December 31, 2019: The global business intelligence software market size is expected to reach USD 48.5 billion by 2025 at a CAGR of 10.1%, according to a new report by Radiant Insights, Inc. Proliferation of internet technology and growing demand for data-driven models across various organizations is expected to boost the market growth. Business intelligence (BI) forms a crucial component for success of any organization and leads them towards accessing information to enhance their work processes. BI is instrumental in identifying the opportunities and threats by enabling the organizations to adapt to the dynamics of operations, thus helping to survive in the corporate world.
BI tools are essential for smooth functioning of BI software, as such tools have a huge impact on possibilities and functionalities of BI applications. BI software is increasingly being used in various end-use industries to streamline operations, reduce costs, minimize risks, and strengthen the relationships between suppliers and customers. These factors are expected to drive the market over the forecast period.
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Inception of novel technologies and rise in number of BI vendors in domains such as machine learning and analytics is expected to stimulate the market growth. In addition, data sets need organizations to invest in advanced technologies such as artificial intelligence, machine learning, and big data to strengthen the analysis of enormous data sets. The software can help employees in claiming the responsibility of their respective work areas by using the operating numbers and facts, and making data-driven decisions. Additionally, adoption of BI tools helps in improving visibility across the organization by helping employees in understanding the organization-wide decisions and gauging the impact of their respective decisions against the enterprise as a whole.
Further key findings from the report suggest:
• The cloud BI segment dominated the market in 2018 and is expected to maintain its dominance over the forecast period. The segment covers the cost for hardware and software problems and offers feasible solutions without any major alteration
• The executive management segment is expected to gain traction as BI software is widely used in large organizations to implement strategic decisions
• BI software is majorly used in the banking sector due to technological advancements and customer oriented way of working
• The small and medium enterprises segment is expected to exhibit the highest CAGR of 10.7% over the forecast period. Increasing number of small and medium enterprises globally and rising demand to modernize their operations is driving the small and medium enterprises segment
• In the manufacturing sector, BI software is being widely adopted, since data-driven models have replaced the process-oriented models
• The Asia Pacific regional market is expected to register highest growth over the forecast period. Rising volume of data and the growing need for competitive insights across end use industries is expected to drive the growth of BI market in the region
• Key players in the market include Cloud9 Analytics; Google, Inc.; IBM Corporation; Informatica; Microsoft Corporation; Oracle Corporation; SAP SE; SAS Institute, Inc.; and Tableau Software.
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About Radiant Insights
Radiant Insights is a platform for companies looking to meet their market research and business intelligence requirements. It assist and facilitate organizations and individuals procure market research reports, helping them in the decision making process. The Organization has a comprehensive collection of reports, covering over 40 key industries and a host of micro markets. In addition to over extensive database of reports, experienced research coordinators also offer a host of ancillary services such as, research partnerships/ tie-ups and customized research solutions.
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