Business Intelligence or BI in general refers to the various technologies, applications and practices that are used for collecting, integrating, analyzing and presenting various business information further helping in the decision making process. Certain common functions of these technologies include online analytical processing, reporting, analytics, process mining, complex event processing, data mining, business performance management and benchmarking among others.
BI incorporates a variety of tools, applications as well as methodologies for enabling organizations to collect data from both internal and external sources. Managed services involves the practice of outsourcing management responsibilities as well as functions following a strategic method for improvement in operations further curtailing expenses. Business intelligence traditionally was an on premise software made by the IT department whereas nowadays these solutions are increasingly accessed through cloud along with businesses applications being remotely used as a service provided by managed service providers for different companies.
The global market for business intelligence managed services has been segmented on the basis of services, applications and geography. Based on services, this market globally has been segmented into professional and managed services. Telecommunications and IT, healthcare, government and defense, BFSI, manufacturing and retail & consumer goods among others form the various end use industries based on which this market has been segmented.
Global business intelligence (BI) managed services market geographically has been segmented into Europe, Asia Pacific, North America, Latin America and Middle East and Africa.
BI technologies can handle huge amounts of structured and unstructured data for identification, development as well as creation of new strategic business opportunities that has formed a major driver for this market. All these technologies provides easy interpretation of big data that further provide a competitive advantage along with long-term stability to the businesses. BI as a managed service has been used by different enterprises for supporting various operational to strategic business decisions. Moreover, handling of the crucial data by the managed service providers for a specified period of time gives company a creative leverage by getting access to the information as and when required that has further positively impacted the growth of this market. With all the above factors that has driven the market, it is the presence of certain restraints that has posed challenges for this market globally.
One such important factor being the technological risk of the data being accessed by other companies through the fraudulent practices of the service providers that pose restrictions for the growth of this market. Moreover, the advent of cloud based technology before these services has also been another major restraint for this market. Taking into account all these drivers and restraints, it is the growth of technological applications for data analysis together with cost effectiveness is expected to provide growth opportunities for this market in the coming years.
Geographically, North America holds a substantial market for business intelligence managed services globally. Besides easier access and better efficiency, it is the growth of the big data market that has been some of the leading causes to have a positive impact on this market. Asia Pacific forms another major region for this market along with accounting one of the fastest growth globally among other regions.
Japan, China and India has been some of the countries contributing to the growth of this market. Rise in application of businesses using managed service providers for timely access to the business information along with growth of the big data market has been some of the major reasons that has boosted this market in APAC region.