The market is primarily driven by heavy use of e-commerce and an increase in the adoption of data-driven business models by small, medium and large organizations.
JERSEY CITY, NJ, December 2, 2021 / PRNewswire / – Verified Market Research recently published a report, “Business Intelligence Software Market“By department (professional services and managed service), by platform (business intelligence platform, advanced and predictive analytics, analytics application, content analysis) and by geography. According to verified market research, the size of the global business intelligence software market was valued at $ 18.33 billion in 2020 and should reach $ 35.18 billion by 2028, with a CAGR of 8.45% from 2021 to 2028.
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202 – Pages
126 – Tables
37 – Figures
Global Business Intelligence Software Market Overview
Business Intelligence software enables companies to make informed decisions based on logical facts involving market trends and consumer buying habits. For example, the data exists in several systems of the large organization because they have ERP and CRM applications. Therefore, the first step in using BI is to prepare an inventory of the data produced by the business. In addition, the growing adoption of data analytics in end-use industries to analyze data and make more informed business decisions is expected to drive demand for BI software.
The market is primarily driven by heavy use of e-commerce and an increase in the adoption of data-driven business models by small, medium and large organizations. For example, restaurant chains such as Wendy’s and Ruby Tuesday in the United States are making significant use of BI software to improve customer relationships. The BI approach enables companies to implement strategic decisions in a way that drives positive transformation resulting in high quality customer service. Additionally, the increase in the use of data and enterprise analytics software supported by continued investments in business intelligence and tools is driving strong revenue growth.
On the contrary, the significant costs incurred for the license and installation of BI software are expected to be a challenge for the growth of the market. BI software license prices are not entirely based on software development costs, but are largely influenced by market conditions at the time of purchase. Additionally, organizations are already benefiting from traditional BI tools and are skeptical about adopting advanced BI software. While the benefits of adopting BI software are many, the initial investment of purchasing an appropriate BI platform or software, implementing it in the organization, and training employees in its use. usage is high.
Pyramid Analytics, an enterprise-driven analytics platform, has received official SAP BW 7.5 and BW 4 / HANA certifications, demonstrating the company’s high-performance business intelligence capabilities on SAP as well as support data warehouse technologies from SAP.
Google said in june 2019 that it will acquire Looker, a hot analysis company that has earned more than $ 280 million in financing. it will pay $ 2.6 billion for the privilege, and the business will be added to Google Cloud.
In January 2019, MicroStrategy Incorporated, a Global Leader in Enterprise Mobility and Analytics Software, Introduced the Industry’s First and Only Enterprise Platform for HyperIntelligence, Transformative Mobility, and Federated Analytics
The main players in the market are Cloud9 Analytics, Google, Inc., IBM Corporation, Informatica, Microsoft Corporation, Oracle Corporation, SAP SE, SAS Institute, Inc. and Tableau Software.
Verified market research segmented the global Business Intelligence software market on the basis of service, platform, and geography.
Business Intelligence Software Market, By Service
Business Intelligence Software Market, By Platform
Business Intelligence Software Market By Geography
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