Business intelligence refers to a technology-driven process that aims to enhance business performance by helping the end users make informed decisions. It includes a range of applications and tools to enable organizations to accumulate data from internal and external sources. The accumulated data is then further used for analyzing and solving business-related queries. The global business intelligence and analytic tools market is expected to be the fastest growing segment of the information technology industry. Organizations are increasingly deploying business intelligence and analytical tools to streamline their business processes by managing and optimizing the large amount of gathered data in a short span of time.
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Lack of Skilled Workforce to Negatively Affect Global Business Intelligence and Analytic Tools Market
Increased demand for cloud-based solutions and evolving big data are the primary factors driving demand from the global business intelligence and analytic tools market. Business analytics has become imperative to the decision making process of any organization. Data analytic tools create easy-to-understand and accurate reports for the decision makers.
The demand for efficient analytical processing and analytic models across enterprises has led the service providers to include useful features in business intelligence tools, such as high-level classification, easy data collection, and assimilation. The extensive usage of analytic tools such as OLAP (online analytical processing), data mining, and data profiling across business enterprises is expected to boost the global business intelligence and analytic tools market. However, lack of a skilled workforce is a major drawback for the global business intelligence and analytic tools market. Organizations need trained professionals to correctly deploy business intelligence and analytic tools.
High Demand for Self-Service Business Intelligence Tools in Global Business Intelligence and Analytic Tools Market
Depending on the types of tools or applications, the global business intelligence and analytic tools market has been segmented into CPM suites, BI platforms, content analytics, advanced and predictive analytics, and analytics applications. It has been observed that data discovery requirements have driven the demand for BI platforms but there has been a steady shift from report-centric to analysis-centric tools. Advanced and predictive analytics is also expected to grow significantly in the near future.
Based on the services, the global business intelligence and analytic tools market has been categorized into managed services and professional services. With the advancement in technologies, self-service business intelligence is high in demand. Vendors are developing customized business analytic and intelligence tools that require minimum or no technical assistance.
On the basis of deployment type, the global business intelligence and analytic tools market has been divided into on-premise and hosted (cloud-based). The demand for cloud-based deployment is expected to rise phenomenally in the coming years.
Large enterprises and small and medium businesses are the major end users of the global business intelligence and analytic tools market. The demand for business intelligence is high in large enterprises, where data support systems and adequate capital allows investment in analytic tools.
On the basis of end-use verticals, the global business intelligence and analytic tools market has been segmented into education, IT and telecom, BFSI, healthcare, retail, manufacturing, energy and power, government, and media and entertainment. The demand for analytic tools from healthcare, BFSI, and retail sectors have been considerably high.
North America to Lead Global Business Intelligence and Analytic Tools Market
Among the key geographical segments of the global business intelligence and analytic tools market, North America is expected to be the leading region owing to increased spending by enterprises on business analytic tools.
Some of the key players in global business intelligence and analytic tools market are Oracle Corporation, IBM Corporation, Tibco Software, and Microsoft Corporation.
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