It is a collection of different elements that enable organizations to make quick decisions, gain insight into customer behavior, improve the quality of information, assess opportunities and threats, improve information sharing and communication, and perform a full range of different tasks.
Many factors determine the business intelligence market. However, the explosive growth in BI adoption and the development of IoT-enabled technologies are the BI market’s primary drivers. Keep in mind that the growth in the amount and variety of information organizations produce has increased business intelligence demand.
Moreover, mobile apps’ growing popularity has created a new need for mobile analytics and business intelligence.
The global business intelligence market is projected to grow at a CAGR of 11.03%, meaning it will reach $ 34.3 billion by 2022. For comparison, in 2016, the market was $ 16.3 billion.
According to industry experts, complexity and cost are the main obstacles to implementing business intelligence. Of course, departmental mindset also plays a role among other factors, such as employee resistance to change, the organization’s lack of experience in using business intelligence to its fullest, and the CIO’s lack of decision-making involvement. While there are significant barriers to adopting this technology, Clinc business intelligence continues to drive better data-driven decisions.
Competition between different players:
The global intelligence market has become extremely competitive in recent years, with few well-established players retaining a large market share. Some of the most prominent players in the industry: SAP SE (Germany), Rackspace (USA), Juniper Networks (USA), Microsoft Corp (USA), Cisco Systems (USA), Verizon Wireless (USA), AT&T (USA), SAS Institute (USA), IBM Corp (USA), AT&T (USA), and others. All these players are in fierce competition, where they use various strategies, such as mergers, acquisitions, cooperation, partnerships, to gain a significant advantage over each other.
Analysis of the regional BI market
North America is the largest market for business intelligence. It is the presence of significant players on the continent, increased competition, intense R&D in the technology sector, and the evolution of data dissemination that has driven the colossal growth of the business intelligence market in North America.
Meanwhile, the Asia-Pacific region has more room for growth than any other region. These opportunities can be attributed to the growth of industrialization and technological progress in the region.
What does the future hold for business analytics?
Companies are increasingly relying on technology to gain a competitive edge over competitors. Sales and marketing teams are now expected to monitor customers through CRM solutions continually.