According to MarketsandMarkets, it is growing rapidly because of the transformation from traditional techniques to advanced BI ones and the massive surge in the volumes structured and unstructured data.
According to the new market research report “Business Intelligence Market by Type (Platform, Software, Service), Data type (Unstructured, Semi-Structured, Structured), Business Application, Organization Size, Deployment Model, Industry Vertical, and Region - Global Forecast to 2021”, published by MarketsandMarkets, the global Business Intelligence (BI) market is estimated to grow from USD 17.09 Billion in 2016 to USD 26.88 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 9.5%.
Some of the Prominent Key Players in the Business Intelligence Market are: Microsoft Corporation, International Business Machines Corporation, SAP SE, Oracle Corporation, Tableau Software, SAS Institute, Pentaho (A Hitachi Company), Qlik Technologies, Microstrategy, Inc., Information Builders, Tibco Software, Yellowfin International Pty Ltd, Sisense Inc., Panorama.
The major factors driving the BI market are increasing adoption of cloud, growth of advanced analytics, adoption of data-driven decision-making, and the emergence of Internet of Things (IoT)-enabled technologies. The market is growing rapidly because of the transformation from traditional techniques for analyzing business data to advanced BI techniques and the massive surge in the volumes structured and unstructured data.
BFSI is estimated to have the largest market size in 2016
The BI market is segmented by data type into structured, unstructured, and semi-structured data types. If the collected data is left unmanaged, it becomes tough to retrieve right data information when needed. BI is gaining traction due to its capabilities to handle and manage such unmanaged data. The rise and development of IoT has propelled rapid growth in data volumes. Unlike the structured data, the unstructured data cannot be displayed in rows and columns, thus making it complex for processing and analysis. The unstructured data type is expected to grow at the highest CAGR during the forecast period. Increasing demand of analytics and adoption of IoT devices among SMEs are the main reasons for the generation of unstructured data.
The BI market is also segmented by various verticals, out of which the adoption rate of BI is expected to be the highest in the Banking, Financial Services, and Insurance (BFSI) vertical, as the volume and variety of data is increasing day-by-day with the growing demand of IT systems for financial transactions in banks and other financial service institutions.
North America is estimated to hold the largest share of the BI market in 2016 due to the technological advancements and early adoption of BI solutions in the region. The market in Asia-Pacific (APAC) is expected to grow at the highest CAGR during 2016-2021. The main driving forces for this growth are increasing technological adoption and huge opportunities across verticals in the APAC countries, especially India, China, and Japan.