Business Intelligence constitutes the methodologies, designing, processes, and technology that transform raw data and statistics into meaningful information that can be employed in making wise business decisions that are tactical, strategic and practical in nature.
As a new trend, almost half of the business professionals are predicted to use Business Intelligence tools to make their business decisions. The three primary roles driving Business Intelligence are operations, sales, and executive management. This is driven by adopting cloud technology and employing a data-driven work environment. Many organizations also implement digitalization of operations right from the phase of pitching to the final feedback from the clients.
Business Intelligence Market Across The Globe
The BI market is growing because traditional methods of analyzing businesses are transforming in massive volumes. The presence of structured, unstructured and semi-structured data is empowering BI professionals to make a valid and justified case to a variety of industries in improving their profits and maintaining robust in-house functioning. The expansion and sophistication of the Internet of Things have propelled the rise of data volumes which indirectly improves the efficiency and functioning of BI. A larger set of data on a wide range of operations enables the data miners and data scientists to draw niche and better quality business solutions.
The Business intelligence market is one of the industries to see the highest rate of compound annual growth in the management and technology industry, courtesy of the growing number of small and medium-sized companies. Business Intelligence is being employed across verticles such as logistics, supply chain, and Banking, Financial Services, and Insurance (BFSI) sectors to name a few. Business Intelligence aids in customer analysis, improve operational efficiency and helps in identifying and solving business problems.
North America is estimated to form a major segment of the BI market as it falls in the top levels of the Diffusion of Innovation ( of people according to their comfort to any new technology) segment for a technology like BI. The Asia-Pacific countries like India, China, and Japan are also catching up to the Business Intelligence market demands because of increasing urbanization and technological dependence in these regions.
Major Players In The Business Intelligence Market And Factors That Govern It
Technology and data science giants such as SAS Institute from the US, Panorama (Canada), Microsoft Corporation, IBM Corporation and Oracle Corporation (US) have a hold on the global BI market for their expert-level service in data mining, report formulation, and client servicing. BI finds maximum functional advantage in the areas of Human Resources (7.3%), marketing (5.9%) and sales(5%).
The trends in the BI market are governed by rapid changes in business environments, growth in the industry of Enterprise Resource Planning (ERP), and a growing demand for customer analysis or audience segmentation analysis. An increase in the competition along with growth in information integration and the acceptance of data-analytics is also impacting the Business Intelligence market.
The traditional Business Intelligence market is a more established domain but is increasingly getting replaced by the Cloud and Mobile Business Intelligence market. It is predicted that the increasing number of users coming on the web through their mobile devices is the reason why businesses across the globe are adopting Business Intelligence.