The global business intelligence software market size is expected to reach USD 48.5 billion by 2025 at a CAGR of 10.1%, according to a new report by Grand View Research, Inc. Proliferation of internet technology and growing demand for data-driven models across various organizations is expected to boost the market growth. Business intelligence (BI) forms a crucial component for success of any organization and leads them towards accessing information to enhance their work processes. BI is instrumental in identifying the opportunities and threats by enabling the organizations to adapt to the dynamics of operations, thus helping to survive in the corporate world.
BI
tools are essential for smooth functioning of BI software, as such tools have a
huge impact on possibilities and functionalities of BI applications. BI
software is increasingly being used in various end-use industries to streamline
operations, reduce costs, minimize risks, and strengthen the relationships
between suppliers and customers. These factors are expected to drive the market
over the forecast period.
Inception
of novel technologies and rise in number of BI vendors in domains such as
machine learning and analytics is expected to stimulate the market growth. In
addition, data sets need organizations to invest in advanced technologies such
as artificial intelligence, machine learning, and big data to strengthen the analysis
of enormous data sets. The software can help employees in claiming the
responsibility of their respective work areas by using the operating numbers
and facts, and making data-driven decisions. Additionally, adoption of BI tools
helps in improving visibility across the organization by helping employees in
understanding the organization-wide decisions and gauging the impact of their
respective decisions against the enterprise as a whole.
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Business
Intelligence Software Market Report Highlights
- The cloud BI segment
dominated the market in 2018 and is expected to maintain its dominance
over the forecast period. The segment covers the cost for hardware and
software problems and offers feasible solutions without any major
alteration
- The executive management
segment is expected to gain traction as BI software is widely used in
large organizations to implement strategic decisions
- BI software is majorly used
in the banking sector due to technological advancements and customer
oriented way of working
- The small and medium
enterprises segment is expected to exhibit the highest CAGR of 10.7% over
the forecast period. Increasing number of small and medium enterprises
globally and rising demand to modernize their operations is driving the
small and medium enterprises segment
- In the manufacturing sector,
BI software is being widely adopted, since data-driven models have
replaced the process-oriented models
- The Asia Pacific regional
market is expected to register highest growth over the forecast period.
Rising volume of data and the growing need for competitive insights across
end use industries is expected to drive the growth of BI market in the
region
- Key players in the market
include Cloud9 Analytics; Google, Inc.; IBM Corporation; Informatica;
Microsoft Corporation; Oracle Corporation; SAP SE; SAS Institute, Inc.;
and Tableau Software.
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Business
Intelligence Software Market Segmentation
Grand View Research has segmented
the business intelligence (BI) software market based on technology, function,
tool, deployment, enterprise size, end use, and region:
Business
Intelligence Software Technology Outlook (Revenue, USD Billion, 2014 - 2025)
- Cloud Business Intelligence
- Mobile Business Intelligence
- Social Business Intelligence
- Traditional Business
Intelligence
Business
Intelligence Software Function Outlook (Revenue, USD Billion, 2014 - 2025)
- Executive Management
- Finance
- Information and Deployment
- Sales and Marketing
Business
Intelligence Software Tool Outlook (Revenue, USD Billion, 2014 - 2025)
- Dashboards & Scoreboards
- OLAP & Visualization
Tools
- Predictive Analysis
- Query, Reporting &
Search Tools
Business
Intelligence Software Deployment Outlook (Revenue, USD Billion, 2014 - 2025)
- On-premise
- Hosted
Business
Intelligence Software Enterprise Size Outlook (Revenue, USD Billion, 2014 -
2025)
- Large Enterprises
- Small & Medium
Enterprises
Business
Intelligence Software End-use Outlook (Revenue, USD Billion, 2014 - 2025)
- BFSI
- Government
- Healthcare
- IT & Telecom
- Manufacturing
- Media & Entertainment
- Others
Business
Intelligence Software Regional Outlook (Revenue, USD Billion, 2014 - 2025)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- MEA
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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