Business Intelligence Market Growing at a CAGR of 21.1% During 2016 to 2021 - ReportsnReports
PUNE, India, March 22, 2017 /PRNewswire/ --
Business Intelligence Market is projected to reach USD 26.88 billion by 2021 from USD 17.09 billion in 2016, growing at a CAGR of 9.5% while services segment likely to grow at the highest CAGR during the forecast period driven by increasing adoption of cloud & emergence of IoT-enabled technologies.
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Business Intelligence (BI) solutions enable business users to access business data volumes and analyze them to generate insights, though they do not have data science and analytical skills. The Global Business Intelligence (BI) Market to grow from USD 17.09 billion in 2016 to USD 26.88 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 9.5%. The BI market is growing rapidly because of the transition from traditional techniques to advanced BI and analytics techniques, and the massive adoption of cloud across verticals. Factors such as varying structure of regulation policies and high investment costs are expected to limit the market growth.
The BI market is segmented by data type into structured, unstructured, and semi-structured data types. If the collected data is left unmanaged, it becomes challenging to retrieve right data information when needed. BI is gaining traction due to its outstanding capabilities to handle and manage such unmanaged data. Unstructured data comprises data from emails, social media, blogs, images, videos, and documents. It is difficult to find meaning from unstructured data because of its undefined data structure. The rise and development of Internet of Things (IoT) has propelled data collection, as IoT produces enormous data. Unlike structured data, unstructured data cannot be displayed in rows and columns, thus making it complex for processing and analysis. Organizations such as IBM are providing cognitive computing analysis to find trends in unstructured data and gain competitive edge in the market.
Major vendors that offer BI software and services globally are Microsoft Corporation (U.S.), IBM Corporation (U.S.), SAP SE (Germany), Oracle Corporation (U.S.), Tableau Software (U.S.), SAS Institute (U.S.), Qlik Technologies (U.S.), MicroStrategy (U.S.), Information Builders (U.S.), TIBCO Software (U.S.), Pentaho (U.S.), Yellowfin International (Australia), Sisense (U.S.), and Panorama (Canada). These vendors have adopted different types of organic and inorganic growth strategies, such as new product launches & product upgradations, partnerships, collaborations & agreements, and acquisitions to expand their offerings in the BI market.
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North America, followed by Europe, is expected to continue being the largest revenue-generating region for the BI vendors over the next five years. This is mainly due to the presence of various developed economies, such as Canada and the U.S. and because of the high focus on innovations through research & development and technology across industry verticals. Asia-Pacific (APAC) is expected to be the highest growing region in the BI market because of the increasing adoption of IoT& smart technologies and government initiatives such as smart cities in the APAC countries, including China and India.
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