Business Intelligence Market Augmented Expansion to Be Registered by 2021
According to a market research report"Business Intelligence Marketby Type (Platform, Software, Service), Data type (Unstructured,Semi-Structured, Structured), Business Application, Organization Size,Deployment Model, Industry Vertical, and Region - Global Forecast to2021", published by MarketsandMarkets™, the global Business Intelligence(BI) market is estimated to grow from USD 17.09 Billion in 2016 to USD 26.88Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 9.5%.
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Informationmanagement for an organization is more important than Information technologyand it requires a proper BI strategy. Hence, it is a complex task for them toachieve the goal of ‘making their information pay’. Traditionally, BusinessIntelligence (BI) started with line of business specific tools to find outanswers from raw data of an enterprise, they have small data storages invarious segments of their IT infrastructure, based on needs of differentdepartments their data store is maintained and accordingly applications/toolsare used to discover new data sources. But today it is backed up by powerfulanalytical capabilities for informed decision making and What–if Analysis i.e.determining how predicted performance is affected by alterations in theirassumptions. Eventually organizations have become more dependent on theirbusiness processes data which secures the future position of BI. Using ETL(Extract, transform and load) methodology BI tools re-engineer or automate theexisting business processes across the IT Infrastructure thereby helpingbusinesses in accurate forecasts and increase their cross-sell revenue.
Manybusinesses are not able to analyze almost 90% of their enterprise data that’sthe reason BI adoption has been increased rapidly. As a result, market isseeing an exceptional transformation in Business Intelligence (BI), mainlybecause of technological innovation and increasing business needs. But as thespread of internet has increased, users’ expectations have also grown beyondjust finding information by leveraging metadata to less complex & easytransformation of data into dashboards and reports.
Textsearch-based BI applications are the future of data discovery with minimaltraining required and reducing user’s dependability on pre-defined meta-data.Users now want to have more interactive BI tools rather than only descriptivetools, due to continuous rise in use of Smart phones and Tablets they want tomonitor KPIs anytime, anywhere from any device. A shift can be seen to the mosteasy & affordable way for enterprises to get all BI services through Cloud Business Intelligence (SaaS,PaaS, IaaS), at present this has very slow adoption rate but will see a brightfuture as small and medium sized companies are moving to cloud forcost-benefits and flexibility of implementation.
Today,organizations of all sizes are indulged in finding Key Performance Indices(KPI) and extracting more information from their data to reach success goals.Knowing what businesses do not know has never been of such an importance andthis trend will continue.