Business intelligence and analytics industries have been rapidly growing with the enormous rise in the data generated in organizations.
These solutions offer attractive opportunity to the organizations and help them analyze structured and unstructured data, generated at various sources. It transforms this data into useful and meaningful insights. Organizations are looking for these solutions in order to solve their business problems and improve their overall Business Intelligence in growing competitive landscape.
Investing in these expensive business intelligence and analytics solutions has been a major challenge for the organizations, especially for Small and Medium Businesses. Business intelligence platform provides the organizations with an opportunity to develop their own intelligence and analytics solutions catering to their specific business needs at an affordable price. This platform provides IT developers with the architecture and infrastructure required to develop, deploy, and execute the business intelligence solutions. These solutions also help them take improved business decisions through comprehensive analysis of the available data.
Business Intelligence and analytics has opened up new opportunities in the last few years. However, the potential of this tool has not been fully exploited due to the complex implementation process and lack of experienced professionals in the organizations.
The Business Intelligence platform help enterprises generate data driven insights with the help of data mining, dashboards, reporting and query, OLAP and visualization, and other features of the platform.
The major vendors of the global business intelligence platform market include SAP, SAS, IBM, Oracle, Microsoft, Tibco Software, Microstrategy, Tableau, Qlik, and Pentaho. The major factors driving the adoption of business intelligence platform are – increase in data generation, low cost of data storage, affordability, and increasing competition in the market. The growing need to take better business decisions and mobile business intelligence are also some other significant driving factors for the market.
It is forecast that the global business intelligence platform market to grow from $8,953 million in 2014 to $14,218.6 million by 2019. Expectations are that the market to grow at a steady CAGR of 9.7%, from 2014 to 2019. It is expected that North America to be the biggest market in terms of market size, while Europe and Asia-Pacific (APAC) are expected to experience rising market traction