Business Intelligence (BI) Software Market:
The business intelligence software (BI software) market consists of sales of business intelligence software. This software enables users to project information, visualize data, derive insights, improve business operations and make strategic business decisions. The components of business intelligence are source data, data warehouse, and online analytical processing (OLAP), visualizations, dashboards, and extract, transform, load (ETL) processes.
The global BI software market was valued at about $14.3 billion in 2018 and is expected to grow to $28.77 billion at a CAGR of 19.1% through 2022.
North America was the largest region in the business intelligence software market in 2018. This region is expected to remain the largest during the next five years. The business intelligence software market in Asia Pacific is forecasted to register the highest CAGR during 2018-2023.
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An increase in data-driven projects aids BI software market growth due to a substantial rise in the demand for real time analytics in the historic period. According to International Data Group (IDG) prediction, 69% of the businesses are planning or implementing data-driven projects in order to enhance production and sales, better decision making, strategic planning of business and others. Companies in the industry are using nosiness intelligence software in order to predict consumer behavior and engagement with their products and services. For instance, Starbucks started using the business intelligence software along with CRM software for predicting the purchasing behavior of the customers.
Companies in the end user industries are increasingly adopting cloud based business intelligence tools in order to enhance security, access from anywhere online and benefit from the advantages of economies of scale. The cloud-based BI software is a virtual network, can be accessed via internet hosted on the vendor’s servers to aid efficient connectivity of devices. Cloud-based BI software benefit the companies with its cost effectiveness and low investment as no additional hardware costs are involved, short implementation time and others. According to International Data Corporation (IDC), in 2018, 50% of the IT infrastructure spending is on cloud based tools and for efficient data storage it is expected to grow to 60-70% by 2020.
In May 25, 2018, European Union has implemented a regulation called GDPR to impact business Intelligence software market with principles on data protection, data minimization, data retention, and confidentiality. This regulation emphasizing on securing and safeguarding the consumer data, allows only minimum amount of personal data and restricts the access to extract complete data. The rules on the areas of storage limitation, data minimization might affect the BI software market in terms of analysis and accuracy.
In 2018, Cisco Systems Inc., acquired Accompany, an AI-driven business intelligence startup for $270 million. This acquisition enables Cisco to enhance artificial intelligence and machine learning capabilities, and strengthen relationships through AI-driven business intelligence platform. Accompany, develops an artificial intelligence-driven relationship intelligence platform, by offering mobile application and Web-based products for professionals to grant contextual insight into the relationships. The company was founded in 2013 and is headquartered in Los Altos, California, USA.
Major players in the market are Microsoft BI, IBM Congnos, SAP, SAS and Oracle BI.
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