Business Intelligence Market to Be Valued at $30.9 Billion by 2022, Says Beroe Inc
Wednesday, April 21st, 2021
The global business intelligence market is estimated to reach $30.9 billion by 2022, forecasted to grow at a CAGR of 12.6 percent, says Beroe Inc.
The global BI market was valued at $24.3 billion in 2020, and key drivers include big data analytics, demand for data-as-a-service, demand for personalized, self-servicing BI capabilities. Implementation cost is a significant constraint for the market. Still, the emergence of cloud deployments is expected to mitigate this. Business Intelligence helps improve one's business decisions. Data Mining and Data Warehouse play a significant role in BI. While in North America and Europe BI Adoption Rateis high, it is low in LATAM and MEA and medium level in APAC.
Beroe, which is based in North Carolina, further stated that procurement experts can access this report on its recently launched market intelligence platform Beroe LiVE.Ai: https://www.beroeinc.com/beroe-live-ai/
The key driver in the continuous expansion of BI market share is the increasing number of affordable business intelligence software available for start-ups and SMEs. The BI market in leading countries, such as the U.S., the UK, and Japan, is expanding due to the advent of cloud, mobile, and social BI solutions. In addition, Advanced Analytics, Mobile BI, and data visualization are other top drivers of the market. By 2020, over 50 percent of large enterprises were expected to have access to BI tools for real-time data.
The BI and analytics platform technology is changing considerably. Data analysis has extended to free-form text exploration instead of being restricted to structured ad hoc reporting. Business users are driving content authoring. The emergence of the cloud has led to greater BI adoption. The major functionalities in a BI solution are dashboard, data visualization, BI/OLAP tools, and analytics databases/platforms.
There is an increasing need for Big Data Analytics as every day, the volume of big data creation amounts to 2.4 Quintillion bytes. The amount of data generated is expected to reach 40 ZB by 2020. The exponential growth of data (volume, veracity, velocity) demands excellent analytics to be able to derive meaningful insights.
To assist enterprises with improved data categorization and reporting, BI technologies are leveraging automated data science. However, high implementation cost, digital ethics, and data governance are some of the constraints.
COVID-19 pandemic is likely to change the method in which businesses and workplaces operate. BI is extensively being utilized by some sectors, such as the healthcare industry, to manage, diagnose, and develop a cure for COVID-19.
Deployment of BI implementations will witness a surge in the coming months. Now that businesses are slowly opening up, all the top enterprises have started monitoring the current situation. Extraction of meaningful insights for the future has become vital for the decision-making processes. In North America, the estimated market size (2020) of BI is $10 billion, and the growth rate (2019-2020) stood at 8-9 percent annually. The major end-user industries are BFSI, Pharmaceutical, retail, IT and telecom, government, and defense. The estimated market size (2020) of BI in Europeis $6.6 billion, and the growth rate (2019-2020) stood at 9-10 percent annually. BFSI, healthcare, retail, and manufacturing are the major end-user industries in Europe.
Most enterprises do not prefer the in-house model due to continuous change in the market and business dynamics. Single vendor models are prevalent among large enterprises that have a better understanding of their business functions and buyers' demand. The multi-vendor model is prevalent among enterprises for greater business agility to deal with changing business requirements, and to avoid vendor lock-in situations.
The major challenge in BI implementation is cross-organizational collaboration. Collaboration is not restricted to departments/business units within the organization; it also requires integration of end consumers' information and knowledge, competition, market condition, vendors, partners, products, employees, etc., at all levels for successful BI implementation.
High market maturity regions in BI are the U.S., the UK, Germany, Japan, and Australia, whereas Brazil, India, China, and Canada are medium market maturity regions.
Suppliers have largely maintained stable operations and have addressed the enterprise demand requirements.
On average, end-to-end BI implementation will take 2–3 months for cloud deployment and 6–12 months for on-premise deployment.
IoT and BYOD have increased the data volume exponentially and are emerging trends in BI solutions.
Dashboards, data visualization, analytics databases/platforms, and BI/OLAP tools are the major functionalities in a BI solution, with maximum utilization in an enterprise.
The report from Beroe includes:
Procurement best practices
Market monitoring insights
KPIs and SLAs components - BI
Impact of COVID-19 on BI industry
Global BI industry trends