Business Intelligence Software Market Major Factors Driving Growth Is Increasing Adoption And Integration of Advanced And High-Tech Platforms
“Global Business Intelligence Software Market Insights, Opportunities, Trends, Market Size and Revenue Share, Growth Forecast: 2020 to 2029” is a research report on the target market, and is in process of completion at MarketResearch.biz. The report contains information and data, and inputs that have been verified and validated by experts in the target industry. The global business intelligence software market is segmented on the basis of technology, function, tool, deployment type, enterprise size, end-use industry, and region.
Business Intelligence Software: Product Overview
Business intelligence (BI) software is an application-based software developed and designed to recover stored data, analyze, and report required data for the purpose of business intelligence and analysis.
Global Business Intelligence Software Market: Drivers and Restraints
Increasing adoption and integration of advanced and high-tech platforms such as IoT, analytics, Big Data, and others in order to systematically organize databases, obtain and track behavioral patterns is among major factors expected to drive market growth. In addition, increasing demand for business intelligence software as it enables business analysts to make informed decisions, primarily based on consumer trends and buying patterns, logical facts and industry trends, etc. are among other major factors driving demand for business intelligence software, thereby driving market growth.
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Certain major players are investing in R&D activities to develop enhanced BI software, and are focusing on innovative product launches to meet demand for advanced and improvised software, which is also projected to drive market growth. In 2018 for instance, Microsoft Corporation, which is a US-based technology company, invested over US$ 14.5 Bn in R&D activities to develop and launch advanced software. This helped Microsoft to outperform competitors.
Regional Market Insights: Global Business Intelligence Software Market
The North America market is expected to record majority revenue share in the target market and is projected to continue contributing highest share over the next 10 years. This is attributable to rising adoption of business intelligence software in numerous applications, as well as rapid digitalization in various industrial verticals. In addition, early and rising adoption of cloud-based platforms has augmented need for usage of business intelligence software. Furthermore, robust presence of prominent players engaged in designing and developing cloud-based business intelligence software in countries in the region is another key factor expected to drive growth of the North America market.
The Europe market is expected to record substantially high revenue share in the market due to high adoption of advanced technologies, rapidly growing end-use industry verticals, and presence of large number of domestic and regional players.
The Asia Pacific market is projected to register highest CAGR over the 10-year forecast period due to increasing demand for BI software in emerging markets such as China, Japan, and India among others. Also, significantly high adoption of business intelligence software and related tools, growing number of cloud deployment outsourcing activities, and increasing usage of Big Data, IoT, and other technologies are additional factors projected to propel growth of the Asia Pacific market. Organizations, especially large-scale organizations, in Asia Pacific are laying emphasis on enhancing work management systems to improve productivity and efficiency in order to stay ahead in the highly competitive market. This is also projected to further provide opportunities in terms of business expansion and revenue for players operating in the Asia Pacific business intelligence software market over the next few years.
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Global Business Intelligence Software Market Segmentation:
Segmentation, by Technology:
- Cloud Business Intelligence
- Mobile Business Intelligence
- Social Business Intelligence
- Traditional Business Intelligence
Segmentation, by Function:
- Executive Management
- Information and Deployment
- Sales and Marketing
Segmentation, by Tool:
- Dashboards & Scoreboards
- OLAP & Visualization Tools
- Predictive Analysis
- Query, Reporting & Search Tools
Segmentation, by Deployment:
Segmentation, by Enterprise Size:
- Large Enterprises
- Small & Medium Enterprises
Segmentation, by End-use Industry:
- Banking, financial services and insurance (BFSI)
- IT & Telecom
- Media & Entertainment
- Others End-uses
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- Cloud9 Analytics
- Google Inc.
- IBM Corporation
- Microsoft Corporation
- Oracle Corporation
- SAP SE
- SAS Institute Inc.
- Tableau Software
- Zoho Corporation Pvt. Ltd.
- MicroStrategy Incorporated
- Teradata Corporation
- QlikTech International AB
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