According to a new market research report published by Credence Research “Business Intelligence & Analytics Software Market (Platform Type – Business Intelligence Platforms, Corporate Performance Management (CPM) Suite, Content Analytics, Advanced & Predictive Analytics and Analytics Application; Deployment – Cloud-based and On-premise; Industry – BFSI, IT & Telecom, Media & Entertainment, Travel & Hospitality, Healthcare, Pharmaceuticals & Healthcare, Retail & E-commerce, Industrial Manufacturing, Government & Defense, Energy & Utilities, Others) – Growth, Future Prospects and Competitive Analysis, 2018 – 2026”, the global business intelligence & analytics software market was valued at US$ 12.87 Bn in 2017 and is set to demonstrate double digit CAGR during the forecast period from 2018 to 2026.
Business intelligence has emerged as one of the most important tools for business organizations, enabling them making more concrete and strategic decisions. With ever rising volume of data generated worldwide, BI & analytics has become one of the most important areas for various businesses and government organizations. In 2016, over 16 zettabytes (ZB) of data was generated globally creating immense opportunities for analytics. Growing penetration of smart grids, Internet of Things (IoT), energy management, social media and several others is expected to continue expanding the data volumes over the following years. This is further expected to create numerous analytics applications for the market, thereby driving the demand for BI & analytics tools.
Business intelligence & analytics software market is segmented based on platform type, engagement model, deployment model, organization size, industry vertical and geography. By industry vertical, the market is led by BFSI segment accounting for more than 1/4th of the total market value. Backed primarily by the insurance sector, the penetration of BI tools across insurance companies is more than 45%, as of 2018. Business intelligence helps BFSI organizations to analyze huge volumes of customer data to further improve their products and services. Thus, with growing competition in the sector, BFSI segment would continue dominating the market throughout the forecast period. Further, based on the geography, North America governs the overall business intelligence & analytics market with more than 1/3rd share of the total revenue generated worldwide, followed by Europe. Asia Pacific is set to demonstrate the highest growth rate during the forecast period.
The overall business intelligence & analytics software market is highly competitive in nature. The market is yet to gain substantial penetration due to factors such as complex nature of these solutions, need for skilled workforce and limited availability of structured data. Market players are emphasized on creating simplified, self-service tools that can derive quick insights with improved user engagement. In addition, focus on BI tools designed to analyze social media content is another prominent trend observed in the market. The market witnesses large number of niche players entering the BI & analytics tools business. This is the due to the fact that small & medium sized enterprises are exhibiting higher adoption growth in the recent years. Subsequently, the competition in the market is projected to remain throughout the forecast period.
Some of the major players profiled in the report include Birst, Inc. (an Infor Company), BOARD International S.A., IBM Corporation, Jaspersoft Corporation, Logi Analytics, Inc., Microsoft Corporation, MicroStrategy, Inc., Oracle Corporation, Qlik Technologies, Inc., Salesforce.com, Inc., SAP SE, SAS Institute, Inc., Sisense, Inc., Tableau Software, Inc., TIBCO Software, Inc. and others.
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