In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Business Intelligence (BI) is defined as the processes which converts unstructured raw data and structured data into meaningful data insights. The tool helps businesses to drive profitable business actions by precise decision making and strategy planning. Business intelligence (BI) tools comprises of numerous software as a service (SaaS) enterprise applications. These applications provide enormous scope to businesses for the growth of the organization by improving their financial performance, along with helping them maximize the utilization of resources and further help to reduce inconsistent and incorrect decision making of businesses that might lead to downfall in profits. All those business service providers which provide access to such business intelligence (BI) tools to other business clients are known as business intelligence (BI) vendors.
The business intelligence vendors market is observing vibrant growth on account of growing need amongst businesses for the integration of advanced analytical tools required for business decisions and strategies with advanced technologies such as Big Data and Artificial Intelligence, combined with the emergence of IoT enabled technologies in the recent era and the adoption to such technologies by businesses worldwide. Furthermore, shifting demand amongst enterprises for analyzing business data from traditional to advanced BI techniques, owing to the massive surge in the volume of structured and unstructured data generated from numerous sources connected to the internet in the era of internet of technology (IoT) and industrial internet of technology (IIoT), are some of the notable factors that are expected to boost the growth of the global business intelligence vendors market.
The market is anticipated to record a CAGR of 12.1% throughout the forecast period, i.e. 2019-2027. The business intelligence vendors market is segmented by deployment into cloud and on-premises, out of which, the cloud segment is anticipated to have the largest market share on account of various factors, such as, short implementation time, which helps businesses to instantly get access to business intelligence tools, low upfront investment, helping businesses lower their operational expenditure, along with no additional hardware costs among others. CLICK TO DOWNLOAD SAMPLE REPORT
In the recent era, where several devices are connected to the internet and vast amount of data are generated, business organizations around the world are taking the opportunity to analyze these data so as to provide greater benefits to their consumers in terms of services and other consumer experiences, as well as understand consumer buying behavior, which can help businesses to generate more revenue and sales. It is also necessary for businesses to utilize these raw data to convert it to meaningful insights and help them formulate business decisions that can help them generate more profits. Furthermore, utilization of business intelligence tools help organizations with several advantages, such as, faster decision making, real-time performance measurement, better quality of information, better estimation of threats and opportunities, greater insights into customer behavior, increased sharing of information and others. The need amongst business organizations to enhance their business profits by the analysis of raw data generated from numerous sources around the world by the utilization of several business intelligence tools is anticipated to raise the demand for suppliers of BI tools, which in turn will drive the growth of the global business intelligence (BI) vendors market.
According to the estimates provided by International Telecommunication Union (ITU), by the end of 2018, 51.2% of the global population were using the internet.
Large volume of raw and unstructured data is generated every second from around the globe as several devices are connected to the internet, and as further numerous other users are increasingly connecting to the internet. With the advent in technology worldwide and emergence of internet of things (IoT), the growth of unstructured data have observed a massive growth in the recent years. The rising internet penetration and the increasing amount of unstructured data generated is raising the interest amongst enterprises for analysis of these structured and unstructured data, which is anticipated to drive the growth of the business intelligence (BI) vendors market.
Business intelligence in itself is an umbrella of various technologies. Advancements in the digital economies continue to proliferate and evolve, compelling organizations to rely on augmented intelligence and machine learning. IoT continues to explode and Industry 4.0 concepts are embraced by manufacturers, causing organizations the need for analysis of data for various business heads, such as operations, production, sales and marketing among others. Rising need amongst enterprises for availability of all of these varied tools under one common umbrella tool, is anticipated to support the growth of the business intelligence vendors market throughout the forecast period.
Business Intelligence tools are widely used amongst enterprises for analyzing data. Concerns amongst enterprises for growing incidences of cybercrime, which include malware, data theft and ransomware among others, along with the absence of stringent rules and regulations, in order to deal with growing rate of cybercrime across nations, are some of the factors anticipated to act as a barrier to the growth of the global business intelligence vendors market during the forecast period.
Our in-depth analysis of the global business intelligence vendors market includes the following segments:
On the basis of regional analysis, the global business intelligence vendors market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North America is expected to have the largest market share on the back of presence of several major industry players in the region, combined with intense research and development activities amongst business organizations in the field of technology. Moreover, increasing competition across industries and the evolving trend of data proliferation is expected to support the growth of the market in the region.
The global business intelligence vendors market is further classified on the basis of region as follows: