Author: Himanshu Patni
05 June 2023
The BI and analytics market is expected to grow at a strong CAGR of around 9% during the forecast period owing to the increasing adoption of cloud computing, big data analytics, and business intelligence tools. Moreover, the growing adoption of digital technologies, fierce competition between businesses, increasing demand for improved decision-making, and rising need for cost-effectiveness and improved customer satisfaction among businesses are some of the most prominent factors driving the growth of the market. In addition, the rising investment in cloud computing is also helping the market to grow at a strong growth rate. For instance, according to Google, 41.4% of global technology and business leaders are planning to increase their investment in cloud computing (mostly cloud-based services and products) due to the current economic climate.
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Based on component, the market is bifurcated into solutions and services. The solutions segment is further categorized into query & reporting, visualization, multidimensional analysis, data mining & predictive analytics, and others. Amongst solutions and services, the solutions segment catered to a significant share of the market in 2021. This is due to the benefits associated with BI and analytics solutions such as identifying trends & patterns, improved operational efficiency, driving revenue & performance, making informed decisions, etc.
By application, the market is divided into customer retention & acquisition, cross-selling & up-selling, customer experience management, campaign management, and others. Among these, the campaign management segment captured a commendable share of the BI and analytics market in 2021. Campaign management enables companies in planning coordinated marketing campaigns, systematically execution of marketing strategies, organize collaboration among team members, etc.
For a better understanding of the market adoption of the BI and Analytics industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, U.K., France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. The demand for BI and analytics is growing in the North America region mainly due to several reasons. The growing adoption of digital technologies across various industries, which generates a massive amount of data is one of the key drivers. BI and analytics tools provide companies with the ability to make sense of this data, gain insights into their operations, and make data-driven decisions. Additionally, there is a growing need for businesses to remain competitive in a fast-paced market, and BI and Analytics can help them identify trends and opportunities quickly. Further on, the increasing emphasis on data privacy and security is driving companies to adopt more sophisticated BI and analytics tools to ensure the safety of their data.
Some of the major players operating in the market are Adobe; Google; IBM, Oracle; SAS Institute Inc.; Salesforce, Inc.; Micro Focus; Cloud Software Group, Inc.; SAP SE; and QlikTech International AB.
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Global BI and Analytics Market Segmentation
Market Insight, by Component
· Solutions
· Services
Market Insights, by Industry
· Information & Communication Technology
· Banking & Financial Services
· Manufacturing
· Retail & E-commerce
· Others
Market Insight, by Region
· North America
o U.S.
o Canada
o Rest of North America
· Europe
o Germany
o U.K.
o France
o Italy
o Spain
o Rest of Europe
· Asia-Pacific
o China
o Japan
o India
o Rest of Asia-Pacific
· Rest of the World
Top Company Profiles
· Adobe
· IBM
· Oracle
· SAS Institute Inc.
· Salesforce, Inc.
· Micro Focus
· Cloud Software Group, Inc.
· SAP SE
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