The increasing demand for real-time data analysis has been identified as one of the primary factors driving the growth of the business intelligence and analytics market. Because of increased market competition, real-time analysis of data has become a critical requirement in many associations. This will stimulate market growth in the near future. Rapid digitization has created a demand for real-time data analytics and robotic business analytics systems to enhance financial performance, business operations, and decision-making capabilities. As a result, the global BI and analytics market is expected to grow significantly in the next few years. With markets becoming increasingly competitive, real-time data analysis has grown in importance in a wide range of organizations. In addition, demand for monitoring systems for data visualization to enhance company decision-making and cloud platform has increased. These elements are projected to increase the sales projections of the global business intelligence and analytics market in the near future.
Geographically, Asia Pacific is likely to serve as the fastest growing market for the BI and analytics market on account of the increasing data volumes in the region. Additionally, the growing need and increasing adoption of business intelligence for operational effectiveness, behavior and loyalty, and attract higher revenue will further help promote the growth of this region in the coming years as well. Additionally, the rapidly growing BFSI sector and the increasing uses of business intelligence and analytics across it will also help create new revenue generation opportunities for the global BI and analytics market in the coming years.
Use of Technologies such as Fraud Detection and Situational Intelligence will Bolster Growth
Business intelligence refers to technologies that allow for data preparation, visualization, management, and mining. End-users can derive actionable insights from raw data by facilitating data-driven decision-making or using BI processes and tools in multiple institutions across different sectors. The use of new technologies such as database analysis, stream mining, and memory analysis allows for real-time analytics for customer interactions, fraud detection, and situational intelligence. Furthermore, the increased adoption of Internet of Things (IoT) devices has resulted in a large amount of real-time data, fueling demand for business intelligence and analytic tools. Thus, the growing adoption of IoT across multiple industries is projected to augment the sales growth of the global BI and analytics market in the near future.
Uses of Data Visualization Solutions by Companies will Promote Market Growth
Most organizations implement a streamlined process for collecting, identifying, sharing, and maintaining large amounts of data. For this data, BI solutions are used to facilitate and simplify corporate decision. The data should have a conventional visualization capability that can be used to predict consumer preferences and tendencies, retrieve strategic insights, and help sustain a balance between the supply and demand of existing and new products and services. Companies across industries use data visualization solutions to easily understand data and derive useful business insights. Cloud-based visualization tools provide organizations with a cost-effective and scalable method for data analysis. The ability to visualize data assists businesses in identifying business drivers and Key Performance Indicators (KPIs).
Leading players of the global BI and analytics market are engaging in collaborative agreements to ensure notable revenues and gain significant shares in the coming years. For instance, Visual BI was adopted by Atos in July 2021 for strengthening cloud enterprise and data analytics among other solution practices for addressing the rising need for analytics by customers in the cloud computing sector. Such merger and acquisitions are projected to bode well for the market in the near future. Other strategies adopted by players include joint ventures and other collaborations. For instance, new business intelligence software for IT channel partners was launched by Magenta BI in November 2020 for helping small and medium enterprises take decisions related to data analytics for the betterment of their respective industries. Some of the key players of the global BI and analytics market include Cisco Systems Inc., Pyramid Analytics, SAS Institute Ins., Domo Inc., ThoughtSpot Inc., Tableau Software Inc., Qlik Technologies Inc., Infor, Yellofin, Sisense, Teradata, Tibco Software Inc., Amazon Web Services Inc., SAP SE, Oracle Corporation, IBM Corporation, Microsoft Corporation, and others.