The global business intelligence and analytics software market size is projected to grow at a CAGR of around 8.6% during the forecast period 2021-2027.
The overall market growth is majorly influenced by several factors such as increasing cloud-adoption technology, rising focus on digital transformation, increasing demand data visualization and growth in data generation. Large companies are using business intelligence and analytics software at wide scale, whereas the small and medium-sized companies are witnessing the low adoption of the advanced analytics-based technologies. Increasing popularity of cloud deployment has also given small and medium-sized companies an advantage to use analytics software at low-prices.
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Tracking an Overall Impact of COVID-19 on Business Intelligence and Analytics Software Market
COVID-19 has expedited the working process of various businesses around the world hence businesses are using data-based decision making to allow proper metrics to better survive the crisis. BI is supporting the enterprises to focus on ways of operation by considering the changes required for growth and optimum operation.
Data Visualization and Better Business Decision: Trends of Business Intelligence and Analytics Software Market
Increasing demand for dashboards for data visualization to improve business decisions act as a key trend in the global business intelligence and analytics software market. Organizations are implementing data visualization tools across various verticals to smoothly extract and interpret the data in scalable way. Effective data visualization helps businesses to identify Key Performance Indicators (KPIs) and driving forces of the global marketplace through BI solutions. Additionally, it helps to eradicate the redundant data to uncover methods, trends, observations and patterns of use that help to leverage the data for the overall business growth.
The business intelligence and analytics software market size is majorly driven by increase in adoption of data-oriented business models by small and medium-sized companies and high growth of e-commerce companies that led to generation of excessive data from various end sources. BI and analytics software helps to strategically design decisions for meaningful result and high-quality customer service.
Why North America is leading the business intelligence and analytics market?
Market study shows that the North America business intelligence and analytics industry holds the highest market share and is anticipated to hold the dominance over the forecast period, owing to technical advancement in business management analytics for their production, sales and research & development. Moreover, presence of majority of companies in the North America market also contributed invariably to the market growth for the forecast period.
The Asia Pacific business intelligence and analytics industry is estimated to witness the fastest market growth during the forecast period 2021-2027. The fastest market growth is attributed to significant shareholding in outsourcing activities and rising demand for customer insights in developing economies such as India and China.
Segmentation Overview of the Global Business Intelligence and Analytics Market
The BFSI segment dominate the application segment with significant shareholding. The segment dominance is attributed to increased deployment of BI software in the industry to enable constant access to the secure transactions, client database and customer services.
Segment by Type
- Content Analytics
- Professional Services
- Managed Services
Segment by Application
- Media and entertainment
- Energy and Power
Based on Region
- North America
- The U.S.
- The U.K.
- Rest of Europe
- Asia Pacific
- South Korea
- Australia & NZ
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Competitive Scenario in the Global Business Intelligence and Analytics Software Market
IBM, Microsoft, MicroStrategy, OpenText, Tableau Software, OpenText, Oracle, SAS, SAP and TIBCO Software among others are some key players included in the research study of the business intelligence and analytics software industry. Company profiling in the research study detailed under various heads such as company business overview, Company Details (Key Executive, Employee count, Trading stock, Year of Establishment), Financial Overview, Business Strategies Adopted and SWOT analysis. Companies in the market have adopted various competitive strategies such as product launch, business expansion, mergers & acquisitions, agreement, partnership, and others to offer better and competitive products to customers in the global business intelligence and analytics softwareindustry.
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