Market Research Future (MRFR), predicts that the global business intelligence (BI) market will grow from $16.3 billion in 2016 to $34.3 billion by 2022 at the compound annual growth rate of 11.03%.
Use of Business Intelligence
Organizations are increasingly turning to business intelligence to address the challenges of business decisions posed by vast amounts of data. Business intelligence includes technologies, applications, infrastructure and tools, and best practices that enable access to and analysis of information to support informed business decisions.
Business intelligence equips organizations with the advantages of faster decision making, real-time performance measurement, greater insights into customer behavior, better quality of information, better estimation of threats and opportunities, increased sharing of information and improved efficiency, enhanced communication, quick response to changes in financial conditions and supply chain operations, reduced equipment downtime, and others.
In addition, increasing adoption of business intelligence in small and medium-sized enterprises is fostering market growth. Moreover, with the rise of mobile-based applications, there has been an emerging demand for mobile analytics business intelligence.
According to Market Research Future, the global business intelligence market is segmented based on technology, service, component, deployment, organization, and industry. By technology, the market is segmented into mobile BI, cloud BI, social BI, and others. By service, the market is segmented into managed service, hosted service and others. By deployment, the market is segmented into on-cloud and on-premises. By organization, the market is segmented into telecom & information technology, education, manufacturing, retail, banking and others.
Market Research Future reports that North America leads the market for business intelligence. Presence of major industry players in the region, intense R&D activities in the field of technology, increasing competition, and evolving trend of data proliferation aids the growth of the market in North America. Asia-Pacific holds potential growth opportunities and is estimated to manifest high growth due to ongoing industrialization and advancements in the field of technology in the region.