Rapid digitalization has generated the need for real-time data analytics and automated business intelligence systems to improve business operations, financial performance, and decision-making abilities. This, in turn, is expected to drive the global BI and analytics market. Real-time data analysis has gained importance in various organizations, as markets have become highly competitive. Additionally, demand for dashboards for data visualization to enhance the ability of taking business decisions and cloud infrastructure has increased. These factors are also expected to fuel the global BI and analytics market during the forecast period.
The Covid-19 pandemic emphasized the importance of BI and analytics across various industries. Uses and applications of BI and analytics are limitless. Several industries have been increasing operations productivity, boosting revenues, and better serving their customers with the use of BI and analysis. These factors are likely to showcase the positive growth of the global BI and analytics market in the next few years.
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Rise in Demand for Cloud Computing and Big Data to Augment BI and Analytics Market
The business intelligence market trends include adoption of cloud computing, big data analytics, and AI business intelligence. Adoption of cloud computing and big data analytics has been rising for the past few years. Cloud computing is considered a suitable platform to offer BI applications, as it is the source of structured and unstructured data. Flexibility and scalability of the cloud make it an excellent accompaniment to business intelligence and data analytic tools and activities.
Conversely, big data has enabled these tools to analyze vast amounts of data and provide organizations with actionable insights that help evaluate opportunities and enhance marketing strategies. Cloud business intelligence solutions are gaining traction among companies, as several firms have recognized the benefits of data analytics. Moreover, companies can solve the problems that they face with their onsite BI solutions by using cloud computing. Additionally, companies can decrease their operating costs by using BI solutions on a subscription basis.
Cloud plays an important part in business intelligence industry growth and provides various benefits in terms of cost-effectiveness, implementation, flexibility and scalability, dependability, and better data sharing possibilities. Additionally, cloud computing also provides a substantial amount of data storing capacity. Consequently, BI is predicted to enter numerous complicated domains (business and non-business), which was previously unachievable in a self-hosted environment. Some applications where BI and analytics solutions have enormous potential in cloud computing include location-aware automation, context-aware applications, advanced science and technology databases, massive scale semantics, city management, real-time disaster and crisis management, global finance and economy reporting, and global monitoring of industries and sectors. Such widespread adoption is expected to fuel the global BI and analytics market during the forecast period.
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AI Empowers and Improves Business Intelligence and Analytics
AI business intelligence and analytics abilities are a major attraction to companies as they improve revenue stream and offer valuable insights. Growing volume and complexity of data within companies is further encouraging the use of AI. Additionally, AI and machine learning enable firms to extract useful insights, which in turn enable them to foresee market trends and consumer behavior. Thus, businesses are keen to engage AI engineers to update their solutions. In general, the use of AI in business intelligence platforms may provide organizations with information worth billions of dollars.
The real potential of business intelligence may be measured by breaking down enormous amounts of data into granular insights. It helps businesses to understand the finer points of the broader picture. AI also improves capacity and functionality of BI systems. Moreover, AI-enabled BI boosts operations of organizations since it provides essential insight into data that firms were previously unable to evaluate. AI-powered BI tools evaluate new data and find trends that are beneficial to businesses. For instance, major benefits of AI in business intelligence can be seen in HANA-SAP’s cloud platform that enables customers to manage databases of collected information.
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Regional Outlook of Global BI and Analytics Market
Europe held major share of the global BI and analytics market in 2021, followed by North America. These regions are expected to retain their positions during the forecast period. The presence of major BI and analytics solution providers in the U.S. and presence of SMEs in Europe are driving the BI market share held by these regions. Rise in adoption of BI tools to organize, analyze, and contextualize business data and make timely and informed decisions among different industry verticals is estimated to propel the demand for business analytics and business intelligence solutions in Europe. Demand for cloud-based BI and analytics solutions in North America is also expected to boost the business intelligence market size.
The BI and analytics market in Asia Pacific is expected to grow at a notable pace during the forecast period due to rise in volumes of data in the region. Technological developments in various industries further generate the need for adoption of BI to drive revenue, operational effectiveness, predict customer behavior and loyalty, drive shareholder value, ad delivery, and develop new business opportunities. These factors are estimated to drive the BI and analytics market in the region.
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Analysis of Key Players in Global BI and Analytics Market
The global BI and analytics market is highly fragmented and business intelligence companies are looking for ways to successfully tap into growth opportunities and strengthen their presence in the market. Market players are expanding their product portfolio and regional presence through mergers and acquisitions, new product developments, and partnerships with leading players. The next few years are expected to offer opportunities for the setting up of BI and analytics solutions in untapped markets. Microsoft, IBM Corporation, Oracle, SAP SE, and Teradata, among others, have been profiled in the global BI and analytics market research report. Company profiles include sections such as company overview, financial overview, business strategies, product portfolio, business segments, and recent developments.
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