics market globally. Additionally, increasing cloud based business intelligence and analytic tool by small and medium enterprises has provided the opportunity to the business intelligence and analytics market globally.
Increasing demand for analyzing real time data by organizations has become one of the key trend for the growth of the global business intelligence and analytic market. By the end of 2020, near 600 zeta byte data is projected to be generated per year up from 145 zeta byte in 2015. Increasing real time data have increased the demand for in-memory analytics, in-database analytics, and stream mining technology which offers real time analytic for fraud detection, customer interactions, and situational intelligence, which has accelerated the global business intelligence and analytics market.
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Key takeaways of the business intelligence and analytics market:
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