Wilmington, Delaware, United States, Aug. 05, 2022 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The value of global BI and analytics market stood at US$ 24.60 Bn in 2021. The global market is predicted to rise at a CAGR of 8.8% during the forecast period, from 2022 to 2031.The market is anticipated to attain value of US$ 56.72 Bn by 2031. In the interest of improving corporate operations, decision-making capabilities, financial performance, and real-time data analytics and automated BI (business intelligence) tools are now required. The global BI and analytics market is thus anticipated to grow rapidly as a result.
As marketplaces have grown more competitive, real-time data analysis has become more significant in a variety of enterprises. Additionally, there is a growing need for cloud infrastructure and dashboards for visualizing data to improve business decision-making. During the forecast period, these factors are also anticipated to drive the growth opportunities for the business intelligence companies across the globe.
Real-time analytics are made available for fraud detection, situational intelligence, and consumer engagements through the use of novel technologies including memory analysis, stream mining and database analysis. A significant quantity of real-time data is also produced by the growing use of IoT devices, which is likely to increase business intelligence market size in the years to come.
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Key Findings of Market Report
- Usage of AI business intelligence, big data analytics, and cloud computing are among the emerging business intelligence market trends. In the last few years, there has been an increase in the use of big data and cloud computing analytics. Due to the availability of both structured as well as unstructured information on the cloud, cloud computing is seen to be an ideal platform for BI applications. BI and data analysis tools and activities are expected to benefit greatly from the scalability and flexibility of the cloud technologies. Growing demand for big data and cloud computing is likely to drive business intelligence industry growth.
- Context-aware software, Location-aware automation, and databases for cutting-edge research and technology are just a few of the areas where these technologies in cloud computing have quite a huge potential. Additionally, its applications include vast scale semantics, real-time catastrophe, city administration and also crisis management. The global BI and analytics market is anticipated to see growth over the forecast timeframe as a result of this broad use.
- Businesses are highly attracted to AI’s business intelligence and analytics capabilities since they increase revenue and provide insightful data. The complexity and volume of data growing within businesses is further promoting AI adoption. Furthermore, organizations are likely to gain insightful data through machine learning and AI technologies which help them predict market trends and consumer trends. In order to boost their solutions, organizations are eager to hire AI developers.
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Overall BI and Analytics market: Growth Drivers
- Due to the high market fragmentation in the BI and analytics industry, BI providers are always searching for new methods to boost their revenue and consolidate their market position. By way of mergers and acquisitions, development of novel products, and collaborations with top competitors, market participants are increasing their product offering and geographical presence.
- As a result of the region’s growing data volumes, the Asia Pacific is likely to account for a leading bi market share during the forecast timeframe. The implementation of BI is further necessitated by technological advancements in a variety of industries to increase revenue, enhance operational performance, forecast consumer loyalty and behavior, increase shareholder value, provide ads, and create new business prospects. These elements are predicted to boost Asia Pacific BI and analytics market in the years to come.
Overall BI and Analytics market: Key Players
Some of the key market players are
- Amazon Web Services, Inc.
- Tableau Software, Inc.
- Cisco Systems Inc.
- Microsoft Corporation
- Amazon Web Services, Inc.
- Qlik Technologies Inc.
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Overall BI and Analytics market: Segmentation
- IT & Telecom
- Media & Entertainment
- Energy & Power
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