In today’s business environment, the rapid growth of structured and unstructured data generated by the various organization have raised the trend of big data analytics. This data is either related to the product, customer, and competitor or is gathered through different digital channels. Analysis of data and requirement of insights are driving demand for business intelligence and analytics software and solutions. Moreover, increasing adoption of cloud computing technology by organizations has resulted in increasing demand for insights from unstructured data. Increasing utilization of IoT devices is another factor that is fueling the growth of the business intelligence and analytics market globally. Additionally, increasing adoption of cloud-based business intelligence and analytic tools by small and medium enterprises has created growth opportunities in the global business intelligence and analytics market.
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Increasing demand for real-time data analysis by organizations has become a key trend in the global business intelligence and analytics market. According to Coherent Market Insights’ analysis, by the end of 2020, near 600 zeta byte data is expected to be generated per year, which is an increase from 145 zeta byte in 2015. Increasing real-time data has increased demand for in-memory analytics, in-database analytics, and stream mining technology as it offers real-time analysis for fraud detection, customer interactions, and situational intelligence. This, in turn, has accelerated the global business intelligence and analytics market growth.
Browse 40 Market Data Tables and 60 Figures spread through 250 Pages and in-depth TOC on " Business Intelligence and Analytics Market by Deployment Model (Cloud, and On-Premises), By Platform Type (Business Intelligence, Corporate Performance Management Suite, Advanced and Predictive Analytics, Content Analytics, and Analytics Application), By Services (Professional Services, and Managed Services), By Organization Size (Small and Medium Enterprises, and Large Enterprises), By Vertical and Geography-Global Forecast to 2027 by Coherent Market Insights."
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Key takeaways of the business intelligence and analytics market:
- The global business intelligence and analytics market is estimated to expand at a CAGR of 9.6% during the forecast period (2019–2027)
- The On-Premises deployment model segment held a dominant position in the market in 2018 and is projected to retain its dominance throughout the forecast period
- Cloud-based deployment model segment is expected to grow at the highest CAGR during the forecast period. The increasing adoption of cloud technology by various companies in different industries is driving demand for cloud-based business intelligence and analytics solutions.
- On the basis of the service segment, the managed service segment held a dominant position in 2018 and is projected to remain dominant throughout the forecast period. Similarly, the professional service segment is estimated to register the highest CAGR over the forecast period.
- On the basis of organization size, the large enterprises segment held the dominant position in the market 2018, and it is projected to retain its dominance over the forecast period. Similarly, the small and medium enterprises segment is expected to witness the fastest growth during the forecast period.
- On the basis of platform type, business intelligence held a dominant position in 2018 and is projected to maintain its dominance throughout the forecast period
- In 2018, North America held a dominant position in the global business intelligence and analytics market and is estimated to grow at a CAGR of 8.3% during the forecast period. Increasing deployment of business intelligence and analytics software and solutions by the various organization across the globe is propelling the market growth. U.S. and Canada are expected to contribute significantly to the growth of the North America market.
- Asia Pacific is estimated register the highest CAGR during the forecast period. China and India are expected to contribute significantly to the growth of the business intelligence and analytics market in the region.
- Some of the major players involved in the global business intelligence and analytics market are Tibco Software, Tableau Software, Inc., SAS Institute, Inc., SAP AG, Qlik Technologies, Inc., Oracle Corporation, Microstrategy, Microsoft Corporation, Information Builders, and IBM Corporation.
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