Business Intelligence Market Overview:
As per the World Investment Report 2018 by the United Nations Conference on Trade and Development (UNCTAD), global foreign direct investment was evaluated at $1.43 trillion in 2017, and global FDI in 2018 was forecast to surge by a considerable 10%. With such a high influx of investments globally, treating the second wave of industrialization, developing businesses have seen a rampant growth. With novel enterprises surfacing the economy every hour, competition among vendors under the risk of huge investments require an acute analysis of their respective business model for predictive and prescriptive analytics and profitable business structure. Leveraging this requirement, the business intelligence market demand is attaining high sales with a valuation of $17 billion as of 2018.
Business intelligence market is gaining opportunities from various business models. Innovations such as social BI (business intelligence), cloud BI and mobile BI are serving advanced analytics for vendors. Hence, the business intelligence market demand is progressing with a global CAGR of 9.00% during the forecast period 2019-2025.
North America dominates the market in terms of technology-based solutions. Equipped with a vast commercial colony fueled by indigenous investments and FDI, this region is leveraging the provisions delivered by BI tool. With the U.S. consuming a substantial business intelligence market share, North America accounted for 35.00% of the global BI market demand in 2018.
Some factors determining the eminence of North America-
· According to UNCTAD, FDI inflow for North America in 2016 was $ 494 billion. Responding to rampant industrialization, this region is a lucrative spot for global investors. With tremendous investments, the opportunities are elevated for several industries, and to decorously capitalize on such circumstances business intelligence systems are being constantly employed by established as well as novel enterprises.
· As per the Information Technology and Innovation Foundation, the number of technology-based start-ups witnessed an upsurge of 47% in last decade. New entrants in the market rely on business intelligence market tools for detailed informative data on market behavior, product pricing, competitive topography and emerging trends to capitalize upon and penetrate the market for maximum revenue. Though these firms account for a comparatively small share of all businesses, but with enormous impact on economic growth.
Business intelligence market has scope of application in various industries with leading employment rate delivered by healthcare & life sciences, manufacturing, government & defense, and energy & utilities. After deep analysis of the revenue generated from various industry verticals catered by the business intelligence market players, the manufacturing sector is estimated to be the fastest growing sector with an application CAGR of 14.00% through 2025. As per the World Bank, value added by the manufacturing sector in 2017 was $13.9 trillion. This arcade employs BI tools to read the surfacing consumer behavior and re-direct their production matching with the consumer trends for maximum commerce.
Market Trends and Growth Drivers:
· The analytics data mining process from devices, like tablets, mobiles and laptops is increasing exponentially. This has directed to huge amount of data to be mined and administered for BI vendors to recognize user behavior and create personalized products for their clientele to expand market share and value.
· Integration of artificial intelligence with business intelligence is a mega trend disrupting the market. Deep machine learning methodologies converged with AI use big data and intellectual computing to enable faster and smarter business intelligence outputs. IBM is piloting notable research in AI by crafting the intelligent system, named Watson. Employing assimilation of statistical analysis, machine learning, and natural language processing, Watson can route a huge amount of unstructured data and interact with human thought patterns for generating useful data context.
· The recently initiated on-demand deployment model offered by BI vendors is changing the perspective of expensiveness usually associated with the BI tools and is enabling a much required cost-effective front for viable commercialization. Under this model, the business analytics software is deployed on a cloud interface that cut down the expense to build an infrastructural setting and can be accessed remotely.
· The business intelligence system offer track view of industrial trade. It enhances internal mechanism and is also an imperative tool for company’s sales force via its deliverance of minute reports to detect sales trends and product developments. The rapid changes in industrial atmosphere and the assimilation of structured, unstructured and semi-structured data types for improved performance management by BI are among the major driving factors for the growth of the business intelligence market.
Implementation of AI in business intelligence market is a disruptive trend but can also be a challenge for contemporary vendors under economic restraint. However, complete adoption of AI to process all the operations in BI system is a technology yet to be crafted towards effectiveness. Devoid of human interference, a biased nuance often required by BI tools to showcase business opportunities to fetch sales cannot be delivered by AI.
Market Players Perspective:
Some of the key players operating in the business intelligence market are Sisense Inc., Tableau Software, Tibco Software, Yellowfin International Pty Ltd, Microsoft Corp., Oracle Corp., Qlik Technologies, and SAP SE.
Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the business intelligence market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the various types of innovations in global business intelligence market, and their specific advantages.
The business intelligence market report also analyze the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
• North America: The U.S., Canada, Mexico
• South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
• Europe: The U.K., Germany, Italy, France, the Netherlands, Belgium, Spain, Denmark
• APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
• Middle East and Africa: Israel, South Africa, Saudi Arabia
Addressed in the Business Intelligence Market Report
1. Is the market for business intelligence growing? How long will it continue to grow and at what rate?
2. Which type of segment presents the major growth opportunities?
3. Is there a possibility for change in the market structure over time?
4. Are additional developments needed for the existing product or services offerings or do the existing products meet the customer demands?
5. Do the key vendors look for partnerships to expand their businesses with respect to geography or product?
6. What are the short-term, long-term, and medium-term growth drivers for the market?
7. What are the short-term, medium-term, and long-term challenges for the market?
8. What are the short-term, medium-term, and long-term opportunities for the market?
9. Who are the top players/companies of the market?
10. What are the recent innovations in the market?
11. How many patents have been filed by the leading players?
12. What are the types of patents filed by the leading players?
13. What is our Vision 2030 business intelligence market?
A few focus points of
this Research are given below:
• Give a deep-dive analysis of the key operational strategies with focus on the corporate structure, R&D strategies, localization strategies, production capabilities, and sales performance of various companies
• Provide an overview of the product portfolio, including product planning, development, and positioning
• Discuss the role of technology companies in partnerships
• Explore the regional sales activities
• Analyze the market size and giving the forecast for current and future Business Intelligence Market during the forecast 2019–2025
• Analyze the competitive factors, competitors’ market shares, product capabilities, and supply chain structures.