Business intelligence is the process of analyzing a large amount of organization data stored in the huge databases commonly known as the data warehouses. It has basically been designed to make improvements in the decisions taken based on the real-time data by keeping a track on the changes in trends or patterns in the business data affecting its performance. This is a strategic tool management system that can help businessmen take their strategic planning and operational decisions very wisely. The business intelligence helps the organizations retrospect their data all over again before taking some of the important decisions. And as per the current study, the global business intelligence market was valued at USD 16.33 Billion in 2015 and is estimated to reach USD 26.50 Billion by 2021, that is, 8.4% CAGR growth from 2016 to 2021.
The business intelligence tool helps companies gain knowledge regarding how to improve the marketing skills, customer satisfaction needs, and currently followed trends in the global market. The tool makes it all the easier for the companies to achieve success or improvement in their technical skills. Apple’s App Analytics service’s updated version is a boon for the mobile app developers on iTune Connect as it will give a detail of how the users find the specific apps, be it on App Store or by browsing the websites. This is surely a golden opportunity for the developers to understand their customers more and figure out if there are any improvements required.
The bifurcation of the market is based on technology and deployment. The technology section is further categorized into cloud business intelligence, mobile business intelligence, and social business intelligence. The deployment section is divided into on-premises business intelligence and cloud business intelligence. The mobile and on-premises business intelligence sections dominate the worldwide market growth.
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Some of the dominating competitors in the market include Tableau Software, Oracle, Microsoft, Targit, IBM, Microstrategy, SAP, GoodData, and SAS. In terms of regional segmentation, North America is the largest market for the business intelligence owing to the global market growth. The other region expected to be following the trail includes Asia-Pacific.