Business Intelligence Software Market was valued US$ 14 Bn in 2017 and is expected to reach US$ 32 Bn by 2026, at a CAGR of 10.89 % during forecast period.
Business intelligence is emerging as one of the most important tools for business organizations, allowing them to make more concrete and tactical decisions. With ever increasing volume of data produced worldwide, BI & analytics is becoming one of the most important areas for several businesses and government organizations. In 2016, above 16 zettabytes (ZB) of data was generated globally which have created huge opportunities for analytics.
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Growing saturation of smart grids, energy management, Internet of Things (IoT), social media and many others are expected to continue increasing the data volumes over the following years. This is further predictable to create various analytics applications for the market, thereby driving the demand for Business Intelligence & analytics tools.
Increase in data volume, popularity of cloud delivery model and growth in data analytics adoption globally are the key driving factors for the market growth. Still, factors like lack of awareness about the benefits of the software and lack of skilled are limiting the growth of market. Software application established to obtain, convert, analyze and report data for business intelligence are known as business intelligence and analytics software. Also, these tools are being used to read information and data that is stored, not necessarily in data mart. Apart from these, the tools are helping front line users to design reports as well as perform analytics, confirming less dependency on information technology department. Faster deployment, ultimate optimization, performance management, power data mining and reduction implementation challenges are benefits offered by business intelligence software.
Cloud segment was leading in the market in 2016, and is estimated to continue during forecast period. Also, other industry vertical segment dominated overall market, and deploys the business intelligence software at a higher scale. Rising adoption of business intelligence software by many associations and growth in demand for cloud-based business analytics software among SMEs are major factors that are fueling the business analytics software market growth. Data explosion is projected to drive the business intelligence software market growth over the forecast period. Increasing amount of customer data in certain industries like retail and BFSI, have promoted industry penetration on account of high need for more space and hardware to store data.
Increased costs and requirement in healthcare to reduce expenses are key factors projected to fuel healthcare business intelligence software market growth. Healthcare providers are improving patient outcomes, reduce expenditures, and analyze treatment effectiveness with the help of healthcare Business Intelligence platforms, effectively using operational, patient, and other relevant data.
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Key players operated in market include SAP, Microsoft, SAS, Oracle, IBM, Qlik.
Scope of Global Business Intelligence Software Market:
Business Intelligence Software Market by Type:
Cloud BI Software
Mobile BI Software
Social BI Software
Traditional BI Software
Business Intelligence Software Market by Deployment Model:
Business Intelligence Software Market by End User:
IT & Telecom
Business Intelligence Software Market by Application:
Supply Chain Analytics
Business Intelligence Software Market by Geography:
Middle East & Africa
Key Players Operated in Market Include: