Business Intelligence Market Overview : Opportunities & Challenges

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 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 considered to be the base year, while the forecast period between 2016 and 2021.

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 The BI market segmented by platforms, software, and services. The services segment expected to grow at the highest CAGR during the forecast period, out of which the consulting services sub segments in the professional services segment projected to witness the highest demand due to the growing need of BI solutions across organizations.

The Banking, Financial Services, and Insurance (BFSI) vertical estimated to hold the largest share of the BI market in 2016. The Business intelligence market growth in the BFSI vertical 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 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 segmented by data type into structured, unstructured, and semi-structured data types. The unstructured data type 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.

The BI ecosystem comprises key vendors, such as 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). Other stakeholders of the BI market include analytics service providers, consulting service providers, Information Technology (IT) service providers, resellers, enterprise users, and technology providers.

The target audiences of the Business intelligence market report are:

• Solution vendors
• Original equipment manufacturers
• System integrators
• Advisory firms
• National regulatory authorities
• Venture capitalists
• Private equity groups
• Investment houses
• Equity research firms

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