Business Intelligence Platform Market

Introduction

Business intelligence platform technology plays a vital role in the growth of the software industry. Leading retailers are focusing on spending heavily on technological advancements. Business intelligence platforms can help retailers develop their sales per visit by optimizing prices to align with the current trends, better understanding customer needs, providing a better shopping experience for customers, and increase margins by determining and analyzing upcoming trends.

With the help of a business intelligence platform, an enterprise can have a wide look into its data, correlations into its sales data, analyze patterns, and recognize outliers through intuitive dashboards and visually appealing data. Retail analytics helps businesses draw an effective strategy for their activity based on customer behavior. This accessibility factor is anticipated to fuel the growth of the global business intelligence platform market during the forecast period.

• For instance, Board International combines retail reporting software, retail business analytics, retail planning, and retail forecasting software capabilities in one solution to make data fast and effective, and facilitate an informed decision-making strategy with execution.

Increasing Adoption of Predictive Analytics to Boost Business Intelligence Platform Market

Analyzing data to predict market trends for services and products, and to enhance the performance of enterprise business stems, has always been a part of operating a competitive business. Increasing demand for getting insights from unstructured data like social media content, call center records, social networking sites, and email messages has led to increasing usage of predictive analytics platforms, thereby boosting their demand.

Growing Usage of Big Data and Business Analytics to Propel Market Growth

A huge amount of data is being generated via business processes, systems, and platforms. To manage data and to understand new technologies, the adoption of big data and usage of business analytics is continuously increasing.

The growing use of apps and mobile devices has directly resulted in substantial increase in the amount of data produced. The usage of business analytics is critical for businesses to develop new competitive strategies and to provide services.

Therefore, the rising penetration of big data and business analytics has a positive impact on the demand for business intelligence platforms.

Technological Advancements in Business Intelligence Offering Avenues for Better Informed Decision-making

Business intelligence is a technology-driven process for analyzing and offering actionable data to help corporate end users make informed business decisions. It includes different features such as a ranking report, executive dashboard, data analysis, data visualizations, data quality management, faster data-mining capacity, and natural language processing (NPL).

• For instance, in April 2019, M3, Inc. launched a new business intelligence platform called Insight. M3, Inc. is a cloud-based business platform for the hospitality industry. Insight is a self-service, and fully-integrated platform featuring mobile compatibility, robust analytics, ad hoc reporting, and powerful user-driven interactive dashboards.

APEJ to Dominate Business Intelligence Platform Market

Asia Pacific Excluding Japan (APEJ) is expected to witness notable growth in the global business intelligence platform market during the forecast period. By adopting cloud computing and other tools, companies in Asia Pacific are in a unique position to perform advanced solutions effectively and quickly. Increasing demand for big data and IOT is anticipated to boost the business intelligence platform market growth in the region.

Analysts’ Viewpoint

A comprehensive view of the business intelligence platform market has led our analysts to conclude that, the market is growing at an impressive rate. Asia Pacific is expected to hold a large share of the global business intelligence platform market during the forecast period, due to many developing economies in the region, which is seen as a great opportunity for business intelligence in the near future in the region. New product innovation and strong financial position of key market players are expected to give momentum to the business intelligence platform market.

Business Intelligence Platform Market: Segmentation

PMR’s research study on the global business intelligence platform market offers detailed market segmentation, wherein, key segments have been discussed elaborately. The segmentation of the business intelligence platform market has been offered on the basis of solution, application, deployment, enterprise size, industry, and region. Every segment has been analyzed in detail, and data pertaining to the growth of each segment has been included in the study.

Business Intelligence Platform Market: Key Questions Answered

The research study on the business intelligence platform market offers inclusive insights about the growth of the market in the most comprehensible manner for better understanding of users. Key insights offered in the report answer some of the most salient questions that assist stakeholders in gauging all emerging possibilities.

• How does a rapidly changing business environment turn into a major growth engine for the business intelligence platform market?
• How is ensuring compliance with industry regulations boosting the business intelligence platform market?
• What are the key trends constantly shaping the growth of the business intelligence platform market?
• Which are the prominent regions offering plentiful opportunities for the business intelligence platform market?
• What are the differential strategies adopted by key players to command a significant chunk of the global market share?