What is business intelligence? Transforming data into business insights

Business intelligence (BI) converts raw information into meaningful data through a set of processes, technologies, and architectures. These technologies include dashboards, data warehouses, data discovery tools, and ad hoc reporting, among others. BI drives profitable business decisions through actionable insights and knowledge. Natural language processing (NLP), artificial intelligence (AI), automation, and data governance are some emerging trends in the business intelligence market. Major market vendors are focusing on constant innovations and development to stay competitive in the market.

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The business intelligence market is expected to soar in the forecast period owing to high growth in advanced analytics and increasing adoption of data-driven decision making. Also, the emergence of IoT enabled technologies is propelling the growth of the business intelligence market. However, there are some challenging factors such as lack of skilled workforce and management of data quality which are obstructing the market growth during the forecast period. On the other hand, the rapid adoption by SMEs is likely to offer creative growth prospects to vendors active in the business intelligence market.