PUNE, India, Aug. 7, 2017 /PRNewswire/ -- Market Research Future published a half-cooked research report on "Global Business Intelligence Market Research Report - Forecast to 2022" – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2022.
Verizon wireless (U.S.), Rackspace (U.S.), AT&T (U.S), Cisco Systems (U.S.), IBM Corp. (U.S.), Juniper Networks (U.S.), VMware (U.S.), SAP SE (Germany), Microsoft Corp (U.S), SAS Institute (U.S), are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Business Intelligence Market.
Business Intelligence Market - Overview
The Global Business Intelligence Market is growing with the rapid pace; mainly due to the evolving trend such as data proliferation, increasing competition, and cloud deployment. According to a recent study report published by the Market Research Future, the global Business Intelligence Market is booming and expected to gain prominence over the forecast period. In 2016 global Business Intelligence market valued US ~$16.3 Billion. The market is further projected to escalate to US ~$ 34.3 Billion by 2022 at the CAGR of ~11.03% during the projected period (2016-2022).
Business Intelligence provides more accurate resource allocation and inventory management. The rapid changes in Business environment and the integration of information for better performance management are some of the major driving factors for the growth of the Business Intelligence market. With increasing number of mobile based Business application there is an emerging demand for mobile analytics in Business intelligence. The growing demand of Intelligence service in small and medium Business units acts as a major contributor in the growth of global Business Intelligence market, due to its deployment and cost-effective features. The implacable rise in large amount of data and customer interest in mobile mechanism has achieved new pathways which helps in the growth of this market. Cloud based Business Intelligence demand has ominously grown due to cost effective and easier classification features. Business Intelligence has given the industry dynamic tool to improve operational efficiency. Business Intelligence identify and develop the new cross sell and upsell opportunity and carry more online marketing campaigns.
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Business intelligence is unable to deliver self-service analysis or reporting, the BI tools are complicated and can be used by professionals within the organization. Analysis across multiple system also challenges the business intelligence tools as the data is often is across collection of different system and software. To unlocking the hidden data in system is also the major challenge faced by the business intelligence. The lack of skilled and proficient workforce is one of biggest challenge faced by most of the organization while implementing this tool. This factor poses as a major constraint to the growth of this market.
Business Intelligence empowers improved decision making in the organizations. The BI system provides past, present and future view of Business operations.it optimize internal Business processes, it could also be an important asset for a company's sales force as it provides access up to the minute reports to identify sales trends and product improvements. Business Intelligence helps organization in increasing operational efficiency and gaining competitive advantage over the competitors. The BI accommodate operational data and analytical tool that presents captious information to Business users within the organization.
Business Intelligence Market - Competitive Analysis
Characterized by the presence of several well-established and small players, the global Market of Business Intelligence appears to be highly competitive. Well established players incorporate acquisition, collaboration, partnership, expansion, and technology launch in order to gain competitive advantage in this market and to maintain their market position. These key players compete based upon pricing, Technology and services. Vendors operating in the market strive to provide quality Business Intelligence that can access and prepare all types of data and reports for the clients, can manage content and users with a custom look and feel, with scheduled distribution, easy to share at scale with format. Growth potential demonstrated by the market is likely to attract many entrants to market; which will further result in fierce competition in the global market.
Business Intelligence Global Market – Segments
Global Business Intelligence Market is segmented in to 7 Key dynamics for an easy grasp and enhanced understanding.
Segmentation by Technology: Comprises - Mobile BI, Cloud BI, Social BI and other.
Segmentation by Service: Comprises - Hosted, Managed and other.
Segmentation by Component: Comprises - Hardware, Software.
Segmentation by Deployment: Comprises - On-Cloud and On-Premises.
Segmentation by Organization: Comprises - SMU, LBU.
Segmentation by Industry: Comprises - Telecom & IT, education, Manufacturing, Retail, Banking and other.
Segmentation by Regions: Comprises Geographical regions - North America, Europe, APAC and Rest of the World.
Business Intelligence Market - Regional Analysis
North America is expected to propel the market due to the intense research and development in the field of technology. North America is holding highest market share of the overall universal Business Intelligence market due to evolving trend such as data proliferation, increasing competition, cloud deployment. The overall market in expected to grow at CAGR of around 9.50% during the year 2016-2022 and also increase more revenue by 2022. Asia Pacific is expected to manifest high-growth by the end of the forecasted period due to the rapid industrialization in the region and growing number of start-ups focusing on mobile application development.
Browse Related Report
Global Mobile Business Intelligence Market is expected to reach USD 12.44 billion by the end of 2022 with 23.29% CAGR during forecast period 2016-2022
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