Axiom MRC has updated all it's market research reports with the Economic Impact Analysis of COVID19 Pandemic on the market. Our team of analyst are following Comprehensive Three Dimensional (3D) Research Methodology along with large number primary interviews with key industry participants to bring insightful market reports to meet the current market requirements.
Business intelligence is a set of technologies such as data warehousing and cloud services that assist organisations in extracting relevant data, gaining better insights and improve decision-making. Proper decision making helps organisations make well-defined and strategic decisions by displaying analytical findings in reports, summaries, and dashboards and thus gaining a competitive advantage in the market.
The report examines BI components such as RTBI, data warehouses, OLAP techniques, data sources, CPM, advanced analytics, and others. The report delves deeper and focuses on BI implementation, which may be on-premises or in the cloud. The research considers several applications such as supply chain intelligence, CRM, financial performance, sales and marketing intelligence, and others. BI utilises many technologies such as mobile BI, cloud BI, social BI, and others and is used by all kind of companies including large enterprises and SMEs. The industries included as end user industries in the research are BFSI, IT and Telecommunication, Retail, Healthcare, and Others.
Increasing standards, automation, and technology in modern organisations have resulted in huge volumes of data becoming available. In one minute, 150 million emails, 20.8 million WhatsApp messages, 2.78 million YouTube views, and 2.4 million search searches are sent. This data boom has created a variety of channels and opportunities for businesses to tailor their products and services to the needs and preferences of their customers. As a result, every company or sector is utilising the data acquired to make good business decisions through the use of BI. Hence, the business intelligence industry is expanding rapidly.
As the tools like data visualisation, predictive analytics, statistical analysis, big data analytics, data mining provide organisations with the enhanced capability of drawing valuable insights, therefore it is being used by the organisations very rapidly. Such rapid use is driving the need for business intelligence across different industries. Another driving factor seen is the increasing number of integrated systems. Many organisations are increasingly using API (application programming interfaces) for data analysis to analyse the data within users’ existing system. This is why integration abilities are expanding itself and the BI capabilities in other applications. The BI market is also being driven by the growth of artificial intelligence and machine learning. This is due to the fact that organisations may include AI findings into a larger BI strategy. As businesses try to become more data-driven, initiatives to exchange and cooperate on data will grow. As a result, data visualisation will become even more important in collaborating across teams and departments. However, the complexity in implementation of data, expensive nature of BI and time-consuming implementation is driving the users away from the BI market.
The business intelligence market has grown dramatically in recent years, and the worldwide pandemic has had far-reaching consequences in the corporate world. Because of the implementation of lock down, all organisations' normal working hours have been turned into work from home hours. The expanding use of smart payment technology to reduce human touch in cash payments, as well as the rising demand for wearable gadgets, pulled the firms into a hyper-connected environment. Because of this more executives are thinking about how to make greater use of technology and data to allow data-driven decision-making across all parts of their business. Therefore, business intelligence solutions are widely acknowledged by the business during COVID-19 as analytics supports numerous activities such as predicting demand, anticipating possible supply-chain interruptions, and assessing the efficacy of crisis response measures.
The report analyses the business Intelligence market based on components, deployment, end-user industry, category, application, technology, enterprise size, and geography.
By Components, the business intelligence market is segmented as RTBI, data warehouses, OLAP technique, data sources, CPM, advanced analytics & others. When sorting and analysing business data and activities must be done at the collecting stage, real-time business intelligence (RTBI) is utilised. It enables the organisation to gain insights into the business process as fast as possible in order to take strategic action. This is why RTBI is becoming increasingly popular currently. Data warehousing enables the business owner to sift through various data subsets and evaluate components that may aid in making sound business decisions. It contributes to the collection of vital facts about the company and the industry. Warehousing entails storing massive volumes of data in a variety of unique ways that might be beneficial for analysis. OLAP examines corporate data in a multidimensional fashion to aid in complicated computations, trend analysis, and data modelling. With OLAP, the end-user may examine particular data across several dimensions to gain the knowledge needed to make a choice. Data sources are many types of stored data. It is about collecting raw data and transforming it into useful data sources that each division can use to effectively affect company. This is used to develop data tools that allow data to be stored in a huge cache of spreadsheets, pie charts, tables, or graphs for several commercial reasons. Corporate Performance Management (CPM) refers to the methodologies, measurements, activities, and systems used to monitor and manage a company's business performance. This method provides business leaders with a unified approach to planning and forecasting for finance, sales, marketing, human resources, and operations. When this technique is used, it connects company strategy with plans and executions, allowing a firm to flourish and grow. Data mining, forecasting, and predictive analytics are all terms used to describe advanced analytics. This uses statistical analytic tools to forecast or offer certainty metrics on facts.
On-Premises and On-Cloud are the two types of deployment under business intelligence. In an on-premises network, the network is deployed within the business and can only be accessed securely by workers whereas On-cloud software is housed on the vendor's server and may be accessed using a web browser. Cloud-based business intelligence has been available for a few years and is gaining popularity and acceptance across a wide range of sectors. According to Forbes, the 2018 adoption rate for on-cloud BI in Financial Services is about 62 percent, and 54 percent for Technology and Education. While cloud BI is growing and thriving, the decision for major organisations to migrate or stick with on-premises solutions is frequently difficult. In certain situations, the risk of innovation is not always worth it, but in others, it is a cost-effective solution to an organization's BI issues.
The business intelligence market by end user industry is classified into BFSI, IT and telecommunication, retail, healthcare & others. Rising competitiveness, risk management, and changing consumer needs are key problems in the BFSI industry. They may utilise BI technologies to gain helpful insights from customer data. They aid in trend analysis, pattern identification, and are equipped with real-time reporting. BI provides businesses with a flexible and transparent approach to improving financial operations and choices. As one of the most important contributors to global growth, the telecommunications industry generates a huge volume of data, implying a great potential for utilising Business Intelligence. Apart from this, business intelligence in the healthcare business is leading the way for remote healthcare, with benefits ranging from enhanced patient safety and management to lower costs and more revenue to better visibility into financial operations. The healthcare sector is transitioning into a data-driven environment, from tracking financial flows to maintaining compliant.
Business intelligence may be divided into two categories: hardware and software. BI applications need particular hardware and software specifications. It differs from one firm to the next. In Oracle, for hardware requirements, for example, 10-12 GB of free memory and 10 GB Swap Space are required for run-time requirements. The Business Analytics Applications Suite installation requires 35 GB of free disc space and 10 GB of swap space. Similarly, there are different requirements for software too. For example, it must include OLAP, General reporting, data integration, ETL and more.
This research covers business intelligence applications such as supply chain intelligence, CRM, financial performance, sales and marketing intelligence, and others. The supply chain is comprised of several components, ranging from operations management to logistics. When one component of the supply chain is linked with another using BI, organisations may function more efficiently. In CRM, when business intelligence is integrated together it can offer actionable insights. It enables every report with intelligence embedded within, provided the input data is clean, and appropriately consolidated. BI is also useful in improving financial performance of any organisation. It helps by providing necessary insight into organisation’s financial data to better manage their cash flow and overall financial performance. Analysing cash flow and the financial procedures that affect it will reveal if the firm is healthy and ready to withstand the storms ahead. It will also be able to determine whether the organisation is on the verge of a cash crisis and potential failure. Effective business intelligence for sales and marketing may go a long way in analysing consumer behaviour, finding the best sales and marketing channels, and creating accurate sales predictions.
Mobile BI, Cloud BI, Social BI and others are the technologies used by business intelligence. Mobile BI refers to accessing data and dashboards through mobile or tablet. Businesses utilise it to deliver business intelligence and analytics to the user's fingertips. It aids in the improvement of everyday operations, saves time, accelerates decision making, and increases overall corporate efficiency. Cloud-based business intelligence is the process of converting data into useful insights using technology, which is done partially or entirely in the cloud. It enables businesses to eliminate all hardware-related BI expenditures, compute resources in a timely and cost-effective manner, access data through any web browser or mobile device, and securely share actionable insights with colleagues. The collection, analysis, publishing, and sharing of data, reports, and information utilising interactive business intelligence and analytics dashboards and intuitive tools to increase data clarity and user comprehension and familiarity with analytical tools is what Social BI entails. It allows confident judgments and brings all users together so that activities, tasks, and goals are driven by a shared knowledge and use of analytical tools and findings.
Business intelligence by enterprise is segmented into large enterprises, SMEs and others. Businesses of all sizes may benefit from using BI and evaluating their company data in order to make more educated decisions that will promote development and profitability. Many large enterprises have adopted BI to handle big data. SMEs have been reluctant to use BI because of lack of monetary capacity, fear of coping up with industry and their rigid culture. But recently they are also being drawn towards it. This is because it helps them to predict the future of their business, make quick-fact based decisions, helps in cost-cutting and enhance business overall.
Geographically, the business intelligence market is studied across key regions such as North America, Europe, Asia Pacific, and the rest of the world areas such as Latin America and the Middle East and Africa. When it comes to BI penetration rates by region, North America leads the pack with 26 percent of BI users, followed by the rest of the world at 24 percent, Asia Pacific at 22 percent, and Europe at 20 percent. According to the statistics, North American firms are ahead of their European counterparts in terms of using business intelligence and analytics software across the whole company. This is mostly due to strict government rules, which have resulted in a low adoption rate in Europe. Concerns about the protection of sensitive data also hold the area behind. Rapid economic growth is propelling the Asian area. Businesses are contemplating the value of BI and analytics. In an increasingly competitive market, there is a rising need to utilise the power of analytics for analysis and rapid decision making. Along with widespread use in developed countries like as Hong Kong and Singapore, BI is gaining popularity in rising economies such as China, India, Malaysia, and Indonesia. Apart from that, Latin America and the Middle East and Africa are emerging as key players in the developing BI ecosystem. As big data, AI, and other technologies take off throughout the world, LAMEA is preparing to compete on a global scale. Looking ahead, global BI penetration appears to be increasing all around the world. Organizations all across the world desire to expand their BI capabilities beyond what they presently have.
The market's main companies include Salesforce, Microsoft, Sisense, Qlik, MicroStrategy, Dundas DV, TIBCO Spotfire, Zoho, SAP, GoodData, SAS Institute Inc., IBM Corporation, Oracle, Board International S.A., and Logi Analytics, Inc. Microsoft being the global leader in data analytics and business intelligence solutions (BI).
Feb 2020: Looker, a data analytics organisation, was purchased by Google for $2.6 billion. The goal was to give users with a full data analytics solution. Thus, to provide an end-to-end analytics platform for interacting with, gathering, analysing, and visualising data across Google Cloud, Azure, AWS, on-premises databases, and ISV applications.
June 2019: Logi Analytics acquired Zoomdata, which solidified its position as the market leader in embedded analytics. With the purchase, application teams were able to include analytics based on patented big data and streaming data technologies. Users were able to analyse billions of rows of data in seconds, even across various data sources, within the apps they use every day as a result of this.
July 2018: Qlik announced the acquisition of Podium Data, an enterprise-grade data management company whose solution simplifies and accelerates customers’ ability to manage, prepare and deliver analytics-ready data to every business user across a diverse data landscape. This purchase broadened Qlik's goal, taking it beyond analytics and into the realm of solutions that democratise data for every user, resulting in a more data-literate society. With the acquisition of Podium Data, Qlik hoped to expand its enterprise BI data management capabilities and compete with Tableau and Power BI.
May 2019: Sisense, an Israeli business intelligence organization, announced a merger with Periscope Data, a US analytics platform, to build a comprehensive data science and analytics platform for customers. With this merge Sisense will be able to narrow its emphasis on data scientists building cloud analytics solutions as well as business analysts as a result of the transaction. The merged business would have annual recurring sales of more than $100 million and a workforce of over 700 people.
Feb 2019: Qlik acquired Attunity for a total value of approximately $560 million. The purpose of the acquisition was to allow Qlik to incorporate its existing business intelligence analytics platform with Attunity's expertise in assimilating and managing large amounts of data, while also broadening its alliances with cloud infrastructure providers such as Microsoft and Amazon Web Services.
Components, deployment, end-user industry, category, application, technology, enterprise size, and region are the segments of the business intelligence market. The components of the BI market include RTBI, data warehouses, OLAP techniques, data sources, CPM, advanced analytics, and others. The report examines two forms of deployment: on-premises and on-cloud. BFSI, IT and communications, retail, healthcare, and other industries are among those classed as having a business intelligence market by end user. The study also looks at two other types of categories. They are hardware and software, respectively. Besides, the paper also looks at business intelligence applications. These include supply chain intelligence, customer relationship management (CRM), financial performance, sales and marketing intelligence, and others. Business intelligence employs technology such as mobile BI, cloud BI, social BI, and others. Business intelligence in enterprise is divided into three categories: large businesses, SMEs, and others. Geographically, the business intelligence market is studied across key regions such as North America, Europe, Asia Pacific, and the rest of the world. The major region is North America. The market's major companies include Salesforce, Microsoft, Sisense, Qlik, MicroStrategy, Dundas DV, TIBCO Spotfire, Zoho, SAP, GoodData, SAS Institute Inc., IBM Corporation, Oracle, Board International S.A., and Logi Analytics, Inc.
Why to Buy This Report
