Business intelligence (BI) comprises various software applications and is used extensively by businesses and organizations for analysing and extracting relevant information from the raw data. In order to uncover and discover insights into a business which is extremely useful so much so that it helps businesses and organizations to strategize in a way that they gain a competitive edge above all others, a large number of businesses are demanding BI. BI not only help in business areas such as marketing and sales but also helps in taking care of other areas of a business such as predictive analytics, scoreboards, reporting tools, search tools, dashboards, virtualization tools, and query handling tools. In a recent research report by TMR Research, the global business intelligence market has been studied, covering all the important aspects, segments and sub segments.
Expert analysts from TMR research have answered three important questions on the global business intelligence market in the following blog post.
Q. What are the trends which are anticipated to shape the future of the global business intelligence market?
One of the key trends within the global business intelligence market is the rising adoption of cloud business intelligence services by organizations so as to enable their workforce to concentrate on their core activities rather than have their attention diverted to manage the IT environment. Some of the other reasons behind the rising trend of adopting cloud-based business intelligence system include the scalability and security at all levels of an enterprise, and the facility of accessing these applications remotely. The second trend within the global business intelligence market which is anticipated to bode well for the growth of the market and shape it, is the advancements in artificial intelligence. Businesses and organizations worldwide are anticipated to implement artificial intelligence along with business intelligence solutions in order to stand apart from others.
Q. What are the factors driving the growth of the global business intelligence market?
There has been a rise in the implementation of data analytics by businesses and organizations worldwide and this is one of the key factors behind the growth of the global business intelligence market. On account of the huge amount of data available today and the growing realization that this data can be used to generate potential insights about a customer’s buying pattern as well as behaviour is causing a large number of businesses and organizations to opt for business intelligence software or solutions. Today there is a high demand for enterprise resource planning (ERP) as well as high performance management in organizations and businesses and this in turn is boding well for the BI market.
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Q. Where should investors invest their money in order to reap profits in the global business intelligence market?
Investing in North America is and will be lucrative in the future as there is a high level of acceptance and awareness regarding the benefits of adopting business intelligence solutions. It is also advised for new entrants and even those companies which are well-established to concentrate in the Asia Pacific business intelligence market because this region particularly China is poised for immense growth on account of the availability of highly-skilled professionals at a relatively cheaper cost. The presence of four of the biggest global conglomerates namely IBM Corp, Microsoft Corp, SAP, and Oracle Corp Emmett the Asia-Pacific region is one of the reasons making this region a lucrative market for business intelligence.