According to a new market research report on "Business
Intelligence Market by Type (Platform, Software, Service), Data
type (Unstructured, Semi-Structured, Structured), Business Application, Organization
Size, Deployment Model, Industry Vertical, and Region - Global Forecast to
2021",
The global Business Intelligence (BI) market is estimated 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%.
Browse and
in-depth TOC on “Business Intelligence Market”
89
- Tables
46
- Figures
167
- Pages
"Business
Intelligence Market by Type (Platform, Software, Service), Data type
(Unstructured, Semi-Structured, Structured), Business Application, Organization
Size, Deployment Model, Industry Vertical, and Region - Global Forecast to
2021"
The major factors driving the BI market are
increasing adoption of cloud, growth of advanced analytics, adoption of
data-driven decision-making, and the emergence of Internet of Things
(IoT)-enabled technologies. The market is growing rapidly because of the
transformation from traditional techniques for analyzing business data to
advanced BI techniques and the massive surge in the volumes structured and
unstructured data.
Unstructured data type is expected to grow at the
highest CAGR
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 tough to retrieve right data information when
needed. BI is gaining traction due to its capabilities to handle and manage
such unmanaged data. The rise and development of IoT has propelled rapid growth
in data volumes. Unlike the structured data, the unstructured data cannot be
displayed in rows and columns, thus making it complex for processing and
analysis. The unstructured data type is expected to grow at the highest CAGR
during the forecast period. Increasing demand of analytics and adoption of IoT
devices among SMEs are the main reasons for the generation of unstructured data.
BFSI is estimated to have the largest market size in
2016
The
BI market is also segmented by various verticals, out of which the adoption
rate of BI is expected to be the highest in the Banking, Financial Services,
and Insurance (BFSI) vertical, as the volume and variety of data is increasing
day-by-day with the growing demand of IT systems for financial transactions in
banks and other financial service institutions.
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North America is expected to dominate the BI market
during the forecast period
North America is estimated to hold the largest share
of the BI market in 2016 due to the technological advancements and early
adoption of BI solutions in the region. The market in Asia-Pacific (APAC) is
expected to grow at the highest CAGR during 2016–2021. The main driving forces
for this growth are increasing technological adoption and huge opportunities
across verticals in the APAC countries, especially India, China, and Japan.
The report also encompasses different strategies,
such as acquisitions, partnerships, collaborations & agreements,
expansions, and new product launches & product upgradations, adopted by the
major players to increase their share in the market. Major BI technology
vendors include 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).
Opportunities
Positive Return on Investment
Embedded Business Intelligence
Higher Adoption by SMEs
Increasing Need to Create Insights From Unused Data
Challenges
Lack of Skilled Workforce
Management and Maintenance of Data Quality
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Mr. Rohan
Markets and Markets
UNIT no 802, Tower no. 7, SEZ
Magarpatta city, Hadapsar
Pune, Maharashtra 411013, India
1-888-600-6441
Email: sales@marketsandmarkets.com
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