Press release
Rise in Data-Driven Projects Fuels Market Growth in Business Intelligence (BI) Software Market
Rise in Data-Driven Projects Fuels Market Report
Data-Driven Projects Driving Growth:
1. Increase in Data-Driven Projects:
The surge in data-driven projects is a key driver of the BI software market's growth, fueled by a substantial demand for real-time analytics. Businesses, aiming to enhance production, sales, decision-making processes, and strategic planning, are implementing or planning data-driven projects. Notably, 69% of businesses, as predicted by the International Data Group (IDG), are actively engaged in such projects. For instance, Starbucks leverages BI software and CRM software to predict customer purchasing behavior, showcasing the industry's reliance on real-time analytics.
Role of Enterprises in Market Growth:
2. Contribution of Enterprises:
The increasing presence of small, medium, and large enterprises is anticipated to propel the BI software market's growth. These enterprises, varying in size and operational scale, leverage BI software to gather, analyze, and transform data into actionable insights, enhancing performance and gaining a competitive edge. Notably, the UK saw a rise in the number of small businesses and medium-sized businesses in 2022, contributing to the overall growth in enterprises and subsequently driving the BI software market.
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Key Market Players:
Major companies shaping the BI software market include SAP SE, Oracle Corp., JDA Software Group Inc., and IBM Corporation. These industry leaders play a crucial role in providing advanced BI software solutions to meet the evolving demands of businesses.
Adoption of Cloud-Based BI Tools:
1. Rising Adoption of Cloud-Based Tools:
The end-user industries are increasingly embracing cloud-based BI tools to enhance security, enable online access from anywhere, and benefit from economies of scale. Cloud-based BI software, hosted on vendor servers and accessible via the internet, offers cost-effectiveness, low investment, short implementation times, and other advantages. Enterprises are allocating significant budgets to cloud technologies, with over 50% spending between $1.2 million and $2.4 million, according to a study by Flexera.
Innovative Technologies in BI Software:
2. Adoption of IBM Business Analytics Enterprise:
Leading companies in the BI software market are actively developing innovative technologies to address data silos and fragmented analytics tools. IBM Business Analytics Enterprise, an AI-powered platform, streamlines planning and analytics, providing businesses with a unified view of data. This platform, launched by IBM, exemplifies the industry's commitment to overcoming challenges and facilitating better and faster decision-making through advanced analytics.
Regional Dynamics and Market Segmentation:
North America emerged as the largest region in the BI software market in 2023, with Asia-Pacific expected to witness the fastest growth during the forecast period. The comprehensive market segmentation encompasses geographical regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The BI software market covered in this report is segmented -
1) By Type: Unstructured Data, Semi Structured Data, Structured Data
2) By Deployment: On-Premise, On-Cloud
3) By Application: BFSI, Telecomm, IT, Retail and Consumer Goods, Healthcare and Life sciences, Manufacturing
Access the Complete Report for In-Depth Analysis:
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Business Intelligence (BI) Software Global Market Report 2024 from TBRC covers the following information:
•Market size date for the forecast period: Historical and Future
•Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
•Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Business Intelligence (BI) Software Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on business intelligence (BI) software market size, business intelligence (BI) software market drivers and trends, business intelligence (BI) software market major players, business intelligence (BI) software market competitors' revenues, business intelligence (BI) software market positioning, and business intelligence (BI) software market growth across geographies. The business intelligence (BI) software market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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