The global business intelligence software market is expected to grow at CAGR exceeding 10% from 2015 to 2022. Growing data analytics adoption globally is expected to drive the market growth. Many firms globally include data generated from enterprise applications along with newly generated cloud based and social network data. Business intelligence tool helps in analyzing the data and making more informed business decisions.
Quick analyzing, optimizing and managing exponential increase in data and develop indicator patterns to identify threats and opportunities of businesses. The increased adoption of cloud BI solutions by SMEs is also boosting market growth. The implementation of cloud services allows end-users to concentrate on core activities rather than managing their IT environment.
Cloud BI software enable applications to be scaled quickly, can be easily integrated with third-party applications, and provides security at all levels of the enterprise IT architecture so that these applications can be monitored remotely.Cloud based BI has seen great success particularly in small businesses. Over 46% of small businesses were using the virtual networking as part of their strategy. The market is expected to observe increased demand for virtualbusiness intelligencesoftware owing to its cost-effectiveness and efficient delivery methods.
Data proliferation is expected to drive the business intelligence software market growth over the forecast period.Increasing amount of customer data in certain industries such as retail and BFSI, has furthered the industry penetration on account of high requirement for more space and hardware to store the data.
Increased healthcare costs and requirement to reduce expenditureare key factorsestimated to fuel healthcare business intelligence software marketgrowth. Healthcare providers improve patient outcomes, reduce expenses, and analyze treatment efficiency with the help of healthcare BI platforms, effectively usingoperational, patient, and other relevant data.
Cost reduction has been a key factor promoting adoption of these systems in the healthcare industry which is expected to positively impact the healthcare BI software market growth over the forecast period.Increasing demand for decentralized data, speed, and diversity is also leading to high penetration in the sector.Constrained IT budgets and big data confusion are some of the key challenges faced by the industry participants. The global business intelligencesoftware market is anticipated to witness slacked growth over next seven years due to lack of knowledge and awareness on the technical aspects by the operators.
The BI and analytics segments include analytics application, corporate performance management (CPM) suites, BI platforms, advanced and predictive analytics,and content analytics. BI platforms emerged as the largest segment in 2014owing to the ability of the platform to support single tool to multiple tools and interfaces. The main application of CPM suites involves all aspects of budgets, plans and forecasts. Advanced analytics is also steadily growing due to the increasing focus that the organizations give to predictive analysis.
On the basis of services,the industry has been segmented into professional services, and managed services. Further, on the basis of deployment type, business intelligence software market has been categorized into on-premise and cloud. On-cloud BI platforms are deployed mostly in organizations since it can be accessed via the internet whereas on-premises is installed on individual personal computers.
Major BI technologies include cloud, mobile, social, and traditional. The growing trends of smartphones is expected to emerge as a key driver for this market during the forecast period. The mobile BI segment accounted for over a quarter of the global revenue. Business insights by data analysis is obtained by enabling mobile workforce using applications enhanced for mobile and smart devices.
On the basis of organization size, the market has been segmented into small-medium enterprises(SME) and large enterprises. SME’s rely heavily upon the business intelligence software that aren’t custom designed since they have less data be analyzed. However large enterprises require custom design on account of presence of numerous in-house systems that requires to be integrated into the BI systems.
Banking, financial services and insurance (BFSI), healthcare, IT & telecom, energy & power, retail, manufacturing, education, government, and media & entertainment are some of the major application sectors for business intelligence software market. BFSI and retail industries contribute for the largest share together on account of highly sophisticatedand complex requirements in the sectors. These industries are subjected to stringent regulations and contain large amount of confidential data which fluctuates continuously in terms market trends and consumer requirements.
Rapidly changing parameters and constant software up-gradation requirements in the retail and BFSI platforms are anticipated to remain key challenges for the industry participants for the forecast period. The retailers must have complete information and insight regarding the products, store locations, region,product line. Development of predictive analytics tools are expected to help the organizations in the retail industry to recognize potential opportunities and threats in the market.
North America is expected to remain the dominant consumer market with U.S. being the frontrunner in terms of revenue contributionin business intelligence software market in 2014. The industry is expected to witness high growth in Asia Pacific with majority of future demand coming from emerging markets of China, India, Malaysia and Thailand. The Indian retail market is one of the is expected to be one of the fastest growing in the world.The industry hasimmense potential to implement BI software in order to enhance the management system and increase overall efficiency.
High growth of E-commerce in the retail sector particularly in economies including U.S., UK, China, India, Italy, Spain and Japan is expected to create lucrative opportunities for business intelligence software industry participants over the forecast period. Major players operating in global business intelligence software market include SAP, Oracle, IBM, SAS, and Microsoft. Other notable vendors include Qlik, Microstrategy, FICO, tableau and Information builders.
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