According to a 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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Information management for an organization is more important than Information technology and it requires a proper BI strategy. Hence, it is a complex task for them to achieve the goal of ‘making their information pay’. Traditionally, Business Intelligence (BI) started with line of business specific tools to find out answers from raw data of an enterprise, they have small data storages in various segments of their IT infrastructure, based on needs of different departments their data store is maintained and accordingly applications/tools are used to discover new data sources. But today it is backed up by powerful analytical capabilities for informed decision making and What–if Analysis i.e. determining how predicted performance is affected by alterations in their assumptions. Eventually organizations have become more dependent on their business processes data which secures the future position of BI. Using ETL (Extract, transform and load) methodology BI tools re-engineer or automate the existing business processes across the IT Infrastructure thereby helping businesses in accurate forecasts and increase their cross-sell revenue.
Many businesses are not able to analyze almost 90% of their enterprise data that’s the reason BI adoption has been increased rapidly. As a result, market is seeing an exceptional transformation in Business Intelligence (BI), mainly because of technological innovation and increasing business needs. But as the spread of internet has increased, users’ expectations have also grown beyond just finding information by leveraging metadata to less complex & easy transformation of data into dashboards and reports.
Text search-based BI applications are the future of data discovery with minimal training required and reducing user’s dependability on pre-defined meta-data. Users now want to have more interactive BI tools rather than only descriptive tools, due to continuous rise in use of Smart phones and Tablets they want to monitor KPIs anytime, anywhere from any device. A shift can be seen to the most easy & affordable way for enterprises to get all BI services through Cloud Business Intelligence (SaaS, PaaS, IaaS), at present this has very slow adoption rate but will see a bright future as small and medium sized companies are moving to cloud for cost-benefits and flexibility of implementation.
Today, organizations of all sizes are indulged in finding Key Performance Indices (KPI) and extracting more information from their data to reach success goals. Knowing what businesses do not know has never been of such an importance and this trend will continue.
Key Target Audience for Business Intelligence Market
- Solution vendors
- Original equipment manufacturers
- System integrators
- Advisory firms
- National regulatory authorities
- Venture capitalists
- Private equity groups
- Investment houses
- Equity research firms
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