Business Intelligence Market 2018 Covers Worldwide Market Driving Force, Growth & Shares

Business Intelligence (BI) solutions enable business users to access business data volumes and analyze them to generate insights, though they do not have data science and analytical skills. The global 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%. The year 2015 is considered to be the base year, while the forecast period between 2016 and 2021.

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.

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The Banking, Financial Services, and Insurance (BFSI) vertical is estimated to hold the largest share of the BI market in 2016. The Business intelligence market growth in the BFSI vertical is fueled by the growing need to simplify the workload related to security and the increasing dependence on data generated from various Information Technology (IT) systems used for the financial transactions. The manufacturing vertical is expected to grow at the highest CAGR during the forecast period, due to the increasing need to store and manage data coming from various connected manufacturing devices.

The BI market is segmented by data type into structured, unstructured, and semi-structured data types. The unstructured data type is expected to grow at unprecedented levels with the proliferation of IoT devices, smart cities, sensors, and cameras. Capturing unstructured data and generating insights from this data will eventually help enterprises to uncover customer shopping patterns and detect trends that will help them to serve customers in a better way.

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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