Business Intelligence Platform Market
Global Market Study on Business Intelligence Platforms: Rapidly Rising Adoption among Retailers Catalyzing Market Growth
Business Intelligence Platform Market Segemented By Platforms, Professional Services, Managed Services Solution on Cloud and On- premise Deployment for Supply Chain Operations, Sales and Marketing Management, Operations Management, Predictive Maintenance, Fraud, Risk and Compliance Management Application
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.
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- SAP Se
- DOMO, Inc.
- Tableau Software (Salesforce.com, Inc.)
- Tibco Software
- Zoho Corporation Pvt. Ltd.
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.
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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.
Market Research Methodology - Perfected through Years of Diligence
A key factor for our unrivaled market research accuracy is our expert- and data-driven research methodologies. We combine an eclectic mix of experience, analytics, machine learning, and data science to develop research methodologies that result in a multi-dimensional, yet realistic analysis of a market.
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.
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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.
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.
Key Questions Answered in Report
- How much is the business intelligence platform market worth?
The business intelligence platform market is slated to reach US$ 9 Bn in the year 2021.
- What will be the demand outlook?
The global business intelligence platform market will be worth US$ 21 Bn by the year 2031.
- What was the last 5 year market CAGR?
The global business intelligence platform market recorded a CAGR of 8.5% between 2015 and 2020.
- What are the key trends of business intelligence platform market?
The key trend is that of inorganic expansion. For instance – Microsoft acquired Netbreeze and Captain, SAP acquired KXEN, Tibco Software acquired Jaspersoft Corporation, and likewise.
- What is driving demand for business intelligence platform?
Mobile business intelligence, low cost data storage, rise in data integration, and need for taking improved business decisions are driving the demand for business intelligence platforms.
- What is the market share of top 5 players?
The top 5 players in the business intelligence platform market include Oracle SAP SE, Microsoft, DOMO, Inc., and IBM. They account for more than 50% of the market share.
- What are the top 5 countries driving demand?
The top 5 countries driving the demand include the US, UK, India, Australia, and Canada.
- What is North America’s market Outlook?
North America rules the business intelligence platform market due to the US housing majority of key players.
- At what percentage business intelligence platform is going to register growth in Europe?
Europe is expected to register growth at the rate of 8% in the business intelligence market between 2021 and 2031.
- What are the key market statistics in Korea and Japan?
Japan and Korea are expected to be consistent in the business intelligence platform market between 2021 and 2031.