Business Intelligence and Analytics Market has Rapidly Gaining Traction and has Huge Demand in the Market.
Business intelligence and analytics market has rapidly gaining traction and has huge demand in the market. The capability of this tool to consolidate data from multiple places in the same data warehouse delivers unified, accurate view of the bigger picture has significantly helped companies to take better decisions. Moreover analytics has enhanced the decision making ability of organizations to take tactical and strategic decision making in all the business process. Similarly, analytics tools such as OLAP, data mining, data profiling, and others facilitates various process by giving what if scenario analysis that helps in segregating information from huge volume of data. These tools have unprecedented role ubiquitously in all the functional units such as marketing and sales, financial management, security, logistics, project management, and various others.
As the technology matures and new trends such as cloud, mobile, social are dominating the market, vendors in this market space are leaving no stone unturned to deliver the technological updates software and service to the customers. The rapid proliferation in cloud adoption has significantly increased the traction of this software SMB’s. Furthermore, Social analytics and customer analytics unfolds new opportunities in this market. The growth of this market is also fuelled by vendors that provide intelligent data visualization owing to the shifting customer interest in self-service analytics. Further, over the years, the business software delivery models have evolved from on-premises deployment to cloud offerings, which has recently become the most popular and demanding cloud based business intelligent and analytics solution. The traction of cloud deployment mode is high in SMB’s due to ease of use, easy implementation, minimum use of IT, and affordability features.
The North American market has the highest deployment base globally due to the economic advancement in that region. In the near future, MarketsandMarkets expects the business intelligence and analytics software market to rise in the emerging economies of Asia-Pacific (APAC) and Latin America (LA) due to the increasing demand and expected improved economy.
MarketsandMarkets expects North America (NA) to retain its position as the highest revenue generator for the business intelligence and analytics software market, while significant revenue growth is expected from the APAC, MEA and LA regions. The global Business Intelligence and analytics software market is expected to grow from $17.90 Billion in 2015 to $26.78 Billion by 2020, at an estimated Compound Annual Growth Rate (CAGR) of 8.4%.
Related Reports:
Business Intelligence and Analytics Software Market by Segment (BI platforms, CPM Suite, Advanced and Predictive Analytics, Content Analytics, Analytics Application) by Services, Deployment Mode, by Org. Size, Verticals, Regions - Global Forecast to 2019
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