Business Intelligence and Analytic Tools Market : Trends, outlook and Opportunity Analysis 2023

Business Intelligence (BI) is a technology driven process aimed at enhancing business performance by enabling end users such as business managers and corporate executives to make more informed business decisions. Business Intelligence includes a variety of applications, tools, and methodologies that enable enterprises to accumulate data from external and internal sources.

This accumulated data is further used for analysis and solving business related queries. Business Intelligence and analytics market is considered to be the fastest growing segment in the Information Technology industry. Organizations are required to deploy BI and analytic tools that streamline their business process by quickly optimizing and managing the exponential increase in data.

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The business intelligence and analytics tools market can be segmented on the basis of types, services, end-users, deployment types, end-use verticals, and regions. On the basis of types, the market could be categorized as BI platforms, CPM suites, advanced and predictive analytics, content analytics, and analytics applications. Based on services, the Business Intelligence and analytics tools market can be segmented into professional services, and managed services. On the basis of deployment type, the business intelligence and analytics tool market is categorized into on-premise and hosted (cloud-based).

Based on the end users, the business intelligence and analytics tools market is segmented into small medium businesses and large enterprises. The market can also be categorized by end-use verticals as BFSI, healthcare, IT and telecom, energy and power, retail, manufacturing, education, government, and media & entertainment among others. Furthermore, the Business intelligence and analytics market is segmented into five major regions, namely North America, Europe, Asia Pacific, Latin America, Middle East and Africa.

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Evolving big data and increasing demand for cloud based solutions are some of the factors driving the business intelligence and analytics tools market. Business analytics is becoming vital in any organizational decision making. Creating easy to understand and quickly accessible reports for decision makers is a critical functionality needed in data analytic tools. The business intelligence and analytics tools market has become highly competitive due to the proliferation of data and data sources.

In a business activity, accurate decision making is required. This necessitates the demand for efficient analytic models and analytics processing. Capabilities of business intelligence tools including easy data collection, assimilation, and high level classification have enabled business organizations to take smarter decisions and actionable insights. Some of the analytics tools such as OLAP, data profiling, data mining and others help organizations to better segregate information from huge volume of data.

Lack of skilled and proficient workforce is the biggest challenge faced by the organizations in correct deployment of business intelligence and analytic tools. Hence the demand for business intelligence and analytics training is expected to remain high over the major part of the forecast period. Some of the key players in the business intelligence and analytics tools market include IBM Corporation, Information Builders, Oracle Corporation, Microsoft Corporation, SAP SE, SAS Institute, Inc, Tableau Software, Inc, Qlik Technologies, Inc, and Tibco Software.

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