Business Intelligence and Upcoming Market Growth
Since its inception in 1990, the Business Intelligence market has evolved the segment from technical, and IT-centric processes to more towards inclusive and IT-enabled processes.
Business Intelligence software segment evaluated at USD 20.516 billion in 2019 and forecast to reach about 50.50billion by the end of 2025, at a CAGR of 12% within the stipulated period of 2020-2025. The business intelligence market is flourishing and will continue to do as BI solutions expand.
With BI software leading their path in promoting businesses and making better-informed decisions, some points are worth observing as per the new market insights and input from experts in the BI space. Let’s peek into the latest trends this year to keep your business updated.
State of Business Intelligence Market
In 2019, the largest client of business intelligence and analytics technology was the banking sector, with 13.9%. While discrete manufacturing adds up to 11.3%, professional services along with process manufacturing add another 8.2%, government grants 6.8%, and a mix of healthcare, education, mining, energy, and others add up to 51.6%.
In 2020, the BI application market surges to $14.7 billion. The banking sector grabs for $204 million in revenue, retail and wholesale and does not add up enough to make their only slot on this graph.
The financial sector industry adds up the most significant chunk of money spent on BI technology. The market has been steadily increasing since its inception and surging in the early 200s, and the approach is expected to rise continuously.
Growth and Change
As per Mike Galbraith, Vice President of technology strategy and solutions at ThoughtFocus considered that growth would be based basically on the advancement of various technologies lying under the BI umbrella.
He adds that business will surge as the digital economies will continue to escalate and evolve as manufacturers admire Industrie 4.0 concepts.
The digital world is expanding in terms of complexity and size. In 2017, there were 2.5 quintillion bytes of data per day. By 2020, the figures are predicted to reach 44 zettabytes.
The usage of data for human use promotes insights into a range of information. So it is quite easy to grasp why the tool is so popular and crucial to many industries.
Data Security in peak time
There is another aspect that clicks our mind – how to keep data safe? How to protect the broad spectrum of data collected by all these solutions on the BI market? Galbraith agreed that data governance and security would be a significant issue in the business intelligence industry in the upcoming years.
The growth in the Business Intelligence market is to sustain, users and software providers will have to keep thinking alike for data security in a grand way.
Role of Data Scientists
With the rise of the Business Intelligence market, data analyst and scientist jobs are shaking. As per Shaku Atre – there would be an increase in data scientists. Though the software would be getting more sophisticated, they can’t match human brain drawing capabilities. There is still a long way to interchange human beings with robots.
Greg Steffine’s opinion is different. He assumes that the advancement of AI capabilities will reduce the marketing industry’s dependence on data analysts.
Data analysts will increase shortly; they are not going anywhere. There is a possibility that the role would reposition more towards data science or business roles. Even there would be more and more companies incorporating data-driven business at every stage of business.
Global Business intelligence position and analytics market
North America is expected to adopt the Business Intelligence market and analytic software and solutions. Increment in digitalization in North America is expected to open up possibilities of growth for the operating player in the BI and Analytics market.
The prominent players in the Business Intelligence and analytics market are Tibco software, Tableau software Inc, SAS Institute Inc., SAP AG, Oracle Corporation, Microstrategy Inc., and much more.
The business intelligence market is surging at an impressive rate, pitched by technological advancement and with ease and knowledge that technology brings to our lives. With increasing figures, data security has become a concern for users and developers. Significant preventive steps need to be taken to protect this growth bubble.
Data scientists will find an alteration in their role as business intelligence software is pervasive. BI would continue to be a prominent part of the BI industry and business world. The Business Intelligence market is booming and will continue making a presence in the business software industry in the near foreseeable future.