The increased acceptance of cloud BI solutions by SMEs is also boosting the growth of business intelligence market. The adoption of cloud services allows end-users to concentrate on core activities rather than managing their IT environment. Cloud BI solutions enable applications to be scaled quickly, can be easily integrated with easy integration with third-party applications, and provide security at all levels of the enterprise IT architecture so that these applications can be accessed remotely.
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The analysts forecast global business intelligence market to grow at a CAGR of 10.38% during the period 2016-2020. The growing adoption of data analytics by organizations worldwide is a key driver for the growth of business intelligence market. The majority of corporate data sources include data generated from enterprise applications along with newly generated cloud-based and social network data. BI tools are useful in the retrieval and analysis of this vast and growing volume of discrete data. They also help optimize business decisions, discover significant weak signals, and develop indicator patterns to identify opportunities and threats for businesses.
Market Outlook of Business Intelligence Market
BI is a combination of tools and techniques used to transform raw data into meaningful information for the critical business decision-making process. It helps users to analyze data, receive information from various channels or business activities, and uses the information in organizational opportunities and to improve business efficiency.
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The BI solution, when integrated with analytics, is capable of handling a large amount of unstructured data to help identify and analyze business patterns. This technology helps users analyze current and historical data.
Market Segmentation by Technology of the Business Intelligence Market – Traditional BI, Mobile BI, Cloud BI and Social BI
The mobile BI segment accounts for approximately 20% of the global BI market. It enables the mobile workforce to get business insights by data analysis, using applications optimized for mobile and smart devices. The growing smartphone adoption is likely to emerge as a key growth driver for this segment during the forecast period.
Market Segmentation By Deployment of the Business Intelligence Market – Cloud BI and On-premises BI
The on-premise segment accounted for 86% of the market share during 2015. However, the report anticipates this segment to witness a decline in its shares by the end of the forecast period. In this segment, the software is purchased and installed on the server of an enterprise. It requires more maintenance but is highly secure and easy to manage.
Geographical Segmentation of the Business Intelligence Market
The Americas dominated the market during 2015, with a market share of around 56%. The high adoption of cloud BI solutions in this region is the major growth contributor for this market. The US is the market leader in this region as most of the key vendors are based out of here.
Competitive Landscape and Key Vendors
Microsoft is one of the largest BI vendors and offers Power BI, which helps to deliver business-user-oriented, self-service data preparation and analysis needs through Excel 2013 and Office 365. The competitive environment in this market is expected to intensify during the forecast period due to an increase in R&D innovations and mergers. The market is also expected to witness a growing trend of acquisitions by the leading players. The key players in the market are expected to diversify their geographical presence during the forecast period.
The global business intelligence market report also presents an insightful analysis of the leading vendors such as IBM, Microsoft, Oracle, SAP, and SAS Institute.
Other prominent vendors in the market are: Actuate, Alteryx, Board International, Brist, Datawatch, GoodData, Infor, Information Builders, Logi Analytics, MicroStrategy, Panorama Software, Pentaho, Prognoz, Pyramid Analytics, Qlik, Salient Management Company, Tableau, Targit, Tibco Software, and Yellowfin.
Further, the business intelligence market report states that the high implementation cost of BI solutions hinders the growth of the market as many SMEs have a limited budget for IT infrastructure.
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