Business intelligence market size is expected to grow USD 26.88 Billion by 2021

(IT-NEWSWIRE.COM, April 14, 2018 ) The Business intelligence market size is expected to grow from USD 17.09 Billion in 2016 to USD 26.88 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 9.5% during the forecast period. The major growth drivers of the BI market include increasing adoption of cloud, growth of advanced analytics, adoption of data-driven decision making, and emergence of Internet of Things (IoT)-enabled technologies.

The BI market is segmented by platforms, software, and services. The services segment is expected to grow at the highest CAGR during the forecast period, out of which the consulting services subsegment in the professional services segment is projected to witness the highest demand due to the growing need of BI solutions across organizations.

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The Banking, Financial Services, and Insurance (BFSI) vertical is estimated to hold the largest share of the BI market in 2016. The Business intelligence market growth in the BFSI vertical is fueled by the growing need to simplify the workload related to security and the increasing dependence on data generated from various Information Technology (IT) systems used for the financial transactions. The manufacturing vertical is expected to grow at the highest CAGR during the forecast period, due to the increasing need to store and manage data coming from various connected manufacturing devices.

The BI market is segmented by data type into structured, unstructured, and semi-structured data types. The unstructured data type is expected to grow at unprecedented levels with the proliferation of IoT devices, smart cities, sensors, and cameras. Capturing unstructured data and generating insights from this data will eventually help enterprises to uncover customer shopping patterns and detect trends that will help them to serve customers in a better way.

BI is adopted by both Small and Medium-sized Enterprises (SMEs) and large enterprises. The demand for BI in large enterprises is increasing due to its cost-effective and time-efficient features; its growth is specifically high in SMEs where low cost solutions are much required.

The Business intelligence market has been segmented by deployment model into on-premises and on-demand. Organizations can opt for one of these or a mix of the deployment models depending on their requirements. Currently, the market share of the on-premises deployment type is higher; however, the market for on-demand deployment is expected to increase at a higher CAGR in the coming years.

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The global Business intelligence market has been segmented on the basis of regions into North America, Europe, Asia-Pacific (APAC), Latin America, and Middle East & Africa (MEA), and to provide a region-specific analysis in the report. The North American region, followed by Europe, is expected to continue as the largest revenue-generating region for BI vendors over the next five years, as enterprises in the U.S. and Canada have a high focus on innovations obtained from research & development and technology. The APAC region is expected to be the fastest growing region in the global BI market because of the increasing adoption of IoT & smart technologies and various government initiatives, such as smart cities across the APAC countries, including China and India.

The Business intelligence market faces challenges, such as lack of skilled workforce and management & maintenance of data quality. Factors such as varying structure of regulation policies and high investment costs are expected to limit the market growth.

Major vendors that offer BI software and services globally are Microsoft Corporation (U.S.), IBM Corporation (U.S.), SAP SE (Germany), Oracle Corporation (U.S.), Tableau Software (U.S.), SAS Institute (U.S.), Qlik Technologies (U.S.), MicroStrategy (U.S.), Information Builders (U.S.), TIBCO Software (U.S.), Pentaho (U.S.), Yellowfin International (Australia), Sisense (U.S.), and Panorama (Canada). These vendors have adopted different types of organic and inorganic growth strategies, such as new product launches & product upgradations, partnerships, collaborations & agreements, and acquisitions to expand their offerings in the BI market.

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Business intelligence market size is expected to grow USD 26.88 Billion by 2021