Business Intelligence Market Insight
Business intelligence (BI) is a technology-driven procedure for presenting actionable information and analysing data which helps managers, corporate end users and executives to make business conclusions. BI encompasses a wide variety of methods, tools, and applications that permit administrations to gather data from external sources and internal systems, make it for analysis, improve and track queries that create reports, dashboards and data visualizations to create the analytical outcomes existing to corporate decision-makers, and operational workers. The main role of BI is to develop a company by improving collect to the firm's data and then using that data powerfully to upsurge effectiveness. Companies that employ BI practices have translate their composed new data into insights of their business processes. The insights is used to create strategic business decisions that improve productivity, increase revenue and accelerate growth.
Impact of COVID-19 on Business Intelligence Market
- The global impacts of the corona virus disease 2019 (COVID-19) are expected to significantly affect the business intelligence market in 2020.
- Lockdown and travel restrictions across the globe have led to reduction in demand for supply chain management drastically, which impacts the retail travel industry in a negative manner and hampers growth of the market.
- More and more organization owners are saying that COVID-19 is affecting on their business intelligence and analytics initiatives and budgets.
- Overall, the present scenario is expected to have a negative impact on the business intelligence market growth.
Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
Growing demand for cloud-based business solutions in the SME sector is driving the BI market. Rising awareness for several benefits such as data scalability, tracking key performance indicator (KPIs) offered by BI software that enables organizations for enhancing user experience. However, significant cost incurred in licensing and installing a BI software is expected to act as a hindrance to the BI market growth. Moreover, integrating advanced analytics for Big Data with BI systems is expected to provide lucrative opportunities for the global business intelligence market.
Growth in adoption for cloud-based solutions in business
The increasing penetration of the Internet around the world is one of the significant factors contributing to the high volume of data that complements the growth of the data market in the structure. The rise of Internet of Things (IoT) and Big Data is significantly boosting the growth of the unrestricted global data market. Cloud-based BI applications include BI-related services, such as interactive dashboard reporting and Intelligent KPI monitoring or dynamic. The popularity of cloud-based tools and services is increasing due to increase IoT technology and internet penetration. The adoption of cloud-based solutions in SMEs is driving the growth of BI market.
Business intelligence for big data
BI platforms are progressively being used as front-end boundaries for big data systems. Innovative BI software provides business to connect to a range of data sources. In addition, it offers simple user interfaces (UI) that creates the tackles a good fit for big data constructions. The end-users are connecting to a range of data foundations, including NoSQL databases, Hadoop systems, conventional data warehouses and cloud platforms, and developing an incorporated view of their various data.
Key benefits of the report:
- This study presents the analytical depiction of the global business intelligence industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global business intelligence market share.
- The current market is quantitatively analyzed to highlight the market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global business intelligence market analysis based on competitive intensity and how the competition will take shape in coming years.
Business Intelligence Market Report Highlights
By Enterprise Size
By Industry Verticals
Key Market Players
Microsoft Corporation, Oracle Corporation, IBM Corporation, SAP SE, Information Builders, Qlik Technologies Inc., Tableau Software Inc., TIBCO Software Inc., Cisco Systems Inc., SAS Institute Inc.