BI and Analytics Software Market is Segmented by Type (Content Analytics, Professional Services, Managed Services), by Application (Healthcare, BFSI, Media and Entertainment, Energy and Power), by Regions & Key players Regional Growth: Global Opportunity Analysis and Industry Forecast, 2021–2026. This report is published on Valuates Reports in the BI Software Category.
The global Business Intelligence and Analytics Software market size is projected to reach USD 33770 Million by 2026, from USD 23940 Million in 2020, at a CAGR of 5.9% during 2021-2026.
Major factors driving the growth of Intelligence and Analytics Software market size are: growing focus on digital transformation, rising investments in analytics, rising demand for dashboards for data visualization, increase in adoption of cloud, and increase in data generation.
In large corporations, the use of business intelligence and analytics software is significant; however, small and medium-sized organizations are also looking for investments in this software due to the benefits associated with it. The popularity of cloud deployment options has also given SMBs enormous advantages and greatly increased their adoption rate.
The report offers a comprehensive analysis and accurate statistics on revenue by the player for the period 2021-2026. It also offers detailed analysis supported by reliable statistics on price and revenue (global level) by players for the period 2021-2026.
COVID-19 IMPACT ON BI AND ANALYTICS SOFTWARE MARKET SIZE
The need for all businesses to put their data to work to speed up the decision-making process has been expedited by COVID-19. A systematic practice in business intelligence can allow companies to identify proper metrics to better survive the crisis.
Business intelligence helps enterprises to take a closer look at how they operate by taking note of where they do well and where they can change. Business intelligence is aimed at leveraging knowledge to make decisions that maximize and optimize sales.
TRENDS INFLUENCING THE BI AND ANALYTICS SOFTWARE MARKET SIZE
Rising demands for dashboards for data visualization to enhance the ability in making business decisions is expected to drive the growth of business intelligence and analytics software market size. Data visualization tools are implemented by organizations across verticals to easily interpret data and extract actionable business insights. Cloud data visualization tools allow organizations to provide a cost-effective and scalable way of analyzing data. The ability to visualize data helps businesses identify market drivers and Key Performance Indicators (KPIs) through BI solutions. It helps to remove redundant data in order to uncover patterns, observations, trends, and methods of use that help leverage its growth in the market.
The business intelligence and analytics software market size are increasingly driven by the widespread use of e-commerce and an increase in SMEs’ adoption of data-oriented business models. The BI strategy encourages businesses to make strategic decisions in such a way that it brings about a meaningful change that results in high-quality customer service.
BI AND ANALYTICS SOFTWARE MARKET SHARE ANALYSIS
Based on region, North America is expected to hold the largest business intelligence and analytics market share. This dominance of North America is attributed to the technical advancement in business management analytics for their sales, production, and innovation. The majority of major players active in business intelligence development are based in North America which too invariably contributes to the market growth.
The Asia Pacific is expected to witness the highest growth during the forecast period, to the rise in demand in emerging economies such as China and India. Some of the key highlights of the Asia Pacific regional market’s development are the significant adoption of BI software and resources, outsourcing activities for cloud deployment, and demand for customer insights.
The cloud business intelligence segment held the largest market during the forecast period due to the rising demand from the SME sector. Cloud business intelligence software is easy to deploy and enables companies to focus on their core business. The software enables users to access data from a network-attached smartphone, tablet, laptop, desktop, and other devices.
Based on end-use, the BFSI segment is expected to dominate the business intelligence and analytics market share. This is due to the increased deployment of BI software to enable constant access to the client database, secure transactions, and enhanced client experience.
