The global business intelligence (BI) managed services market is estimated to garner a large amount of revenue and grow at a CAGR of ~7% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed primarily to the growing demand for secure IT infrastructure, resulting from rise in cybersecurity breaches, among various industry verticals, namely manufacturing, retail and BFSI. In 2018, more than 812 million malware infection attacks occurred around the world, up from about 702 million attacks in the year 2017.
Along with this, increasing demand for outsourced management functions from providers of cloud services and managed services as a result of lower costs associated with these infrastructures, is also expected to boost the market growth in the near future. Furthermore, rapid rise in the adoption of IoT, big data analytics and cloud across organizations pertaining to their digital transformation strategy, is a crucial factor projected to provide lucrative opportunities for market growth in the near future.
The market is segmented by end user into BFSI, IT and telecommunication, healthcare, entertainment and media, retail, manufacturing, government, and others, out of which, the manufacturing segment is anticipated to hold the largest share in the global business intelligence (BI) managed services market. This can be accounted to the growing adoption of sensors and connected devices, coupled with the upsurge in data points generated in this industry in view of rising deployment of M2M communication. Apart from these, high adoption of industry 4.0 concept in production establishments in the manufacturing sector is also predicted to propel the growth of the market segment in the imminent time. Additionally, on the basis of deployment, the on-premise segment is assessed to acquire the largest share during the forecast period. On-premise implementation allows enterprises to hand over the entire system management to experts, whilst ensuring availability of existing data center investments and ensuring maximum performance, which in turn is evaluated to boost the segment growth in the coming years. CLICK TO DOWNLOAD SAMPLE REPORT
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
On the basis of geographical analysis, the global business intelligence (BI) managed services market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the surge in need for improved productivity at workplaces, and rising demand for managed services as a result of growing range of technology and business challenges. In addition, increasing adoption of advanced technologies such as ML, AI and IoT is also expected to boost the region’s market growth in the near future. For instance, India observed the highest surge in AI use compared to major economies such as Britain, Japan and the United States in 2020. More than 70 percent organizations in the country implemented AI in some functional areas that year.
Moreover, the market in North America is predicted to grab the largest share during the forecast period attributing to the early adoption of advanced technology, and strong presence of prominent market players in the region.
The global business intelligence (BI) managed services market is further classified on the basis of region as follows:
Our in-depth analysis of the global business intelligence (BI) managed services market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are growing demand for secure IT infrastructure among various industry verticals and increasing demand for outsourced management functions from providers of cloud and managed services.
The market is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2022 – 2030.
Lack of sales and marketing staff in companies is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the surge in need for improved productivity at workplaces, and rising demand for managed services.
The major players in the market are IBM Corporation, Fujitsu Ltd, Hewlett Packard Development Company LP, Cisco Systems, Inc., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by deployment, enterprise size, end user, and by region.
The on-premise segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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