At 8.4% CAGR, Business Intelligence Market will reach USD 26.50 billion ,Globally by 2021
According to the report,published by Zion Market Research the global business intelligence market accounted USD 16.33 billion in 2015 and is expected to reach USD 26.50 billion by 2021, growing at a CAGR of around 8.4% between 2016 and 2021.
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Business Intelligence defined as the process of analyzing huge volumes of enterprise data usually stored in large databases such as data warehouses. BI detects the hidden trends and patterns in data, track the business performance and assist the business users to make improved decisions based on real-time data. From a marketing stand point, Business Intelligence can be described as a strategic management tool that can support executives and business users to make improved decisions that are necessary for day to day operations, tactical and strategic planning.
Applying BI to each of department like (Marketing, HR, Payroll, CRP etc) can provide ultimate flexible analysis of raw data. BI provides end to end approach to store and present data. For example, Companies can compare their respective revenues per quarter or month with peers, so that they can retrospect there strategic decisions or policies. Business intelligence helps companies understand their customers. This is possibly the most important reason for business intelligence.
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A good business intelligence tool will allow employees to gain imminent into key marketing questions such as who are best customers, how sales can be increased through new sell opportunities, or what products are trending. With business intelligence tool companies can plan marketing campaigns accordingly based on real data. Business Intelligence helps companies make better decisions. Other drivers are like the software will improve the visibility of processes and make it possible to identify any areas that need development.
By type segment, the mobile BI (MBI) segment accounted for more than 20% of the global Business Intelligence market in 2015. Mobile BI enables the mobile workforce to get business insights by analyzing data with the help of applications for mobile and smart devices. The growing smartphone adoption is likely to appear as a key driver for this segment during the forecast period. Mobile business intelligence is software that extends desktop business intelligence (BI) applications so that they can be used on a mobile device. MBI applications optimize traditional BI reports so they can be viewed easily on small screen. It is ideal for displaying key performance indicators (KPIs) and alerts on small screens with simple charts, graphs, and sparklines. An additional advantage of MBI is that it allows data that is captured by the mobile device to be incorporated on-the-fly so that reports are currents and mobile workers can make informed decisions in real time.
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By deployment segment, the on-premise segment accounted for 86% of the market share in 2015. However, this segment is projected to witness a decline in its shares by the end of the forecast period. In this segment, software is installed on the server of an enterprise. It requires more protection but is highly secure and easy to manage.
North America is expected to be the largest market for BI due to major growth in the market. It accounted for around 56% of the markets share globally. Asia Pacific is expected to manifest high-growth over the foreseeable future due to rapid industrialization in the region and growing number of start-ups focusing on smartphone application development. Major industry participants in this include Microsoft, IBM, Oracle, Microstrategy, GoodData, Targit, SAS, SAP, and Tableau Software among others.
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Business Intelligence Market: Technology Segment Analysis
- Mobile BI
- Cloud BI
- Social BI
Business Intelligence Market: Deployment Segment Analysis
- Cloud BI
- On-Premises BI
Business Intelligence Market: Region Segment Analysis
- North America
- Asia Pacific
- Latin America
- The Middle East & Africa
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