Pune, Jan. 14, 2021 (GLOBE NEWSWIRE) -- The global business intelligence market size is expected to reach USD 39.35 billion by 2027, exhibiting a CAGR of 8.5% during the forecast period. The rapidly evolving digital competencies in new business models can have an excellent impact on the global market, states Fortune Business Insights, in a report, titled “Business Intelligence Market Size, Share & COVID-19 Impact Analysis, By Component (Solution, and Services), By Deployment (Cloud, and On-Premise) By Enterprise Size (Large Enterprises, Small and Medium-Sized Enterprises (SMEs)), By Application (Supply Chain Analytic Applications, CRM Analytic Applications, Financial Performance, and Strategy Management, Production Planning Analytic Operations, and Others), By End-User (IT and Telecommunications, Banking, Finance, Security and Insurance (BFSI), Healthcare, Manufacturing, Retail, and Others), and Regional Forecast, 2020-2027.” The market size stood at USD 20.60 billion in 2019.
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The report on the business intelligence market highlights:
- All-inclusive analysis of the market
- Dynamic insights into the segments
- Extensive data about dominant regions
- Key information about prominent players
- Latest developments
- Market drivers and restraints
- COVID-19 impact on the market
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Market Driver:
Advent of Cloud Computing and Big Data to Boost Market Growth
The increasing adoption of cloud computing and big data analytics owing to its superior technological capabilities will foster the healthy growth of the market. For instance, cloud computing is regarded as an ideal platform to provide business intelligence applications as it serves as a repository for structured and unstructured data. Likewise, big data technology enables BI to analyze a large amount of data to deliver actionable insights into businesses and generate opportunities. The increasing need for business intelligence solutions to analyze huge chunks of data for social media channels will enable speedy expansion of the market during the forecast period. Therefore, the burgeoning social media platforms coupled with e-commerce popularity will have an outstanding effect on the market in the forthcoming years.
Emergence of Advanced Visualization Dashboards to Incite Business Amid Coronavirus
The market players are focused on advanced visualization dashboards to help users to get real-time status of the Coronavirus. For instance, Dundas Data Visualization, Inc. developed real-time dashboards from Dundas BI. The COVID-19 dashboard helps the users to explore the real-time data by geography and stay updated. Similarly, Microsoft’s Power BI in working with USAFacts organization to empower the users to visualize and interact with COVID-19 dataset. Thus, data visualization dashboards are expected to uplift the market during the coronavirus pandemic.
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Regional Analysis:
Business Expansion Plans to Support Market in Asia Pacific
The market in Asia Pacific is expected to hold the largest share in the global market during the forecast period due to the lucrative business expansion projects in the countries such as India, China, Singapore, Japan, and others. The presence of major players will further aid the expansion of the market in the region. For instance, in February 2020 – Sisense expanded its presence across Australia to support the growing demand for business intelligence and analytics. The company also announced a funding of USD 100 million with approximately more than USD 1 billion valuations to power its growth. The Middle East and Africa is expected to expand radically during the forecast period owing to the rising unemployment & inflation. The surging financial sector is expected to augment the growth of the market in the Middle East and Africa.
Key Development:
October 2019: M3, Inc. announced the launch of a business intelligence platform namely ‘Insight’. The platform is an integrated tool featuring mobile compatibility, ad hoc reporting, robust analytics, and powerful user-driven dashboards.
The Report Lists the Key Companies in the Business Intelligence Market:
- Microsoft Corporation (Washington, United States)
- Tableau Software, LLC (Salesforce) (Washington, United States)
- IBM Corporation (New York, United States)
- SAS Institute Inc. (North Carolina, United States)
- SAP SE (Walldorf, Germany)
- Oracle Corporation (California, United States)
- QlikTech International AB (Pennsylvania, United States)
- Sisense Inc. (Pennsylvania, United States)
- Board International S.A. (Chiasso, Switzerland)
- Logi Analytics, Inc. (Virginia, United States)
- Teradata Corporation (California, United States)
- MicroStrategy Incorporated (Virginia, United States)
- Informatica LLC (California, United States)
- Domo, Inc. (Utah, United States)
- Hitachi Vantara LLC (Pentaho), (Tokyo, Japan)
- TARGIT (Denmark)
- Yellowfin International Pvt Ltd (Melbourne, Australia)
- Arcadia Data Inc. (London, United Kingdom)
- Infor (Birst) (New York, United States)
- BITAM (Atlanta, Georgia)
- 1010data, Inc. (New York, United States)
- Dundas Data Visualization, Inc. (Canada)
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Major Table of Content:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Key Takeaways
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- PESTLE Analysis
- Porter’s Five Force Analysis
- Ecosystem Analysis
- Global Business Intelligence Market Share Analysis and Matrix, 2019
- Key Market Insights and Strategic Recommendations
- Profiles of Key Players (Would be provided for 10 players only)
- Overview
- Key Management
- Headquarters etc
- Offerings/Business Segments
- Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Gross Margin
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Primary Interview Responses
- Annexure / Appendix
- Global Business Intelligence Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- By Component (Value)
- Solution
- Analytical Applications
- Corporate Performance Management(CPM) Suites
- BI Platform
- Services
- Solution
- By Deployment (Value)
- Cloud
- On-premise
- By Enterprise Size (Value)
- Small and mid-sized Enterprises
- Large Enterprises
- By Application (Value)
- Supply chain analytic applications
- CRM analytic operations
- Financial performance and strategy management
- Production planning analytic operations
- Others (workforce analytic operations, services operations)
- By End-use Industry (Value)
- BFSI
- IT and Telecommunication
- Retail and Consumer Goods
- Manufacturing
- Healthcare
- Others
- By Region (Value)
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
- By Component (Value)
- Global Business Intelligence Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
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