The global Business Intelligence Platform market size is predicted to reach over USD 20.2 billion in 2020 and projected to grow at a CAGR of 6.5% over the forecast period.
Simplest terms, a business intelligence platform is a software platform that gives IT developers the infrastructure and architecture they need to build, execute, and deploy business intelligence and analytics solutions. This platform enables businesses to create solutions tailored to their specific needs at a cost that is both reasonable and affordable. Predictive analytics, data mining, dashboards, reporting and query, OLAP, and visualisation are just a few of the features that assist SMBs and large companies in making better business decisions by analysing data more quickly, precisely, and comprehensively.
The global Business Intelligence Platform market is expected to surpass USD 20.2 billion in 2020, with a compound annual growth rate (CAGR) of 6.5 percent over the forecast period. Massive volumes of data are generated by business processes, systems, and platforms. In order to manage data and understand new technologies, big data and business analytics are becoming more popular. The growing use of applications and mobile devices has resulted in a huge increase in data production. Business analytics must be used to establish new competitive strategies and deliver services. As a result, demand for business intelligence platforms is increasing as big data and business analytics become more prevalent.
The COVID-19 outbreak has impacted all marketplaces, as well as customer behaviour, in a short period of time. It has a significant economic and social impact. With offices, educational institutions, and manufacturing facilities closed indefinitely, important sports and events postponed, and work-from-home and social distance regulations enforced globally, businesses are rapidly deploying technologies to help them get through this difficult time. Analysts, business intelligence professionals, and advanced analytics experts have been enlisted to assist leaders in making business decisions in response to the COVID-19 spread's new problems.
The report also emphasizes several distinctiveness of the global Business Intelligence Platform industry by valuing the market from value chain breakdown. Moreover, the report encompasses numerous qualitative features of the Business Intelligence Platform industry which comprises market restraints, drivers, as well as key industry opportunities. Furthermore, the report offers an inclusive evaluation of the company profiling along with the market rivalry of local and global vendors.
The Business Intelligence Platform market has tough competition among the new emerging and pre-established market vendors. Besides, the Business Intelligence Platform industry vendors are trying to capture the prospective markets to grab a competitive advantage over the remaining industry vendors. To capture the market, market players are forming agreements, acquiring other companies & startups, mergers & acquisitions, partnerships & collaboration, and escalating their business existence.
Based on the Deployment Type, the market is segmented into On-premises, and cloud. cloud providers are focusing on a few strategic regions. These include assisting telecom companies in monetizing 5G as a business User Types platform, enabling them to better engage their customers through data-driven experiences, and assisting them in improving operational efficiencies across core telecom systems.
Because of its technological advancement in business management analytics for sales, production, and innovation, North America is expected to have the largest market size in 2020. The majority of the major players in the advancement of business intelligence are based in North America. Because of the commercialization of IoT technology and the increasing adoption of advanced technologies in countries such as China, Japan, and India, APAC is expected to grow at the fastest CAGR during the forecast period, fueling demand for business intelligence solutions and services..
The major players of the global Business Intelligence Platform market are Oracle, SAP Se, Microsoft, SAS, DOMO, Inc., IBM, Tableau Software (Salesforce.com, Inc.), Sisense, Tibco Software, Zoho Corporation Pvt. Ltd. and others. Renowned companies are offering new and modern Business Intelligence Platform software solutions. In addition, the previously recognized as well as new market players are approaching the market with advanced and new strategic services and solutions and to remain competitive in the global market.
Segment Overview of Global Business Intelligence Platform Market
Industry Overview, 2019-2028 (USD Billion)
- Telecom & IT
- Media & Entertainment
User Type Overview, 2019-2028 (USD Billion)
- Large Enterprises
Deployment Type Overview, 2019-2028 (USD Billion)
Regional Overview, 2019-2028 (USD Billion)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America