The Business intelligence market size is expected to grow from USD
17.09 Billion in 2016 to USD 26.88 Billion by 2021, at a Compound Annual Growth
Rate (CAGR) of 9.5% during the forecast period. The major growth drivers of the
BI market include increasing adoption of cloud, growth of advanced analytics,
adoption of data-driven decision making, and emergence of Internet of Things
(IoT)-enabled technologies.
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The BI market is segmented by
platforms, software, and services. The services segment is expected to grow at
the highest CAGR during the forecast period, out of which the consulting
services subsegments in the professional services segment is projected to
witness the highest demand due to the growing need of BI solutions across
organizations.
The
major factors driving the BI market are increasing adoption of cloud, growth of
advanced analytics, adoption of data-driven decision-making, and the emergence
of Internet of Things (IoT)-enabled technologies. The market is growing rapidly
because of the transformation from traditional techniques for analyzing
business data to advanced BI techniques and the massive surge in the volumes
structured and unstructured data
The
BI market is segmented by data type into structured, unstructured, and
semi-structured data types. If the collected data is left unmanaged, it becomes
tough to retrieve right data information when needed. BI is gaining traction
due to its capabilities to handle and manage such unmanaged data. The rise and
development of IoT has propelled rapid growth in data volumes. Unlike the
structured data, the unstructured data cannot be displayed in rows and columns,
thus making it complex for processing and analysis. The unstructured data type
is expected to grow at the highest CAGR during the forecast period. Increasing
demand of analytics and adoption of IoT devices among SMEs are the main reasons
for the generation of unstructured data.
The
BI market is also segmented by various verticals, out of which the adoption
rate of BI is expected to be the highest in the Banking, Financial Services,
and Insurance (BFSI) vertical, as the volume and variety of data is increasing
day-by-day with the growing demand of IT systems for financial transactions in
banks and other financial service institutions.
North America is estimated to
hold the largest share of the BI market in 2016 due to the technological
advancements and early adoption of BI solutions in the region. The market in
Asia-Pacific (APAC) is expected to grow at the highest CAGR during 2016–2021.
The main driving forces for this growth are increasing technological adoption
and huge opportunities across verticals in the APAC countries, especially
India, China, and Japan.
The
report also encompasses different strategies, such as acquisitions,
partnerships, collaborations & agreements, expansions, and new product
launches & product upgradations, adopted by the major players to increase
their share in the market. Major BI technology vendors include Microsoft
Corporation (U.S.), IBM Corporation (U.S.), SAP SE (Germany), Oracle
Corporation (U.S.), Tableau Software (U.S.), SAS Institute (U.S.), Qlik
Technologies (U.S.), MicroStrategy (U.S.), Information Builders (U.S.), TIBCO
Software (U.S.), Pentaho (U.S.), Yellowfin International (Australia), Sisense
(U.S.), and Panorama (Canada).
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