A businesses ability to collect, track and interpret loads of data can make or break its success, so organizations are increasingly relying on business intelligence (BI) and analytics solutions in order to measure sales, profits, customer satisfaction and numerous other factors that affect how they do business. The BI and analytics tools market can generally be segmented into four categories, as seen to the right. The methodologies and technologies used in these tools help transform unstructured data into useful information.
Allowing enterprises to specifically target customers with a view to improving overall profits is helping the Global BI and Analytics Platform Tools Market grow at a steady rate, with a CAGR of 8.93 percent during the period of 2013-2018.
TechNavio analysts have identified four major trends that are contributing to the growth of this market over the coming years:
1. Adoption of SaaS-based BI and Analytics Platform
Businesses are increasingly choosing to centrally host software and data in the cloud. Everything from accounting to analytics is being swept up in this new model, and BI is no different. The adoption of Software as a Service or SaaS-based BI and analytics applications is expected to grow rapidly in the near future as small and large enterprises replace traditional on premise BI tools with SaaS.
These models offer more flexibility and are generally more cost effective than their on premise counterparts. As more vendors in the market continue to expand their services and offer BI and analytics platforms in the cloud, businesses will continue to adopt these technologies to manage their information.
2. Growing Demand for Mobile BI and Analytics
The needs of the business world are 24/7, so it just makes sense that tools to support business should be accessible around the clock, and not solely from the office. A major reason that the BI and analytics platform tools market is growing is the market’s willingness to go mobile.
Mobile BI tools allow employees to access an organization’s resources remotely, thereby enabling employees to participate in projects, wherever they happen to be. Businesses are expanding their reach and telecommuting is becoming more common, so having tools that allow employees to access pertinent data easily and from wherever is bolstering the BI and analytics market.
3. Increasing Focus of Vendors on Small and Medium Enterprises (SMEs)
In the past, SMEs had limited options when adopting a system that ensured optimal business performance. This was because they did not require, or could not afford, all the features of enterprise-class BI systems. Their options were limited to freeware, low-end, or open-source solutions that mainly focused on server or network monitoring. But a shift in culture has taken place recently, and now small and medium sized enterprises are seeing the value of complete visibility in their operations. This has created an opening in the BI market for products tailored to smaller enterprises, which is leading to market growth.
4. Increase in Market Consolidation
The Global BI and Analytics Platform market is fragmented in nature, but the big players in the IT industry such as Oracle and IBM are acquiring smaller players that offer niche products. Less competition in the market is certainly good news for market projections over the next four years.
For more market insights, including drivers and challenges and SWOT analysis for key vendors, view our Global Business Intelligence (BI) and Analytics Platforms Market 2014-2018 report.
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