Business Intelligence (BI) market Development Factors, Latest Opportunities and Forecast 2021
Posted: Aug 25, 2019
According to a market research report "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", published by MarketsandMarkets™, 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%.
BI helps business users access business data and perform queries to generate insights. It equips business users with easy-to-use data exploration, data preparation, appropriate analytics, and data visualization tools & techniques.
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"
The major factors driving the BI market are increasing adoption of cloud, growth of advanced analytics, adoption of data-driven decision-making, and the emergence of Internet of Things (IoT)-enabled technologies. The market is growing rapidly because of the transformation from traditional techniques for analyzing business data to advanced BI techniques and the massive surge in the volumes structured and unstructured data.
Unstructured data type is expected to grow at the highest CAGR
The BI market is segmented by data type into structured, unstructured, and semi-structured data types. If the collected data is left unmanaged, it becomes tough to retrieve right data information when needed. BI is gaining traction due to its capabilities to handle and manage such unmanaged data. The rise and development of IoT has propelled rapid growth in data volumes. Unlike the structured data, the unstructured data cannot be displayed in rows and columns, thus making it complex for processing and analysis. The unstructured data type is expected to grow at the highest CAGR during the forecast period. Increasing demand of analytics and adoption of IoT devices among SMEs are the main reasons for the generation of unstructured data.
BFSI is estimated to have the largest market size in 2016
The BI market is also segmented by various verticals, out of which the adoption rate of BI is expected to be the highest in the Banking, Financial Services, and Insurance (BFSI) vertical, as the volume and variety of data is increasing day-by-day with the growing demand of IT systems for financial transactions in banks and other financial service institutions.
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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.
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 BI 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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Key Target Audience for Business Intelligence Market
- Solution vendors
- Original equipment manufacturers
- System integrators
- Advisory firms
- National regulatory authorities
- Venture capitalists
- Private equity groups
- Investment houses
- Equity research firms
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