Kenneth Research, in its repository of market research reports, has recently added a report on Business Intelligence Market that emphasizes the latest trends, key opportunities, drivers, and challenges associated with the growth of the market during the forecast period, i.e., 2022 – 2031. The Business Intelligence Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
The U.S. Market recovers fast; In a release on May 4th, 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Business Intelligence Market products.
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The Global Business Intelligence Market was valued at USD 17.15 billion in 2016 and is projected to reach USD 147.19 billion by 2025, growing at a CAGR of 26.98% from 2017 to 2025. Business Intelligence (BI) refers to technologies, applications and practices for the collection, integration, analysis, and presentation of business information. BI encompasses a wide variety of tools, that enable organizations to collect data from internal systems and external sources, prepare it for analysis, develop and run queries against that data, and create reports for better decision making process. Benefits of business intelligence include – improve efficiency, better inventory management, identify new revenue opportunities, and get insights to make accurate and timely business decisions.
1. Market Drivers
1.1 High return on investment
1.2 Rising adoption by small and medium businesses
1.3 Advancements in IoT enabled technologies
1.4 Increasing adoption of data driven decision making
1.5 Increasing need for advanced analytics
1.6 Adoption of embedded BI
1.7 Rising need to create insights from unused data
2. Market Restraints
2.1 Lack of technical expertise
2.2 Issues with management and maintenance of data quality
2.3 Changing regulation policies
2.4 High investment costs
The Global Business Intelligence Market is segmented on the data type, organization size, component, deployment model, application, vertical, and region.
1. Data Type:
2. Organization Size:
2.1 Large Enterprises
2.2 Small and Medium Organizations
3. By Component:
3.3.1 Managed services
3.3.2 Professional services
188.8.131.52 Support and maintenance services
184.108.40.206 Deployment and integration
220.127.116.11 Consulting services
4. By Deployment Mode:
5. By Application:
5.1 Sales and marketing management
5.2 Operations management
5.3 Predictive asset maintenance
5.4 Network management and optimization
5.5 Supply chain optimization
5.6 Fraud detection and security management
5.7 Workforce management
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6. By Vertical:
6.2 Government and Defense
6.3 IT and Telecom
6.4 Banking, Financial Services, and Insurance (BFSI)
6.5 Transportation and Logistics
6.6 Retail Consumer Goods
7. By Region:
7.1 North America (U.S., Canada, Mexico)
7.2 Europe (Germany, UK, France, Rest of Europe)
7.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
7.4 Latin America (Brazil, Argentina, Rest of Latin America)
7.5 Middle East & Africa
The major players in the market are as follows:
1. IBM Corporation
2. SAP SE
3. Oracle Corporation
4. Information Builders
5. Pentaho (A Hitachi Company)
6. Tableau Software
7. Sisense Inc.
8. Microstrategy, Inc.
10. Microsoft Corporation
11. Yellowfin International Pty Ltd
12. Tibco Software
13. Qlik Technologies
14. SAS Institute
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
RESEARCH METHODOLOGY OF KENNETH RESEARCH:
Research study on the Global Business Intelligence Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
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