Business Intelligence Market Challenges, Leading Key Players Review, Demand and Upcoming Trend by Forecast to 2022

Overview

Organizations are increasingly turning to Business Intelligence (BI) to address the challenges of business decisions posed by vast amounts of data. Business intelligence includes technologies, applications, infrastructure and tools, and best practices that enable access to and analysis of information to support informed business decisions. Business Intelligence equips organizations with the advantages of faster decision making, real-time performance measurement, greater insights into customer behavior, better quality of information, better estimation of threats and opportunities, increased sharing of information and improved efficiency, enhanced communication, quick response to changes in financial conditions and supply chain operations, reduced equipment downtime, and others. The drivers of the global business intelligence market are numerous, however, growing adoption of data analytics by organizations across the globe, the emergence of IoT-enabled technologies, and increasing usage of data analytics remain the principal drivers of the market. The increase in quantity and variety of large volume of data produced by organizations has increased the need for business intelligence tasks.

 Moreover, with the rise of mobile-based applications, there has been an emerging demand for mobile analytics business intelligence.

Market Research Future (MRFR), predicts that the global business intelligence market will grow at a CAGR of 11.03%m, reaching USD 34.3 billion by 2022 from USD 16.3 billion in 2016 during the forecast period 2016-2022.

The main barriers to the adoption of BI are cost and complexity. Departmental silos remain one of the principal obstacle along with other factors such as employee resistance to adoption of new technology, lack of CIO participation in decision making, lack of expertise to utilize the technology to its fullest potential. Even though the barriers to adoption of business intelligence are many and significant, implementation of BI has facilitated businesses make improved business decisions over accurate data.

Segmentation

The global business intelligence market has been segmented based on technology, service, component, deployment, organization, and industry. By technology, the market has been segmented into mobile BI, cloud BI, social BI, and others. By service, the market has been segmented into managed service, hosted service and others. By deployment, the market has been segmented into on-cloud and on-premises. By organization, the market has been segmented into telecom & IT, education, manufacturing, retail, banking and others.

Regional Analysis

North America leads the market for business intelligence. Presence of major industry players in the region, intense R&D activities in the field of technology, increasing competition, and evolving trend of data proliferation aids the growth of the market in North America. Asia-Pacific holds potential growth opportunities and is estimated to manifest high growth during the forecast period owing to ongoing industrialization and advancements in the field of technology in the region.

Competitive Analysis

The global business intelligence market is highly competitive and organized with few well-established players leading the market. Some significant players include Rackspace (U.S.), SAP SE (Germany), Microsoft Corp (U.S), Juniper Networks (U.S.), Verizon wireless (U.S.), Cisco Systems (U.S.), SAS Institute (U.S), AT&T (U.S), IBM Corp. (U.S.), and VMware (U.S.) among others. These major players are adopting various strategies such as acquisitions, collaborations, mergers, partnerships, product launches, product updates to gain a substantial competitive edge over business rivals.

Industry Updates

In May 2018, Deliveroo Singapore, an on-demand food delivery company announced the use of business intelligence as their next move for business intensification and expansion. Called the Business Intelligence Unit, it will be assaying local food trends, habits, local restaurants and tastes to enhance their service offering.

Softheon, a leading cloud-based health insurance company, announced the introduction of a new health plan business intelligence suite in May 2018. Named Foundry BI, this suite features configurable, state-of-the-art, easy to use tools which track and reports transaction trends, key performance indicators.

Also Read:

https://ketanwagh15.livejournal.com/2177.html

https://ketanwagh15.livejournal.com/2415.html

https://ketanwagh15.livejournal.com/2583.html

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

Contact:                                                                                     

Market Research Future

+1 646 845 9312

Email: sales@marketresearchfuture.com

Comments

Post a Comment

Popular posts from this blog

Brain Computer Interface Market Growth Factors, Emerging Technologies, Regional Analysis, Competitive Landscape Forecast to 2027

  Market Analysis  The global brain computer interface market is predicted to touch USD 2,564 million at a whopping 15.1% CAGR between 2019- 2024, states the recent Market Research Future (MRFR) analysis. Brain computer interface or BCI, also known as neural-control interface (NCI) or brain-machine interface (BMI), simply put, is a revolutionary system that allows a direct communication pathway between the peripheral electronic device and functional brain.  Get a Free Sample @  https://www.marketresearchfuture.com/sample_request/8412                Various factors are propelling the global brain computer interface market share. According to the recent MRFR report, such factors include constant technological advances in neuroimaging techniques, bio-signal processing, nanotechnology, and bio-sensing, and growing investments in research and development to integrate technology that supports brain compu...
Read more

Application Testing Services Market 2020: Historical Analysis, Latest Innovations and Top Players | Industry Estimated to Grow with a Healthy CAGR During Forecast Period 2027

  Market Scope Market Research Future (MRFR) expects the application testing services market 2020 to reach a size of a whopping USD 48 Billion by the end of 2023. Also, the global market could achieve a growth rate of 11% from 2017 to 2023 (which is the review period). We will provide COVID-19 impact analysis with the report, along with all the key developments since the coronavirus disease outbreak. Get a Free Sample @  https://www.marketresearchfuture.com/sample_request/4645 Top Drivers and Main Restraints In the wake of SARS-CoV-2, social media applications such as Twitter, Facebook, WhatsApp and Instagram have noted a dramatic increase in their demand. New studies confirm that social media as well as entertainment apps have been downloaded at the highest pace. Since the imposition of the lockdown, e-commerce apps like online shopping and grocery apps have also observed significant boost across countries. Another app that has reached new heights is for e-learning , with onl...
Read more

Global Audit Software Market 2020 - Industry Analysis, Size, Share, Strategies and Forecast to 2027

  Industry Insight As the world grapples with the coronavirus outbreak that has shaken the world, the global audit software market 2020 is doing its part to fight the outrage. The year is an extremely eventful year due to COVID 19; thus, the market is screening some positive instincts when studied by Market Research Future. As per the study presented by MRFR, the global audit software market has the probable to show enormous growth, which is recorded at ~14.48% CAGR. At this pace, the market would reach higher valuations from the years 2019 and 2025 (forecast period). Get a Free Sample @  https://www.marketresearchfuture.com/sample_request/9577 Regional Front MRFR decodes key regions that segregate the global software-defined networking market. The regional segmentation included North America, Europe, Asia-Pacific, and the rest of the world. Of these, presently, North America is the highlighted region as it accounted for the largest market share back in 2018, with a market val...
Read more