Summary

The BI and analytics market is expected to grow at a strong CAGR of around 9% during the forecast period owing to the increasing adoption of cloud computing, big data analytics, and business intelligence tools. A key advantage of BI and analytics is speed and agility, enabling organizations to quickly process multiple data streams through inherent dashboards. The information obtained can be used to identify trends and opportunities and monitor performance in real-time. BI and analytics enable more informed business decisions, by providing stakeholders and users with these detailed insights and predictions. BI and analytics also bring transparency and visibility across siled networks inside and outside the organization. That means the data is not limited to one department or location. And all departments and offices can access the same information at the same time. Further, the growing adoption of digital technologies is one of the most prominent factors contributing to the growth of the market. For instance, according to the World Economic Forum, digital transformation will add USD 100 trillion to the global economy by 2025. Moreover, by 2025, platform-driven interactions are expected to deliver nearly two-thirds of the USD 100 trillion in value from digitization.

Some of the major players operating in the market include Adobe; Google; IBM, Oracle; SAS Institute Inc.; Salesforce, Inc.; Micro Focus; Cloud Software Group, Inc.; SAP SE; and QlikTech International AB. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report
“Amongst component, the solutions segment held a prominent share of the market in 2021”
Based on component, the market is bifurcated into solutions and services. The solutions segment is further categorized into query & reporting, visualization, multidimensional analysis, data mining & predictive analytics, and others. Amongst solutions and services, the solutions segment catered to a significant share of the market in 2021. This is due to the benefits associated with BI and analytics solutions such as identifying trends & patterns, improved operational efficiency, driving revenue & performance, making informed decisions, etc.

“Amongst industry, the retail & e-commerce segment is expected to grow at a significant CAGR during the forecast period”
By industry, the market is divided into the market is segmented into information & communication technology, banking & financial services, manufacturing, retail & e-commerce, and others. The retail & e-commerce industry is expected to grow at a substantial CAGR during the forecasted period. This is because BI and analytics allow e-commerce companies in accurate decision-making, streamlining business operations, improved business processes, better customer experience, etc.

“North America held a prominent share of the market in 2021”
The demand for BI and analytics is growing in the North America region mainly due to several reasons. The growing adoption of digital technologies across various industries, which generates a massive amount of data is one of the key drivers. BI and analytics tools provide companies with the ability to make sense of this data, gain insights into their operations, and make data-driven decisions. Additionally, there is a growing need for businesses to remain competitive in a fast-paced market, and BI and Analytics can help them identify trends and opportunities quickly. Further on, the increasing emphasis on data privacy and security is driving companies to adopt more sophisticated BI and analytics tools to ensure the safety of their data.

Reasons to buy this report:
• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:
The global BI and analytics market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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