The increasing adoption of cloud computing technology by small and medium enterprises has become one of the major factor for the growth of business intelligence and analytics solution. The business intelligence and analytics tool is a resource intensive software or solution which requires huge data storage capacity. The cloud has provided the futuristic growth to the business intelligence and analytics software by providing huge data storage capacity. Additionally, cost effective and rapidly implementing features have increased the demand for cloud based business intelligence and analytics solution in the market. Moreover, demand for performance improvement features are also fueling the growth of business intelligence and analytic solution market. Investments in maintenance of IT infrastructure and data warehouse for storing data has reduced due to application of cloud technology. Further, the data security concern is one of the major challenge, which hinders the growth of the business intelligence and analytics software market globally.
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Business Intelligence (BI) and Analytics software provides the insight and analytic information, which helps managers, executive, and other corporate end users to understand the situations and take bold action with quick execution. The increasing demand of real time data analysis, increasing adoption of cloud technology, and rising installation of internet of devices are some of the major drivers fueling the market growth of business Intelligence and analytics software globally. Additionally, rising demand of insights form unstructured data to understand the customer and market trend and increasing adoption of business intelligence and analytic tool by small and medium enterprises provides the growth opportunity to the business intelligence and analytics market globally.
Increasing requirement of analyzing real time data in various organization accelerated the growth of the business intelligence and analytics market.
The increasing demand for real time data analysis dashboard has become one of the major trend for the growth of the business intelligence and analytics market. In today’s world, due to increasing stiff competition in the market, the analysis of real time data has become one of the major requirement in various organization. Implementation of new technology, such as stream mining in-database analytics and in-memory analytics provides real time analytic for situational intelligence, fraud detection, and customer interactions. Moreover, the increasing installation of Internet of things devices have generated large amount of real time data, which has increased the demand for real time business intelligence and analytical tools. In 2015, near 145 zeta byte per year data was generated by internet of things devices and is projected to reach 600 zeta byte per by 2020.
The global business intelligence and analytics market was valued at US$ 16649.3 million in 2016 and is estimated to witness a CAGR of 9.4 % during the forecast period (2018 – 2025).
North America holds a dominant position in the global business intelligence and analytics market.
According to Coherent Market Insights, the business intelligence and analytics market in North America held the dominant position in 2016 with US$ 2700 million. The United States and Canada are the major countries driving the market of business intelligence and analytics in North America region, due to highly adopted business intelligence and analytic software and solution by various organization, which have raised the market. Additionally, dominance of digitalization in North America region provides a key growth opportunity to the business intelligence and analytics market.
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