What is business intelligence? Business intelligence is a process that is driven by technology to make it easier for businesses to make informed decisions about their business. It involves giving businesses the tools to make decisions based on data. It combines various processes such as data mining, analytics, and data visualization. Business intelligence gives the business the power to quickly change according to the market so they are able to cut out the inefficient processes while doing what matters for the business. BI involves the presentation of business data so that businesses can take appropriate action as required. BI is increasingly becoming a vital part of an organization.
The global business intelligence market is valued at $18.3 billion at present. North America is the largest market with a size of $9 billion, Europe is the next large market with a size of $6.28, and the Asia Pacific region has a market size of $4.4 billion. According to the 2020 market intelligence report by Beroe, the BI market is expected to grow at a CAGR of 7.6% until the next few years and is going to grow in value to over $23 billion. The high market maturity regions are Japan, the US, Australia, Germany, and the UK. The medium market maturity regions are China, Brazil, India, and Canada. The top global BI service providers are Qlik, SAS, Microsoft, IBM, SAP, Oracle, and Tableau.
Business intelligence market segmentation is important because of many reasons. When businesses segment their markets, they get a better understanding of that particular market which can help them make decisions that are tailored to that market. This can help reduce costs in the long run and it can help give a personalized service to customers. It becomes easier for businesses to cater to customer needs and so this can help them become good at particular services or products. Moreover, it can help businesses to keep the right amount of products without overstocking or understocking which can essentially help them save money.
The business intelligence market growth is anticipated in the future. There are already BI solutions available that have collaboration capabilities but more comprehensive solutions are on the way which will help drive the market. IoT and BYOD are emerging trends when it comes to business intelligence solutions. Businesses are realizing the importance of data and they are using quality data to make decisions that will help them grow their business. Beroe has predicted that there are going to be more than 45 billion devices across the globe as well as an increase of more than 42% data every year. This shows the potential for the business intelligence market is huge and the growth is going to increase.
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There are many key drivers that you must know which will drive the business intelligence industry in the future. Advanced analytics will contribute to the growth of the market in the future and so will data visualization. Those solutions with self-service abilities will be in high demand in the future from various regions in the world. Moreover, personalized BI solutions will have a high demand. Mobile BI is likely to have high demand in the future too. Big data analytics will be one of the drivers that propel the growth of the market as there is more than 40 ZB of data generated that can give some powerful insights to enterprises.
The need for visual analytics is increasing as businesses want to make sense of high volumes of data through the dashboard. As the need for these types of tools increases, so will the demand for BI. In addition, solutions that can be used to improve the process of decision making such as forecasting and event processing tools will be in high demand by businesses because these will enhance the understanding of data. Another key driver to know about in the business intelligence market is the use of automated data science in which businesses are able to segregate, categorize and sort among other functions for better intelligence.
There are some constraints that could affect the global business intelligence market. Cost is one of the biggest factors because implementing complex processes is going to be expensive. For example, service providers will be looking for ways to provide better and more advanced features that will require tough programming and this can easily hike the cost. A data breach is another potential problem that can occur which can lead to enterprises losing a lot of money if proper security is not provided. Data governance maintenance is another one of the challenges that can slow down market growth in the future.
