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.
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.
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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