Business Intelligence are the tools adopted by enterprises for data analysis to provide business reporting and understanding of historical, current and predictive views of the business
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Business Intelligence market frequently asked questions
As per Beroe's analysis report, the top most trends in business intelligence include the following:-- Mobile, BI, Data visualization, and advanced analytics are the top drivers of the BI market -- Content authoring is now more business-user driven -- The emergence of cloud has led to greater adoption led by the line of business managers as opposed to IT -- IoT and BYOD are other business intelligence industry trends which have increased the data volume -- It's expected that there will be nearly 45 billion connected devices and a 42 percent increase in data volume each year posing a high business opportunity for the BI market -- All major insights can be observed on intuitive dashboards accessible in a shared and collaborative environment
As per the report, the global business intelligence and analytics market size is expected to reach $22.8 billion while growing at a steady CAGR of 7.6 percent. North America and Europe are the high market maturity regions, while the APAC region is expected to experience high market growth. The BI market is expanding in countries like the U.S., UK, and Japan due to the advancement of mobile, cloud, and social BI solutions, while in regions like Latin America, APAC, and MEA, the BI market is still flourishing at a steady pace.
According to Beroe's business intelligence market analysis report, the key drivers of the BI market are ' big data analytics, demand for data-as-a-service, and desire for personalized and self-service BI capabilities. Though implementation cost limits the market growth, it's considerably mitigated by the emergence of cloud deployments.
The platform for business intelligence and market research is undergoing a significant technological shift due to easy access and analysis of information based on data, content authoring, and greater adoption of cloud technologies.
The right implementation of BI allows quick access and analysis of information based on data. It also improves and optimizes key business decisions and performance based on facts. -- Content authoring is now more business-user driven That being said, the major components of business intelligence solutions include: -- Data Mining -- Statistical Analysis and Visualization -- Data Warehouse/Data Mart -- Data Sources
To successfully implement marketing and business intelligence, the primary steps to be implemented involve: -- Requirement analysis ' It involves sourcing information from all stakeholders, end-users, and systems -- Infrastructure Evaluation ' It involves evaluating the data architecture, SLAs, Extract-Transform-and Load (ETL) --architecture, and also perform database designing -- Designing ' This step includes designing BI/OLAP reports, metadata solutions, logical and physical database design mockups while managing the data quality -- Development ' It includes the development of delivery mechanisms, UI, backup, recovery, and maintenance scripts parallely -- Testing & Deployment ' The last step wherein a test environment is created to conduct integration & UAT testing and complete final deployment.
As per business intelligence outlook report shared by Beroe, the complete BI industry is driven by: --Increased need for big data analytics --Leveraging predictive analysis tools --Adoption of storytelling concept to improve data interpretation & influence key business decisions --Creation of interactive dashboards to manage bulk visual data --Extension of NLP based search to facilitate quick input analytical queries. --Extension of NLP based search to facilitate quick input analytical queries. Despite the multiple driving factors, the business intelligence news also indicates that BI market growth is deterred by the following three constraints: --Data security breach and compliance issues. --Maintenance and governing of data can be a big challenge (especially when everything is cloud-driven) requiring enhancement of audit features. --The increase of demand with complex programming and other factors involved can lead to a price increase; a major constraint in the BI market.
The global fulfilment market size was $53 billion in 2019. The global e-commerce fulfilment market is growing fast too. Beroe estimates that the global marketing fulfilment services market will grow at a CAGR of 4 percent to 5 percent every year until the end of the year 2022. It is estimated that the market will be valued at over $65 billion at the end of 2022 due to continued growth in the marketing operations and fulfillment service market. The growth of the fulfillment industry will continue in the future after 2022. The different regions have different market sizes according to the Beroe report. The Asia Pacific region has the largest market share with a value of $18 billion to $20 billion. The North American region has the second-largest market share and has a market value of $13.5 billion to $15.5 billion. Next, it is the European region that has a market size with a value of $12 billion to $13.3 billion. The Middle East and Asia region have a market value of $2.2 billion and $2.6 billion.
Business Intelligence market report transcript
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:
Statistical analysis and visualization
Data warehouse/Data Mart
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.
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.
- Requirement analysis from all stakeholders, including business and system users
- Source and system analysis
- Evaluates technology architecture, such as data architecture, SLAs, workload modeling
- ETL architecture and database design
- BI/OLAP report design
- Metadata solution design
- ETL and data quality management
- Logical and physical database design
- 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
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
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
- 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
- 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.
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.
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