Business Intelligence (BI) Market Is Booming Worldwide | Oracle Corporation, Microsoft Corporation, Cisco Systems Inc., SAS Institute Inc., GoodData Corporation

The Business Intelligence (BI) Market was valued at USD 20.516 billion in 2020 and is expected to reach USD 40.50 billion by 2026 and grow at a CAGR of 12% over the forecast period (2021-2026).

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With the emergence of Big Data and the increasing need to make critical business decisions within a compressed timeframe, the business intelligence (BI) and analytics tools have gained a substantial market share in the past decade. This trend is expected to increase steadily, along with the advancement of technology and growing investments, during the forecast period.

- Furthermore, data visualization tools have been increasingly used for analytics in various organizations over the years. They are used for designing infographics and charts, as well as building BI dashboards and performance scorecards. These charts and dashboards display visualized data on business metrics and key performance indicators in an easily understandable way.

Business Intelligence (BI) market is expected to register a CAGR of 6.63% during the forecast period, 2018 to 2023. Packaging industry forms the largest market in 2017, accounting for around 50% of the Business Intelligence (BI) market share.

Top leading Manufactures Profiled in Business Intelligence (BI) Market Report are:

Rackspace US Inc., SAP SE, Oracle Corporation, Microsoft Corporation, Cisco Systems Inc., SAS Institute Inc., GoodData Corporation, Targit AS, International Business Machines Corporation, VMware Inc., Tableau Software Inc. (Salesforce)

- July 2020 - Rackspace Technology announced a Strategic Collaboration Agreement (SCA) with Amazon Web Services (AWS), enabling customers to realize more excellent value from AWS cloud services. The companies have collaborated to expand offerings globally as part of the Rackspace Technology service block catalog. These modular offerings allow customers to tap into Rackspace Technologys managed services expertise to meet their specific needs, including cloud strategy, migration, cost governance, complex cloud operations, and security support.

- July 2020 - geniSIGHTS, a start-up based out of India, launched an Artificial Intelligence-powered Business Intelligence Suite, primarily to help Indian small and medium enterprises perform data analytics through voice commands. The company also stated that the tool is expected to prove vital in the current COVID-19 pandemic time, as the data analytics will enable the entrepreneurs to analyze their current business operations.

Regional Analysis for Business Intelligence (BI) Market:

For a comprehensive understanding of market dynamics, the Business Intelligence (BI) Business Intelligence (BI) market is analyzed across key geographies namely the United States, Europe, China, Japan, Southeast Asia, India, Central & South America. Each of these regions is analyzed based on market findings across major countries in these regions for a macro-level understanding of the market.

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Business Intelligence (BI) Business Intelligence (BI) Market: Competitive Landscape

North America to Hold Maximum Market Share

- The North American region dominates the business intelligence market, owing to the presence of major industry players in the region. Additionally, factors, such as intense R & D activities in technology, increasing competition, and an evolving trend of data proliferation, are aiding the growth of the market in North America.

- According to Cisco Systems, around 50% of the ERP projects failed due to the lack of data integration. The limitations of ERP software have fueled the growth of BI tools across North America. This growth may continue to sustain, as BI penetrates new verticals across industries.

- Many companies in the region are undergoing partnerships and alliances, to enhance their productivity and optimize their operations with the use of BI tools in their processes.

- For instance, in March 2019, QAD Inc., a leading provider of flexible, cloud-based enterprise software and services for global manufacturing companies, announced that American Vanguard Corporation had chosen QAD Business Intelligence (BI) for its AMVAC Chemical Corporation subsidiary. While AMVAC is growing rapidly, American Vanguard Corporation realized that its subsidiary needed a BI solution, which may enable it to improve its financial reporting and analysis across multiple domains using dual currencies with a localized chart of accounts.

Frequently Asked Questions about the Business Intelligence (BI) market:

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