DUBLIN--(BUSINESS WIRE)--Nov 7, 2019--

Where is the largest and fastest growing market for the business intelligence software? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.

The global BI software market was valued at about $14.3 billion in 2018 and is expected to grow to $28.77 billion at a CAGR of 19.1% through 2022. Major players in the market are Microsoft BI, IBM Congnos, SAP, SAS and Oracle BI.

North America was the largest region in the business intelligence software market in 2018. This region is expected to remain the largest during the next five years. The business intelligence software market in Asia Pacific is forecasted to register the highest CAGR during 2018-2023.

An increase in data-driven projects aids BI software market growth due to a substantial rise in the demand for real time analytics in the historic period. According to International Data Group (IDG) prediction, 69% of the businesses are planning or implementing data-driven projects in order to enhance production and sales, better decision making, strategic planning of business and others. Companies in the industry are using nosiness intelligence software in order to predict consumer behavior and engagement with their products and services. For instance, Starbucks started using the business intelligence software along with CRM software for predicting the purchasing behavior of the customers.

Companies in the end user industries are increasingly adopting cloud based business intelligence tools in order to enhance security, access from anywhere online and benefit from the advantages of economies of scale. The cloud-based BI software is a virtual network, can be accessed via internet hosted on the vendor's servers to aid efficient connectivity of devices. Cloud-based BI software benefit the companies with its cost effectiveness and low investment as no additional hardware costs are involved, short implementation time and others. According to International Data Corporation (IDC), in 2018, 50% of the IT infrastructure spending is on cloud based tools and for efficient data storage it is expected to grow to 60-70% by 2020.

In May 25, 2018, European Union has implemented a regulation called GDPR to impact business Intelligence software market with principles on data protection, data minimization, data retention, and confidentiality. This regulation emphasizing on securing and safeguarding the consumer data, allows only minimum amount of personal data and restricts the access to extract complete data. The rules on the areas of storage limitation, data minimization might affect the BI software market in terms of analysis and accuracy.

In 2018, Cisco Systems Inc., acquired Accompany, an AI-driven business intelligence startup for $270 million. This acquisition enables Cisco to enhance artificial intelligence and machine learning capabilities, and strengthen relationships through AI-driven business intelligence platform. Accompany, develops an artificial intelligence-driven relationship intelligence platform, by offering mobile application and Web-based products for professionals to grant contextual insight into the relationships. The company was founded in 2013 and is headquartered in Los Altos, California, USA.

Key Topics Covered

1. Executive Summary

2. Business Intelligence Software Market Characteristics

3. Business Intelligence Software Market Size And Growth

3.1. Global Business Intelligence Software Historic Market, 2015 - 2019, $ Billion

3.1.1. Drivers Of The Market

3.1.2. Restraints On The Market

3.2. Global Business Intelligence Software Forecast Market, 2019 - 2022F, 2025F, 2030F, $ Billion

3.2.1. Drivers Of The Market

3.2.2. Restraints On the Market

4. Business Intelligence Software Market Segmentation

4.1. Global Business Intelligence Software Market, Segmentation By Deployment, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, $ Billion

  • On-Premise
  • On-Cloud

4.2. Global Business Intelligence Software Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, $ Billion

  • BFSI
  • Telecomm
  • IT
  • Retail and Consumer Goods
  • Healthcare and Life sciences
  • Manufacturing

4.3. Global Business Intelligence Software Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, $ Billion

  • Unstructured Data
  • Semi Structured Data
  • Structured Data

5. Business Intelligence Software Market Regional And Country Analysis

5.1. Global Business Intelligence Software Market, Split By Region, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, $ Billion

5.2. Global Business Intelligence Software Market, Split By Country, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, $ Billion

Companies Mentioned

  • Actuate
  • Birst
  • BIRT
  • Board
  • Clear Analytics
  • Domo
  • Good Data
  • IBM Congnos
  • Jaspersoft
  • Looker
  • Micro Strategy
  • Microsoft BI
  • Oracle BI
  • Panorama Software
  • Pentaho
  • Qlik
  • SAP
  • SAS
  • Sisense
  • Style Intelligence
  • Tableau
  • Target BI
  • Thought Spot
  • Yellowfin BI

For more information about this report visit https://www.researchandmarkets.com/r/s9kyks

Laura Wood, Senior Press Manager

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SOURCE: Research and Markets

Copyright Business Wire 2019.

PUB: 11/07/2019 08:16 AM/DISC: 11/07/2019 08:16 AM

Copyright Business Wire 2019.