Business Intelligence Market Overview:
Data analysis has become a critical function of many organizations. Due to this, business intelligence has grown significantly. Market Research Future, a company specializing in market reports pertaining to information and communication sectors, among others; released a report on the said market. The market is estimated to generate about USD 34.3 billion by 2022, at a CAGR of 11.03%.
Higher adoption of cloud technologies is the key to sector growth. Corporates are one of the main industry end-user, requiring huge amounts of data for profitable businesses. Change in attitude towards business decisions is substantially important for shaping the market. Data integration along with ‘business sentiment’ changes would ensure industry growth in the near future.
On the contrary, as the complications in Business Intelligence Market are quite high across corporates and other business companies, the industry may experience few issues in the near future. Also, huge initial investments and shortage of cross-organizational devices can hamper the market.
Global Competitive Analysis:
With new players entering the industry, a trend of massive, production growth has been observed. Companies aim to solidify their shares by competing with other participants and optimizing on novel products. Eminent participants of the global business intelligence (BI) market are Verizon wireless (U.S.), Rackspace (U.S.), AT&T (U.S), Cisco Systems (U.S.), and IBM Corp. (U.S.).
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Latest Industry News:
Jan 2018 – Catalyst; which designs, hosts, and services document repositories for e-discovery and regulatory compliance; has introduced Catalyst Analytics, a business intelligence dashboard within its Insight Enterprise platform. The dashboard enables legal teams to use real-time data to generate informed business decisions across legal and compliance matters. It uses current and historical information and trends. Catalyst’s business analytics dashboard delivers cross-matter visibility and reports minor to critical issues & legal costs, including an E-Discovery Management Dashboard.
Jan 2018 – Claritas, a leading provider of consumer segmentation for improving marketing performance, acquired the Miami-based Geoscape International Inc. Geoscape is an expert in multicultural business intelligence. Claritas offers marketers a comprehensive view of the buying behaviors and media choices of consumers & businesses. This is done through proprietary segmentation analysis, powered by unique data sources and direct consumer research.
Jan 2018 – Dublin-based business intelligence company, Vision-net has been acquired by global financial technology company, CRIF for an undisclosed sum. The main beneficiary of the deal will be the Vision-net founder, owner, and managing director ”Christine Cullen.” He said the company would expand further under new ownership. Headquartered at Bologna, CRIF is a worldwide player in business information, analytics, and credit bureau services for a range of clients. Its services are used by 240, 000 consumers. The firm produced more than €500m last year and was ranked as the European leader for credit information.
Industry Segments:
The worldwide market is divided on the basis of technologies, services, deployments, components, and end-users.
By Technologies: Mobile BI, cloud BI, social BI, and others.
By Services: Managed, hosted, and others.
By Deployments: On-cloud and on-premises.
By Components: Hardware, software, and large business units.
By End-Users: Telecom & IT, education, manufacturing, retail, banking, and others.
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Detailed Geographical Analysis:
The global BI (business intelligence) market is split into North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW). North America is anticipated to propel the worldwide industry due to intense research and developments across various technologies.
North America captures the highest shares because of its data proliferation, increasing competition, and cloud deployments. The overall (global) market should grow at a CAGR of around 9.5% from 2016-2022. Asia Pacific is estimated to manifest high-growth till 2022. The same could be ascribed to rapid industrialization and expanding start-ups focusing on mobile applications.
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
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