Major players in the business intelligence software (BI software) market are Microsoft BI, IBM Congnos, SAP, SAS and Oracle BI. The global bi software market is expected to grow from $34. 86 billion in 2020 to $42.
New York, May 06, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "BI Software Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06067923/?utm_source=GNW
02 billion in 2021 at a compound annual growth rate (CAGR) of 20.5%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $107.98 billion in 2025 at a CAGR of 26.6%.
The business intelligence software (BI software) market consists of sales of business intelligence software.This software enables users to project information, visualize data, derive insights, improve business operations and make strategic business decisions.
The components of business intelligence are source data, data warehouse, and online analytical processing (OLAP), visualizations, dashboards, and extract, transform, load (ETL) processes.
In May 25, 2018, European Union has implemented a regulation called GDPR to impact business Intelligence software market with principles on data protection, data minimization, data retention, and confidentiality.This regulation emphasizing on securing and safeguarding the consumer data, allows only minimum amount of personal data and restricts the access to extract complete data.
The rules on the areas of storage limitation, data minimization might affect the BI software market in terms of analysis and accuracy.
In October 2020, Tibco Software acquired Information Builders Inc., for an undisclosed amount. With this acquisition the Tibco’s aims is to augment its connected intelligence platform to address customers end-to-end data management and business analytics needs. Information Builders Inc., founded in 1975 is a leading player in business analytics headquartered in New York.
Companies in the end user industries are increasingly adopting cloud based business intelligence tools in order to enhance security, access from anywhere online and benefit from the advantages of economies of scale.The cloud-based BI software is a virtual network, can be accessed via internet hosted on the vendor’s servers to aid efficient connectivity of devices.
Cloud-based BI software benefit the companies with its cost effectiveness and low investment as no additional hardware costs are involved, short implementation time and others. According to International Data Corporation (IDC), 50% of the IT infrastructure spending is on cloud based tools and for efficient data storage it is expected to grow to 60-70% by 2020.
An increase in data-driven projects aids BI software market growth due to a substantial rise in the demand for real time analytics in the historic period.According to International Data Group (IDG) prediction, 69% of the businesses are planning or implementing data-driven projects in order to enhance production and sales, better decision making, strategic planning of business and others.
Companies in the industry are using nosiness intelligence software in order to predict consumer behavior and engagement with their products and services. For instance, Starbucks started using the business intelligence software along with CRM software for predicting the purchasing behavior of the customers.
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