DALLAS, April 17, 2015 /PRNewswire/ --
According to a new market research report "Business Intelligence and Analytics Software Market by Segment (BI platforms, CPM Suite, Advanced and Predictive Analytics, Content Analytics, Analytics Application), by Services, by Deployment Mode, by Org. Size, by Verticals, by Regions - Global Forecast to 2020", published by MarketsandMarkets, Business Intelligence and Analytics Software Market is expected to grow from $17.90 Billion in 2015 to $26.78 Billion by 2020, at a Compound Annual Growth Rate (CAGR) of 8.4%.
Browse 67 market data Tables with 59 Figures spread through 155 Pages and in-depth TOC on "Business Intelligence and Analytics Software Market"
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Business Intelligence and analytics is an amalgamation of two major segments, which includes business intelligence and analytics. In fact as the data proliferates business intelligence needs more detailed analysis of large volume of structured and unstructured data, this introduced concept of analytics into business intelligence. Business Intelligence and Analytics extract important information from organizations data, thereby enhancing the business operations by analyzing the current and future course of action and taking strategic decision-making. It provides visibility to every business process, therefore these solutions have ubiquitous role in every industry vertical. As the technologies evolve Business Intelligence and analytics has undergone numerous changes by adapting to the new trends.
Self-service business intelligence is highly in demand by the end users as a result of which vendors develop specialized tools mastered in using tools without any technical assistance. The demand in this market is highly driven by self-service business intelligence and analytics tools. Furthermore shifting interest in cloud deployment, mobile BI solutions, and increasing competition are some other factors pushing this market and creating value in the market. Interesting dashboards with distinct features are continually evolving for maximizing end user experience and remain competitive in the market. For this many niche players such as Tableau software, Qlik technologies, and many others has emerged and expected to evolve in the coming time. Talking about the industry verticals, healthcare industry is rapidly adopting business intelligence tools while BFSI and retail vertical are capturing maximum of the market.
Business Intelligence and Analytics has high adoption rate in large enterprise as they have data support system and adequate capital that permit them to invest in this business optimizing software. Also, due to the increase of cloud adoption, the market of SMB's in Business Intelligence and Analytics Software Market is looking quite promising during the forecast period. The major challenges faced in this market are the acute shortage of knowledgeable and skilled workforce with sound technical capabilities to run the applications.
Further, the market remains to be competitive with the entry of niche players. These players provide innovative integrated software with insightful dashboards thereby increasing their market bargain capability among the large vendors. The major vendors in the Business Intelligence and Analytics Software Market are IBM, Oracle, SAP, SAS, Microsoft, Micro Strategy, Qlik Technologies, Information Builders, Tableau Software, and many others.
It also identifies the drivers, restraints, and opportunities prevalent in the market and provides burning issues along with premium insights for the market. The report also segments the market by sub-vertical: government, BFSI, retail, IT and telecom, manufacturing, retail, education, media and entertainment, energy and power, and others (transportation and logistics, and hospitality); and by region: North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America. The detailed analysis of the key industry players have been done to provide the insight on their product and services, strategies, and recent developments associated with the Business Intelligence and Analytics Software Market.
MarketsandMarkets forecasts that the global Business Intelligence and Analytics Software Market is expected to grow from $17.90 Billion in 2015 to $26.78 Billion by 2020, at a Compound Annual Growth Rate (CAGR) of 8.4%. In the current scenario, North America is expected to be the largest market on the basis of spending and adoption of Business Intelligence and Analytics Software Market.
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