Business
intelligence refers to a technology-driven process that aims to
enhance business performance by helping the end users make informed
decisions. It includes a range of applications and tools to enable
organizations to accumulate data from internal and external sources.
The accumulated data is then further used for analyzing and solving
business-related queries. The global business intelligence and
analytic tools market is expected to be the fastest growing segment
of the information technology industry. Organizations are
increasingly deploying business intelligence and analytical tools to
streamline their business processes by managing and optimizing the
large amount of gathered data in a short span of time.
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Lack
of Skilled Workforce to Negatively Affect Global Business
Intelligence and Analytic Tools Market
Increased
demand for cloud-based solutions and evolving big data are the
primary factors driving demand from the global business intelligence
and analytic tools market. Business analytics has become imperative
to the decision making process of any organization. Data analytic
tools create easy-to-understand and accurate reports for the decision
makers.
The
demand for efficient analytical processing and analytic models across
enterprises has led the service providers to include useful features
in business intelligence tools, such as high-level classification,
easy data collection, and assimilation. The extensive usage of
analytic tools such as OLAP (online analytical processing), data
mining, and data profiling across business enterprises is expected to
boost the global business intelligence and analytic tools market.
However, lack of a skilled workforce is a major drawback for the
global business intelligence and analytic tools market. Organizations
need trained professionals to correctly deploy business intelligence
and analytic tools.
High
Demand for Self-Service Business Intelligence Tools in Global
Business Intelligence and Analytic Tools Market
Depending
on the types of tools or applications, the global business
intelligence and analytic tools market has been segmented into CPM
suites, BI platforms, content analytics, advanced and predictive
analytics, and analytics applications. It has been observed that data
discovery requirements have driven the demand for BI platforms but
there has been a steady shift from report-centric to analysis-centric
tools. Advanced and predictive analytics is also expected to grow
significantly in the near future.
Based
on the services, the global business intelligence and analytic tools
market has been categorized into managed services and professional
services. With the advancement in technologies, self-service business
intelligence is high in demand. Vendors are developing customized
business analytic and intelligence tools that require minimum or no
technical assistance.
On
the basis of deployment type, the global business intelligence and
analytic tools market has been divided into on-premise and hosted
(cloud-based). The demand for cloud-based deployment is expected to
rise phenomenally in the coming years.
Large
enterprises and small and medium businesses are the major end users
of the global business intelligence and analytic tools market. The
demand for business intelligence is high in large enterprises, where
data support systems and adequate capital allows investment in
analytic tools.
On
the basis of end-use verticals, the global business intelligence and
analytic tools market has been segmented into education, IT and
telecom, BFSI, healthcare, retail, manufacturing, energy and power,
government, and media and entertainment. The demand for analytic
tools from healthcare, BFSI, and retail sectors have been
considerably high.
North
America to Lead Global Business Intelligence and Analytic Tools
Market
Among
the key geographical segments of the global business intelligence and
analytic tools market, North America is expected to be the leading
region owing to increased spending by enterprises on business
analytic tools.
Some
of the key players in global business intelligence and analytic tools
market are Oracle Corporation, IBM Corporation, Tibco Software, and
Microsoft Corporation.
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