Business Intelligence

• The global BI market was estimated to be $25.4 billion in 2021 and is forecasted to reach $27.8 billion in 2022. The market is forecasted to grow at a CAGR of 9.3 percent, during the period 2021–2025

• North America and Europe are high maturity regions in terms of supplier presence, technological advancements, and market demand. APAC is the fastest growing region, with strong investments towards digital innovation

• Global demand for digital technologies, integration of cloud BI applications with artificial intelligence and other automation solutions are key technology drivers for the BI market

Business Intelligence Demand Market Outlook

• High adoption of cloud services and investments in digital technologies had also led to increased adoption of cloud-based BI solutions to improve business decision making process.

BREXIT - Impact on Business Intelligence

Impact Area: IT Service Providers and Buyers

• Talent crunch in specific skills for application development and maintenance directly impact external consultants' billing rates

• Technology startups in the UK employ a significant workforce from (European Union) EU countries due to insufficient math and science graduates in the country to fill positions in application development and engineering

Impact Area: SaaS Service Providers

• The UK remains one of the key destinations for data centers serving EU clients. Despite the exit from the EU, UK companies need to abide by the EU General Data Protection Regulations (GDPR) which was set to take effect from May 2018.

• Apart from local regulations, UK companies managing EU data need to adhere to stricter GDPR norms which are expected to add to compliance costs.

Business Intelligence Market Analysis Overview

Business intelligence is an approach that enables access and analysis of information based on data, to improve and optimize business decisions and performance using a fact-based support system. The major components of BI solutions include:

• Data mining

• Statistical analysis and visualization

• Data warehouse/Data Mart

• Data sources

This section of the report also provides key insights about the types of BI and market share as well as capabilities and business adoption rates.

Important takeaways

• Globally, Business Intelligence Software is given high importance and many businesses consider it critical or vital.

• It provides a multitude of benefits through forever advancing technology, increased accessibility, seamless functioning and benefits for the end-user. These are also the main factors that are driving the BI market.

• As per experts, Data security will be the top concern for both service providers and end-user.

BI Implementation

Requirement Analysis

• Requirement analysis from all stakeholders, including business and system users
• Source and system analysis

Infrastructure Evaluation

• Evaluates technology architecture, such as data architecture, SLAs, workload modeling
• ETL architecture and database design

Design

• BI/OLAP report design
• Metadata solution design
• ETL and data quality management
• Logical and physical database design

Development

• Backup & recovery, failover, and maintenance scripts
• Develop report, delivery mechanism, user interfaces

Testing and Deployment

• Create a test environment and conduct integration/system/UAT testing
• Training and beta testing and final & complete deployment

Going forward

Judging from the way the BI landscape is shaping up, Global business leaders think that business intelligence platforms have the immense capacity to add value to vendors and customers involved in the business cycle. Every business or industry wants to lower costs and increase revenues and Business Analytics helps to achieve this goal. Every company or business should start focussing on bigger problems and concentrate on how business analytics can resolve them. Companies which are already using it should also re-evaluate newer possibilities using BI.

Global BI - Market Maturity

• The BI market in key leading countries, such as the US, the UK and Japan, is expanding, due to the advent of cloud, mobile, and social BI solutions

• BI penetration is moderate in LATAM, APAC, and MEA

Global BI - Industry Trends

• Cloud BI, integration with artificial intelligence and NLP technology, data quality management are the key features driving innovation in the BI market. Suppliers are investing towards innovation and improved data management capabilities.

There is a significant technology shift in BI and analytics platforms as observed below:

• Data analysis has extended to free-form text exploration rather than being restricted to structured ad-hoc reporting and analysis based on a predefined model

• Content authoring is more business-user driven

• The emergence of the cloud has triggered greater adoption among business managers as opposed to IT

• Dashboards, data visualization, analytics databases/platforms, and BI/OLAP tools are major functionalities in BI solutions, with maximum utilization in businesses. Actionable insights are delivered as intuitive dashboards through a seamless sharing and collaboration environment

• Self-service BI capabilities driven by global search and guided navigation have facilitated faster turnaround times for line of business managers

• IoT and BYOD have increased the data volume exponentially and are emerging trends in BI solution

The business intelligence and analytics market size as well as the growth potential are illustrated region-wise. 

Global BI - Drivers and Constraints

Drivers

Increase in unstructured data generation

• Enterprises can leverage BI tools on the high volume of unstructured data generated from multiple sources, such as IoT sensors, cameras, devices, social media, etc. The analysis and interpretation of unstructured data assist enterprises in understanding customer preferences, operational processes, and formulate business strategies

Predictive/Prescriptive Analytics Tools

• BI analysis has been enhanced through the use of predictive and prescriptive analytics tools. Forecasting, graph analysis, and complex event processing techniques are used to improve the decision-making process

Cloud-based business intelligence

• The adoption of cloud-based business intelligence solutions has accelerated significantly in the past 2–3 years, due to the COVID-19 pandemic and enterprises prioritizing digital growth strategies

Automated Data Science

• BI technologies are leveraging automated data science technologies to assist enterprises with improved data categorization, segregation, sorting, analysis and reporting

Constraints

Digital Ethics

• Data security breaches and issues result in a significant loss for enterprises. Cloud BI tools and integration with third-party applications with lack of secure framework may increase potential data breach opportunities

Data Governance

• With the emergence of cloud, there would be increasing cases of fragmented analytics deployments (smaller scale) driven by LOB managers as opposed to centralized IT. This can create challenges in maintaining data governance. Hence suppliers also need to focus on enhancing data audit features

Regional Market Outlook

The business intelligence outlook for each of the regional markets is analyzed in detail. The regions are North America, Europe, MEA, APAC and LATAM. 

The market information and market maturity details of each region give valuable insights into the regional nuances of BI. It also lists the global suppliers active in each region as well as the local suppliers. The maturity levels of the service providers are illustrated alongside the maturity levels of the buyers. The country-wise variations if any within each region are also described as neighboring countries sometimes have contrasting market maturity levels.   

Overall Analysis

This report analyzes the BI market to give a crisp overview of the supplier vs buyer as well as the challenges that the BI industry faces. The well-rounded analysis of the global as well as regional BI market helps one get an overall grasp of the overview as well as the finer details of the BI market. The analysis is supported by facts and figures that are presented in an attractive and easy-to-understand format. 

Supplier Analysis - Supplier Market Outlook

The supplier business intelligence trends vary based on various perspectives. This section of the report describes the supplier market outlook from different perspectives including global vs. regional and local vs. vertical.

Global BI Market Share

The key players in BI and their market share are listed here. The section also highlights key takeaways about the leading players and their offerings. 

Global Supplier List and Major Service Capability Mapping And Assessment

The BI product suites of major players are mapped and analyzed in this section. It gives a comparative overview of the products at a glance. It also assesses the service capability of the various players.

Key Global Supplier Profile

The leading global suppliers have been studied and the details of their company, leadership, geographic presence, achievements, certifications, service capabilities, cash flow and other important details have been provided. Further, each supplier has been thoroughly analyzed and presented in a SWOT report.