Organizations are increasingly turning to Business Intelligence (BI) to address the challenges of business decisions posed by vast amounts of data. Business intelligence includes technologies, applications, infrastructure and tools, and best practices that enable access to and analysis of information to support informed business decisions. Business Intelligence equips organizations with the advantages of faster decision making, real-time performance measurement, greater insights into customer behavior, better quality of information, better estimation of threats and opportunities, increased sharing of information and improved efficiency, enhanced communication, quick response to changes in financial conditions and supply chain operations, reduced equipment downtime, and others.
The drivers of the global Business Intelligence Market are numerous, however, growing adoption of data analytics by organizations across the globe, the emergence of IoT-enabled technologies, and increasing usage of data analytics remain the principal drivers of the market. The increase in quantity and variety of large volume of data produced by organizations has increased the need for business intelligence tasks.
Moreover, with the rise of mobile-based applications, there has been an emerging demand for mobile analytics business intelligence.
Market Research Future (MRFR), predicts that the global business intelligence market will grow at a CAGR of 11.03%m, reaching USD 34.3 billion by 2022 from USD 16.3 billion in 2016 during the forecast period 2016-2022.
The main barriers to the adoption of BI are cost and complexity. Departmental silos remain one of the principal obstacle along with other factors such as employee resistance to adoption of new technology, lack of CIO participation in decision making, lack of expertise to utilize the technology to its fullest potential. Even though the barriers to adoption of business intelligence are many and significant, implementation of BI has facilitated businesses make improved business decisions over accurate data.
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The global business intelligence market is highly competitive and organized with few well-established players leading the market. Some significant players include Rackspace (U.S.), SAP SE (Germany), Microsoft Corp (U.S), Juniper Networks (U.S.), Verizon wireless (U.S.), Cisco Systems (U.S.), SAS Institute (U.S), AT&T (U.S), IBM Corp. (U.S.), and VMware (U.S.) among others. These major players are adopting various strategies such as acquisitions, collaborations, mergers, partnerships, product launches, product updates to gain a substantial competitive edge over business rivals.
The global business intelligence market has been segmented based on technology, service, component, deployment, organization, and industry. By technology, the market has been segmented into mobile BI, cloud BI, social BI, and others.
By service, the market has been segmented into managed service, hosted service and others. By deployment, the market has been segmented into on-cloud and on-premises. By organization, the market has been segmented into telecom & IT, education, manufacturing, retail, banking and others.
North America leads the market for business intelligence. Presence of major industry players in the region, intense R&D activities in the field of technology, increasing competition, and evolving trend of data proliferation aids the growth of the market in North America. Asia-Pacific holds potential growth opportunities and is estimated to manifest high growth during the forecast period owing to ongoing industrialization and advancements in the field of technology in the region.
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- In May 2018, Deliveroo Singapore, an on-demand food delivery company announced the use of business intelligence as their next move for business intensification and expansion. Called the Business Intelligence Unit, it will be assaying local food trends, habits, local restaurants and tastes to enhance their service offering.
- Softheon, a leading cloud-based health insurance company, announced the introduction of a new health plan business intelligence suite in May 2018. Named Foundry BI, this suite features configurable, state-of-the-art, easy to use tools which track and reports transaction trends, key performance indicators.
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