TechNavio recognizes the following companies as the key players in the Global Business Intelligence (BI) Market in Retail Industry: IBM Corp., Oracle Corp., SAP AG, and SAS Institute Inc.
Commenting on the report, an analyst from TechNavio’s team said: “There is ongoing migration from traditional analytic tools to predictive analytics (analysis, forecasting, and optimization). The global economic crisis has also increased the requirement for more accurate forecasts and optimized business processes. Most of the vendors have started introducing applications to make statistics, predictive analytics models, and forecasting algorithms in reports, dashboards, and analytic applications. Predictive analytics tools allow organizations in the Retail industry to identify potential opportunities and threats. For example, an organization can predict which customers are more likely to respond to a marketing campaign based on demographic data and on purchase statistics that include data on frequency of purchase.”
According to the report, one of the major drivers in the market is the increasing volume of information generated in the Retail industry. BI tools comprise a series of applications that enable organizations to make better decisions by providing accurate, dependable, consistent, and understandable data and reports in a useful format. Basically, BI means getting the right information to the right people at the right time to support better decision-making and gain competitive advantage.
Further, the report states that one of the major challenges is the high cost of implementation. After purchasing the software license, organizations also need to hire resources for the proper implementation of the software. In addition, post implementation, BI tools need to be upgraded according to current market trends, which is one of the major challenges in terms of cost for SMEs.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors. For further information on this report, please visit https://www.technavio.com/report/global-business-intelligence-bi-market-i…
TechNavio, the market research platform of Infiniti Research Ltd., publishes periodic market research reports on niche and emerging technologies. For more information on our market research, please visit https://www.technavio.com/it-hardware-software-services
Follow us on Twitter @ Technavio
TechNavio Announces the Publication of its Research Report – Global Business Intelligence (BI) Market in Retail Industry 2014-2018
