Worldwide Business Intelligence and Analytics Market Poised to Reach USD 60.49 Billion by 2027, Reports Emergen Research

According to a recent report by Emergen Research, the worldwide business intelligence and analytics market is anticipated to reach USD 60.49 billion by 2027. The desire for real-time insights and the growing requirement for data-driven decision-making have spurred significant expansion in the business intelligence and analytics market in recent years. In contrast to analytics, which deals with the identification, interpretation, and dissemination of significant patterns in data, business intelligence (BI) refers to the tools, systems, and practises used to gather, integrate, analyse, and present business information. Together, these sectors give businesses the knowledge they need to make wise decisions and perform at their best.

The exponential rise of data is one of the major factors driving the business intelligence and analytics market. Organisations are producing enormous amounts of data from numerous sources, including social media, sensors, mobile devices, and transactional systems, as a result of the widespread adoption of digital technology. For organisations, this rush of data offers both a difficulty and a chance. Businesses can get a competitive edge in the market by using BI and Analytics tools to analyse this data and extract practical insights, identify patterns, and spot trends.

The market's expansion is also being aided by the rising popularity of cloud-based business intelligence and analytics solutions. Scalability, flexibility, and cost-effectiveness of cloud computing make it a desirable alternative for companies of all kinds. Organisations can access and analyse data using cloud-based BI and analytics tools from any location and on any device without having to make significant hardware investments or keep up with infrastructure upkeep. The adoption of BI and Analytics solutions across industries has been spurred by their accessibility and usability.

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Additionally, the demand for BI and Analytics solutions is being driven by the increasing emphasis on data-driven decision-making and the requirement for operational efficiency. Companies are realising more and more how valuable it is to use data to inform their company strategy, streamline workflows, and enhance customer experiences. Executives and decision-makers may make well-informed judgements and act quickly in response to market dynamics thanks to the real-time, actionable information provided by BI and analytics technologies. The BI and Analytics market is expanding because to this focus on data-driven decision-making.

Nevertheless, despite the market's many drivers, there are some obstacles and limitations. The shortage of qualified specialists is one of the major obstacles. Data management, data analysis, and data visualisation specialists are needed for the successful adoption of BI and Analytics solutions. Unfortunately, there is a talent gap in the industry due to the lack of experts with these talents. To effectively utilise the promise of BI and Analytics, organisations must spend in training and upskilling their personnel.

Concerns about data security and privacy also limit business expansion. Ensuring the privacy and security of the data becomes increasingly important as organisations gather and analyse enormous amounts of data. Privacy violations and data breaches can have serious repercussions, including monetary loss and reputational harm. To address these issues and win over customers' trust, businesses must install strong security measures and adhere to data protection laws.

Major Companies and Competitive Landscape:

Key market participants include SAP SE, Oracle Corporation, Microsoft Corporation, TIBCO Software Inc., GoodData Corporation, International Business Machines Corporation, MicroStrategy Incorporated, Tableau Software, Inc., SAS Institute Inc., and Qlik Technologies Inc.

Microsoft Corporation: Microsoft offers Power BI, a cloud-based business analytics tool that enables users to visualize and share insights from their data. With its intuitive interface and integration with other Microsoft products, Power BI has gained popularity among organizations of all sizes.

Tableau Software: Tableau is a leading provider of data visualization and analytics software. Its platform allows users to create interactive dashboards and visualizations, making it easy for organizations to explore and understand their data.

SAP SE: SAP offers a comprehensive suite of BI and Analytics solutions, including SAP BusinessObjects and SAP Analytics Cloud. These tools provide robust data management, reporting, and predictive analytics capabilities for businesses across various industries.

IBM Corporation: IBM's Cognos Analytics is a powerful BI and analytics platform that provides self-service capabilities, data visualization, and advanced analytics. The platform leverages AI and machine learning to deliver insights and help organizations make data-driven decisions.

Salesforce.com, Inc.: Salesforce offers Einstein Analytics, a cloud-based BI platform that integrates with its popular customer relationship management (CRM) software. Einstein Analytics enables users to explore and analyze their data, uncovering valuable insights to drive sales and customer engagement.

QlikTech International AB: Qlik offers QlikView and Qlik Sense, intuitive data discovery and visualization platforms. These tools allow users to explore data, create interactive dashboards, and collaborate on insights, empowering organizations to make data-driven decisions.

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Segmentation Insights for Business Intelligence and Analytics Market Report:

The global business intelligence and analytics market has been segmented by Emergen Research based on process type, data delivery, application, end-use, and region. In terms of process type, the market is categorized into Online Transactional Processing (OLTP) and Online Analytical Processing (OLAP). OLTP involves real-time data processing for transactional operations, while OLAP focuses on data analysis and reporting.

Regarding data delivery, the market is divided into traditional channels and modern channels. Traditional channels include web portals, web apps, email, and File Transfer Protocol (FTP). On the other hand, modern channels encompass cloud hosting and social sharing, which provide more advanced and convenient methods of data delivery.

The market's application segment comprises various categories such as business management, performance management, strategic planning, process intelligence, competitive intelligence, IT management, app analytics, web analytics, security management, sales and marketing, customer behavior analysis, campaign management, CRM, targeted marketing, inventory management, human resource, talent management, HR analytics, supply chain and logistics, shipping and inventory control, supplier and vendor management, as well as sports and games analytics. These applications cater to specific business needs across diverse industries, including education, healthcare, manufacturing, telecommunication, information technology, retail, entertainment, government, energy and power, financial services, and others.

Segmentation by end-use provides insights into the industry verticals that extensively adopt business intelligence and analytics solutions. These include education, healthcare, manufacturing, telecommunication, information technology, retail, entertainment, government, energy and power, financial services, and others. Each sector benefits from BI and analytics tools in different ways, such as enhancing operational efficiency, improving customer experience, and optimizing decision-making processes.

Lastly, the report provides a regional outlook for the global Business Intelligence and Analytics Market, which includes North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The report highlights several countries within each region, such as the U.S., Canada, Germany, the U.K., China, India, Brazil, and Saudi Arabia, among others.

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