The business intelligence market is expected to gain prominence over the next decade as a crucial decision making tool across organizations. Business intelligence involves analyzing enterprise data for hidden trends and patterns to track the business performance and help business users make better decisions considering the real time data. From a marketing stand point, business intelligence provides a strategic management tool that support executives and decision makers to make better and faster decisions that are necessary for day to day business operations, strategic and tactical planning.
Although business intelligence can have its independent existence, it has similar functions and opportunities across all its applications. Key application areas include technology, energy & power sector, BFSI (Banking, Financial service and Insurance), consumer products, media & entertainment, government, healthcare, and business consulting & services. BFSI, technology and manufacturing are expected to emerge as high growth sectors in the business intelligence market.
The market can be segmented according to the tools and services it can provide into dashboards & scorecards, predictive analytics, query reporting & search tools, and online analytical processing (OLAP) & visualization tools. Query reporting and search tools modules are expected to open up new opportunities in the market by helping users to run customized queries and generate reports. A majority of the tools available in the market today are equipped with ad hoc capabilities that help businesses to run and generate their own customized queries and reports respectively fulfilling their organizational needs.
Implementation or application of these solutions to business processes is expected to pose a challenge to market growth. The level of complexity in business intelligence adoption is still perceived to be high among organizations. High initial investment cost and lack of tools with cross-organizational capabilities are expected to restrain market growth.
Microsoft, IBM, Oracle, Microstrategy, SAS, SAP, GoodData, Targit, Tableau Software are some of the top players in the business intelligence market.
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