The global business intelligence software market is expected to grow at CAGR exceeding 10% from 2015 to 2022. Growing data analytics adoption globally is expected to drive the market growth. Many firms globally include data generated from enterprise applications along with newly generated cloud based and social network data. Business intelligence tool helps in analyzing the data and making more informed business decisions.
Quick analyzing, optimizing and managing exponential increase in data and develop indicator patterns to identify threats and opportunities of businesses. The increased adoption of cloud BI solutions by SMEs is also boosting market growth. The implementation of cloud services allows end-users to concentrate on core activities rather than managing their IT environment.
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Cloud BI software enable applications to be scaled quickly, can be easily integrated with third-party applications, and provides security at all levels of the enterprise IT architecture so that these applications can be monitored remotely.Cloud based BI has seen great success particularly in small businesses. Over 46% of small businesses were using the virtual networking as part of their strategy. The market is expected to observe increased demand for virtualbusiness intelligencesoftware owing to its cost-effectiveness and efficient delivery methods.
Data proliferation is expected to drive the business intelligence software market growth over the forecast period.Increasing amount of customer data in certain industries such as retail and BFSI, has furthered the industry penetration on account of high requirement for more space and hardware to store the data.
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Increased healthcare costs and requirement to reduce expenditureare key factorsestimated to fuel healthcare business intelligence software marketgrowth. Healthcare providers improve patient outcomes, reduce expenses, and analyze treatment efficiency with the help of healthcare BI platforms, effectively usingoperational, patient, and other relevant data.
Cost reduction has been a key factor promoting adoption of these systems in the healthcare industry which is expected to positively impact the healthcare BI software market growth over the forecast period.Increasing demand for decentralized data, speed, and diversity is also leading to high penetration in the sector.Constrained IT budgets and big data confusion are some of the key challenges faced by the industry participants. The global business intelligencesoftware market is anticipated to witness slacked growth over next seven years due to lack of knowledge and awareness on the technical aspects by the operators.
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