Increasing Expenditure over Data Analytics to Drive the Demand for Business Intelligence & Analytics Solutions
The overall business intelligence & analytics software market expected to demonstrate robust growth rate during the forecast period from 2018 to 2026, up from US$ 12.87 Bn in 2017. Business intelligence & analytics solutions have emerged among the most important tools for companies enabling them to make smart and data-driven decisions. Consistently growing amount of data globally has ensured endless applications for business intelligence & analytics software. Due to advent of social media networks, the amount of data is set to continue growing exponentially in following years, thereby driving the demand for related BI & analytics solutions. Additionally, deploying BI & analytics solutions offer numerous benefits including faster & accurate reporting, improved data quality & analysis, better business decisions, enhanced operational efficiency and several others.
On-premise Business Intelligence & Analytics is the Largest Segment; Cloud-based Segment to Demonstrate the Highest Growth
In 2017, the on-premise business intelligence & analytics software led the global market with over 2/3rd value share. Higher market share is mainly attributed to strong data security concern. Business intelligence & analytics involves handling huge volumes of data inviting high security concerns. As a result, majority of the large enterprises prefer deploying these solutions on-premise. In the coming years, cloud-based business intelligence & analytics segment is expected to register high growth rate. Since the past 4-5 years, overall cloud services sector has been witnessing double-digit growth worldwide. With continued efforts by the service providers, cloud-based services have now emerged as secure, cost-effective, reliable and convenient deployment model.
North America to Retain Dominance on Account of High Penetration of BI & Analytics Tools
In 2017, North America dominated the overall business intelligence & analytics software market accounting for more 1/3rd of the global market value. The U.S. is one of the highest data generating countries in the world, making it a prominent market for BI & analytics. Rapid growth in sectors such as smart grid, social media, energy management and several others has ensured huge consumer base for BI & analytics solutions in the nation. Additionally, with presence of numerous BI & analytics companies in the region, North America would continue dominating the market throughout the forecast period. Europe follows North America on account of strong penetration in countries such as the U.K., Germany, France, Italy and some of the Nordic Countries. Asia Pacific is set to register the highest growth rate during the forecast period. Apart from China and Japan, India is set to emerge as the next promising market for BI & analytics solutions over the forecast period. Since 2015, India has been demonstrating a growth rate of nearly 20% in BI & analytics software market.
Growing Efforts towards Creating ‘Business-led BI’ to Ensure Highly Competitive Market
The overall BI & analytics software market is highly competitive in nature. Market players are well aware of the challenges related to BI solutions faced by their customers. Major market players including Microsoft Corporation, SAS Institute, Inc. and SAP SE are focused on creating BI tools that are more user-friendly and offer the exact visuals/data desired by the users. Additionally, emphasis on self-service tools that can derive insights while keeping the users engaged is another important step undertaken by the market players. Development of social business intelligence tools, directed specifically towards analyzing social media, is expected to emerge as the next big sector in overall BI & analytics industry. Some of the major players profiled in the report include Birst, Inc. (an Infor Company), BOARD International S.A., IBM Corporation, Jaspersoft Corporation, Logi Analytics, Inc., Microsoft Corporation, MicroStrategy, Inc., Oracle Corporation, Qlik Technologies, Inc., Salesforce.com, Inc., SAP SE, SAS Institute, Inc., Sisense, Inc., Tableau Software, Inc., TIBCO Software, Inc. and others.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Business Intelligence & Analytics Software market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
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| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
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Key questions answered in this report
