According to the new market research report "
Business Intelligence Market by Type
(Platform, Software, Service), Data type (Unstructured, Semi-Structured,
Structured), Business Application, Organization Size, Deployment Model,
Industry Vertical, and Region - Global Forecast to 2021 ", published by MarketsandMarkets™, the global Business Intelligence (BI) market is
estimated 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%.
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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...
Unstructured data type is expected to
grow at the highest CAGR
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...
Browse and in-depth TOC on " Application Management Services Market "
89 - Tables
46 - Figures
167 - Pages
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TOC @
BFSI is estimated to have the largest market size in 2016
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 expected to dominate the BI market during the forecast
period
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.
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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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