Business Intelligence market to reach $22.8 billion by 2020
RALEIGH, North Carolina, Aug. 27, 2019 /PRNewswire/ -- The global market for business intelligence (BI) is expected to grow at a CAGR of 7.6 percent until 2020, according to Beroe Inc, a procurement intelligence firm. The key drivers for the BI industry include big data analytics, demand for data-as-a-service, and the demand for personalized and self-service BI capabilities in organizations.
Regions such as Europe and North America have a high market maturity of BI, whereas APAC is presumed to undergo high market maturity in the near future. The BI market in chief leading countries such as the U.S., the UK, and Japan is growing due to the advent of cloud, mobile, and social BI solutions.
Beroe, which is based in North Carolina, further stated that procurement experts can access this report on its recently launched market intelligence platform Beroe LiVE: live.beroeinc.com
The rising demand for big data analytics is a major driver for the BI industry. By 2021, it is expected that the global big data market will touch $90 billion and Big Data as a Service (BDaaS) could reach $28 billion. Moreover, many organizations are utilizing industry-specific data-as-a-service, which also acts as a key driver for the BI Industry. By 2020, the amount of data created is expected to reach 40 ZB. This extensive growth of data needs mastering analytics to derive meaningful insights, which requires BI.
According to Porter's Five Forces Analysis, with the explosion of data, the threat of substitution is very low in the BI market as there is a permanent demand for information discovery solutions. Additionally, the BI market has less challenges for new entrants. This is due to the high demand for BI, in which vendors are coming up with varied solutions that deliver value-added services such as pre-built metrics, and pre-integrated support.
** On average, overall BI implementation takes 2 - 3 months for cloud deployment and nearly 6 - 12 months for an on-premise deployment.
** A significant industry trend has been the technological shift and analytics platforms in BI. Currently, the data analysis has developed to free-form text exploration rather than being limited to structured ad hoc analysis and reporting.
** By 2020, there will be approximately 45 billion connected devices and a 42 percent increase in data volume, which will serve as a huge business opportunity for the BI market.
** A constraint in the BI market will be the rising demand, complex programming, data integration, and growing implementation cost.
** Cloud BI solutions facilitate easy integration with any third-party applications and provide security at all levels, which can be easily accessed remotely from everywhere.
** SAP leads the BI market with nearly 10 percent of the market share. The is mainly driven by license sales to large enterprises with mature transactional IT systems such as ERP and CRM.
The research methodology adopted for the report included: Experts with twenty years of domain experience, Interaction with buyers, Inputs from supply chain partners.
The utilization of BI is shifting from IT-centric, reporting-based models to business user-centric, intuitive visualization-based models. This is true with growth in self-service BI tools such as Tableau Desktop and QlikView. With BI, business users are transforming into the new industry influencers as they are adept with easy-to-use analysis and dashboards.
The report also includes:
Market Analysis, Supplier Analysis, Procurement Best Practices, and Cost Analysis.
About Beroe Inc.: Beroe is the world's leading provider of procurement intelligence and supplier compliance solutions. We provide critical market information and analysis that enables companies to make smart sourcing decisionsóleading to lower costs, greater profits and reduced risk. Beroe has been providing these services for more than 13 years and currently works with more than 10,000 companies worldwide, including 400 of the Fortune 500 companies.
To learn more about Beroe Inc., please visit: http://www.beroeinc.com
SOURCE Beroe Inc.
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