Business Intelligence Software Market was valued at US$ 14 Bn in 2019 and is expected to reach US$ 32 Bn by 2026, at a CAGR of 10.89% during the forecast period.
The report includes an analysis of the impact of COVID-19 lockdown on the revenue of market leaders, followers, and disruptors. Since the lockdown was implemented differently in various regions and countries; the impact of the same is also seen differently by regions and segments. The report has covered the current short-term and long-term impact on the market, and it would help the decision-makers to prepare the outline and strategies for companies by region.
Business intelligence is emerging as one of the most important tools for business organizations, allowing them to make more concrete and tactical decisions. With the ever-increasing volume of data produced worldwide, BI & analytics is becoming one of the most important areas for several businesses and government organizations. In 2016, above 16 zettabytes (ZB) of data was generated globally which has created huge opportunities for analytics.
The growing saturation of smart grids, energy management, Internet of Things (IoT), social media, and many others are expected to continue increasing the data volumes over the following years. This is further predictable to create various analytics applications for the market, thereby driving the demand for Business Intelligence & analytics tools.
The increase in data volume, the popularity of the cloud delivery model, and growth in data analytics adoption globally are the key driving factors for the market growth. Still, factors like lack of awareness about the benefits of the software and lack of skilled are limiting the growth of the market. Software applications established to obtain, convert, analyze and report data for business intelligence are known as business intelligence and analytics software.
Also, these tools are being used to read information and data that is stored, not necessarily in the data mart. Apart from these, the tools are helping front-line users to design reports as well as perform analytics, confirming less dependency on the information technology department. Faster deployment, ultimate optimization, performance management, power data mining, and reduction implementation challenges are benefits offered by business intelligence software.
The cloud segment was leading in the market in 2016 and is estimated to continue during the forecast period. Also, other industry vertical segments dominated the overall market and deploy the business intelligence software at a higher scale. The rising adoption of business intelligence software by many associations and growth in demand for cloud-based business analytics software among SMEs are major factors that are fueling the business analytics software market growth.
The data explosion is projected to drive the business intelligence software market growth over the forecast period. An increasing amount of customer data in certain industries like retail and BFSI have promoted industry penetration on account of the high need for more space and hardware to store data.
Increased costs and requirements in healthcare to reduce expenses are key factors projected to fuel healthcare business intelligence software market growth. Healthcare providers are improving patient outcomes, reduce expenditures, and analyze treatment effectiveness with the help of healthcare Business Intelligence platforms, effectively using operational, patient, and other relevant data.
Key players operating in the market include SAP, Microsoft, SAS, Oracle, IBM, Qlik.
Scope of the Global Business Intelligence Software Market::
Business Intelligence Software Market by Type:
• Cloud BI Software
• Mobile BI Software
• Social BI Software
• Traditional BI Software
Business Intelligence Software Market by Deployment Model:
• On-demand/Cloud
• On-premise
Business Intelligence Software Market by End-User:
• IT & Telecom
• Retail
• BFSI
• Manufacturing
• Others
Business Intelligence Software Market by Application:
• Customer Analytics
• Supply Chain Analytics
• Marketing Analytics
• Pricing Analytics
• Others
Business Intelligence Software Market by Geography:
• North America
• Asia-Pacific
• Europe
• Latin America
• Middle East & Africa
Key Players Operated in Business Intelligence Software Market
• SAP
• Microsoft
• SAS
• Oracle
• IBM
• Qlik
• Tableau Software
• Information Builders
• Teradata
• MicroStrategy
• Yellowfin International
• Zoho
• Jaspersoft
• Sisense
• Phocas
• Domo
• Sysomos
• ZAP BI
• Salesforce
• datapine
• Javelin Group
• Square
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This Report Is Submitted By : Maximize Market Research Company
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