LONDON, Dec. 18, 2016 /PRNewswire/ -- Key findings
Business Intelligence (BI) is the processes, technologies, and tools needed to turn data into information, information into knowledge, and knowledge into plans that drive profitable business action. Business intelligence encompasses data warehousing, business analytic tools, and content/knowledge management.The global business intelligence market is expected to grow at a CAGR of around 9.50 % during the forecast period of 2017-2024 and is likely to generate more revenue by 2024. Business Intelligence (BI) is a process of analyzing large volumes of data to enhance business performance by providing end users such as corporate executives and business managers to take more informed business decisions.
The market drivers for Business Intelligence Market are rapid changes in business environments, the integration of information and stakeholder's demands for better performance management. Other factors like need customer analytics, rapid growth of enterprise resource planning (erp) and predictive analytics market increasing efficiency also drives the Business Intelligence Market growth.The market restraints for Business Intelligence Market are cost of Implementation, resistance of adaptation and lack of organizational capabilities. The Global Business Intelligence Market is predicted to grow during the forecast period of 2017-2024.
North America holds the largest market share i.e. approx. 45% in the total global business intelligence market. High adoption rate of cloud based Business intelligence and existence of key market players in the region are the major reasons for this large market share.
Asia Pacific is likely to grow with the highest CAGR of above 11% owing to rising infrastructure and GDP growth in most of its countries. Exponential growth in big data generation in the region is also boosting the growth in the market. The table below explains the market of business intelligence in top regions around the world.
The key players contributing to the growth of Business Intelligence Market are Alteryx, Birst, Fair Issac Corporation (Fico), Good Data, Information Builders and Microsoft among others.
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