According to a new report published by UnivDatos Markets Insights, the BI and Analytics Market is expected to grow at a CAGR of around 9% from 2022-2028. The analysis has been segmented into Component (Solutions and Services); Industry (Information Communication Technology, Banking Financial Services, Manufacturing, Retail E-commerce, and Others); Region/Country.
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The BI and analytics market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the BI and analytics market. The BI and analytics market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the BI and analytics market at the global and regional levels.
Market Overview
A key advantage of BI and analytics is speed and agility, enabling organizations to quickly process multiple data streams through inherent dashboards. The information obtained can be used to identify trends and opportunities and monitor performance in real-time. BI and analytics enable more informed business decisions, by providing stakeholders and users with these detailed insights and predictions. BI and analytics also bring transparency and visibility across siled networks inside and outside the organization. That means the data is not limited to one department or location. And all departments and offices can access the same information at the same time. Further, the growing adoption of digital technologies is one of the most prominent factors contributing to the growth of the market. For instance, according to the World Economic Forum, digital transformation will add USD 100 trillion to the global economy by 2025. Moreover, by 2025, platform-driven interactions are expected to deliver nearly two-thirds of the USD 100 trillion in value from digitization.
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COVID-19 Impact
Although the COVID-19 pandemic had its worst impact on several industries, it is acting positively for the developments in information technology. The trend of remote access and digital marketing promoted the adoption of BI and analytics in different end-user verticals lately.
The Global BI And Analytics Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
- 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 industry, the market is divided into the market is segmented into information communication technology, banking financial services, manufacturing, retail e-commerce, and others. The retail e-commerce industry is expected to grow at a substantial CAGR during the forecasted period. This is because BI and analytics allow e-commerce companies in accurate decision-making, streamlining business operations, improved business processes, better customer experience, etc.
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BI and Analytics Market Geographical Segmentation Includes:
- North America (U.S., Canada, and the Rest of North America)
- Europe (Germany, U.K., France, Italy, Spain, and the Rest of Europe)
- Asia-Pacific (China, India, Japan, and the Rest of Asia-Pacific)
- Rest of the 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.
The major players targeting the market include
- Adobe
- IBM
- Oracle
- SAS Institute Inc.
- Salesforce, Inc.
- Micro Focus
- Cloud Software Group, Inc.
- SAP SE
- QlikTech International AB
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the BI and Analytics market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
- What are the latest trends, new patterns, and technological advancements in the BI and analytics market?
- Which factors are influencing the BI and analytics market over the forecast period?
- What are the global challenges, threats, and risks in the BI and analytics market?
- Which factors are propelling and restraining the BI and analytics market?
- What are the demanding global regions of the BI and analytics market?
- What will be the global market size in the upcoming years?
- What are the crucial market acquisition strategies and policies applied by global companies?
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