Reporting tool software offers variety of services, including business intelligence and performance analytics which is driving the market and is expected to grow exponentially
The global reporting tool software market is expected to develop at a Compound Annual Growth Rate (CAGR) of 11.6 percent from USD 5.9 billion in 2018 to USD 10.2 billion by 2028.
Covid-19 Impact & Market Status
The report offers a comprehensive overview of the global reporting tool software market with briefings on key challenges, investment opportunities, key segments, growth projections, competitive environment in national and international market, etc.
In terms of products offered by industry participants, the reporting tools market has seen various advances. Manufacturing, retail, and energy and utilities verticals have all seen a moderate slowdown, while BFSI, government, and healthcare and life sciences have all had little impact. In the aftermath of the COVID-19 epidemic, there has been an increase in the usage of line charts, bar charts, and choropleth maps in the news. Simple reporting forms have become essential for getting important information about the coronavirus pandemic out to the public.
While some of these concepts may be unfamiliar, the visuals themselves are. Because of the present COVID-19 dilemma, one of the most exciting developments is that firms who excel at dashboard development consolidate analytics and decision-making processes and expand them exponentially across all connected channels.
Large Enterprises Segment to Make Significant Revenue Contribution
The large enterprise segment is expected to dominate the global reporting tool software market. The market is greatly being driven by the growing adoption of reporting tool platforms among large companies. The medium enterprises segment, on the other hand, is expected to see significant revenue growth throughout the forecast period. This is due to the increased emphasis on data visualisation and visual analytics.The SMEs segment is expected to account for major shareholding in the forecast span with the fastest CAGR. This increase is linked to SMEs' growing requirement to store data from a growing target audience throughout the world and extract more value from the data, which is projected to promote the adoption of reporting tools among SMEs.
Cloud-based service is anticipated to grow at a significant rate in the forecast period
The desire to reduce the overall cost of data ownership and the growing requirement for data management in companies as an essential need for business continuity are the primary growth factors of the reporting tool Platform Market. Many organisations are actively developing data management techniques across multiple industries, as well as activities to maintain data security, which has a beneficial impact on reporting tool software market. Users can lease access to cloud-based reporting tools through a web service rather than buying and installing the software on their computers. These software solutions allow users to store, compute, access, and use data remotely, removing the requirement for users to download the software to their client computers. The cloud deployment segment is projected to grow with highest CAGR and dominate the global reporting tool software market. The advantages of cloud technology, such as ease of deployment and low capital requirements, have aided in the acceptance of the cloud deployment model. The COVID-19 pandemic is projected to spur the adoption of cloud technology solutions, as lockdowns and social distancing measures encourage businesses to migrate to cloud solutions that can be controlled remotely.
North America to have the largest market share followed by APAC
North America, Europe, Asia Pacific, Middle East & Africa, and South America are the regions in which the reporting tools market is segmented. In 2020, the market for reporting tools was dominated by North America. This is due to a growing acceptance of reporting tools software and digitalization across a variety of industries. The widespread use of reporting tools has resulted in a twofold increase in utilisation.North America held the largest market share owing to key factors such as significant utilisation of technology-based solutions. Furthermore, factors like technology advancemnents in big data in retail sector is also driving North America’s market share in global reporting tool software market in North America.
Due to rising demand in developing economies like as China and India, Asia Pacific is expected to be the fastest expanding market. The market for reporting tools is growing in Asia Pacific, thanks to an increase in the number of startups and small businesses. APAC is also projected to follow North America in terms of market share and revenue in the forecast years and with a considerable CAGR. The key factors such as technology advancements and digitalization in countires like India, Japan, and China.
To meet regulatory compliance, including financial reporting data and privacy requirements, businesses are increasingly turning to sophisticated reporting tool software which is driving the market growth
Reporting software and tools are used to show data in a style that is easy to grasp and interpret for users. Rather than wasting time on reporting, reporting tools and software make it simple to present data in visually appealing formats. Companies can use reporting tools to score new prospects and improve client satisfaction using data-driven reports. They assist in enhancing efficiency by optimising customer services and real-time data monitoring. Businesses can use reporting technologies to create a "snapshot" of current business operations. These analytics and reporting tools aid in the construction of a picture based on pertinent data for specific and limited subsets of business activities. A reporting tool takes data from a variety of sources and organises it into tables, charts, visual presentations, and different styles so that it's easy to interpret. Employees and decision-makers can use reporting tools to assess their industry's current position in the market. When making critical professional decisions, reporting tools enable all employers to relate to the data that is most important to them and the industry. Reporting tools are used to monitor and govern the business in order to provide insights.
Reporting software can refer to a variety of topics, including business intelligence and performance analytics. Business intelligence software are the most used software components with reporting features. These technologies provide a method for specialists in organisations to evaluate data and uncover patterns and insights. These devices can dissect data on everything from marketing estimates to application performance. These, in combination with self-service business knowledge tools, can provide insights and track key performance indicators. Many people can also create visual representations of data for use in presentations. While information researchers and other subject matter specialists frequently use the reporting platforms, self-administration devices are designed for usage by average business professionals. Bookkeeping and time tracking software are two other forms of software that include reporting features. Accounting software focuses on monetary and financial insights, while time tracking software measures employee productivity and performance.
The reporting tools market is expected to grow at a rapid pace over the forecast period, owing to technological advancements and increased digitalization. Today's reporting technologies have evolved throughout time to allow essential and relevant data to flow in real time across all stages of the business. The output data or information is a real-time visual representation of where the business is right now, as well as a list of actions to do to increase the efficiency of various phases involved in day-to-day operations. Reporting technologies can also be tailored to meet specific requirements, such as reshaping reports in real time, reducing performance bottlenecks, and formatting reports in the way that employees want.
The desire to reduce the overall cost of data ownership and the growing requirement for data management in companies as an essential need for business continuity are the primary growth factors of the reporting tool Platform Market. Many organisations are actively developing data management techniques across multiple industries, as well as activities to maintain data security, which has a beneficial impact on enterprise data management system installation.
Various variables, such as the increasing desire for an interactive view of data in order to make faster business choices, to meet regulatory compliance, including financial reporting data and privacy requirements, businesses are increasingly turning to sophisticated reporting tool solutions.
In the aftermath of the COVID-19 epidemic, there has been an increase in the usage of line charts, bar charts, and choropleth maps in the news. Simple reporting tool software have proven critical in getting the word out to the public about the coronavirus outbreak. While some of these concepts may be unfamiliar, the visuals themselves are. Because of the present COVID-19 dilemma, one of the most exciting developments is that firms who excel at dashboard development consolidate analytics and decision-making processes and expand them exponentially across all connected channels.
Due to the increased interest in various end-client sectors, the global reporting software market is expected to grow rapidly throughout the forecast period. Reporting software connects to data sources, gathers data, and presents insights as diagrams and graphs based on the input data so that the client may find useful information. As the demand for smart analytics and reporting solutions grows, reporting software allows clients to collaborate in real time with Team Members. This will help to pique the market's interest in Reporting Software around the world. The introduction of virtual and augmented reality-based reporting software with the ability to manage risks, forecasting, and budgets, as well as the growing adoption of AI and IoT to maintain data accuracy, will be a big market pattern for the Global Reporting Software. It will strengthen the executive's frameworks, inner cycles, and set objectives with the help of the reporting software
Some of the key players in the market are Yurbi, QlikView, Oplift, CloudMonix, InsightSquared, Jinfonet software, Averto, Zoho Analytics, SAP crystal reports, DBxtra Report Designer, Planful, HIve, ProWorkFlow,Clicdata, Tableau, Microsoft, IBM, Informatica, SAS Institue, Slemma, ClicData, Reportei, Oracle Corporation, Cloud 9 Analytics
Latest Innovation in the Global Reporting tool software Market: A snapshot
- Tableau Prep Conductor, a solution that enables businesses to schedule and manage self-service data preparation, was released in January 2019 and improves Tableau's data prep capabilities.
- In July 2019 Larsen & Toubro Infotech Ltd. (LTI) has agreed to buy Lymbyc Solutions Pvt. Ltd. in order to expand LTI's digital and analytics solutions and add deep learning, natural language processing (NLP), and visualisation capabilities to its platform.
- In April 2019 Tableau Software, LLC teamed up with the United States Census Bureau to create the Response Rate Map, which is powered by Tableau Public. This platform will assist the Census in increasing participation, improving customer experience, and increasing data transparency.
Reporting Tool Software Market Scope
|Revenue forecast in 2028
|USD 10.2 billion
|CAGR of 11.6 % during 2018-2028
|Type, End Use, Application, Regions
|North America, Europe, Asia Pacific, Middle East and Africa, South America
|Key Players Profiled
|Yurbi, QlikView, Oplift, CloudMonix, InsightSquared, Jinfonet software, Averto, Zoho Analytics, SAP crystal reports, DBxtra Report Designer, Planful, HIve, ProWorkFlow,Clicdata, Tableau, Microsoft, IBM, Informatica, SAS Institue, Slemma, ClicData, Reportei, Oracle Corporation, Cloud 9 Analytics
Key Segments of the Global Reporting tool software Market
Type Overview, (USD Billion)
- Web Based
Application Overview, (USD Billion)
- Large Enterprises
- Midsize Enterprises
- Large Enterprises
End User (USD Billion)
- IT and Telecom
- Media Entertainment
Regional Overview, (USD Billion)
- North America
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- Rest of the Middle East & Africa