Business Intelligence (BI) and Analytics Platforms Market Size to grow by USD 21.72 billion | Market Research Insights Highlight Rising need to Improve Business Efficiency as Key Driver | Technavio

Vendor Insights 

The global business intelligence (BI) and analytics platforms market is characterized by the presence of several established international vendors, such as Hitachi Ltd., International Business Machines Corp. (IBM), Microsoft Corporation, MicroStrategy Inc., QlikTech International AB, SAP SE, and SAS Institute Inc.

There is intense competition among vendors in terms of product features, price, customized solutions, and services offered. The established vendors are expected to focus on strategies such as geographical expansion, increase in production capacities, and upselling of products by upgrading the existing ones. The major players will have to strengthen their strategies to hold on to their current market share as the competitive environment in this market is expected to intensify in the forecast period, with the increase in R&D innovations and M&A in the near future.   

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

• Hitachi Ltd.
• International Business Machines Corp.
• Microsoft Corp.
• MicroStrategy Inc.
• Oracle Corp.
• QlikTech international AB
• SAP SE
• SAS Institute Inc.
• Tableau Software LLC
• TIBCO Software Inc. 

Find additional highlights on the growth strategies adopted by vendors and their product offerings, Download Free Sample Report. 

Geographical Market Analysis 

North America will be the largest revenue-generating regional segment of BI and Analytics Platform in 2020. The region is anticipated to generate growth across all the years of the forecast period between 2020 and 2025. The year-on-year growth during this period will vary between 7.53% and 20.44%. North America is a crucial market for business intelligence and analytics platforms, primarily because it was an early adopter of sophisticated technologies. Moreover, the region is the leading generator of data and consumers of the same in the world.

On the other hand, APAC will emerge as the fastest-growing region of the medical education market by accounting for over 34% of the overall market growth. China and India are the key markets for the business intelligence (BI) and analytics platforms market in APAC. APAC is an attractive market for business intelligence and analytics platforms because of its high growth potential. The market is expected to record high growth in APAC because of the faster adoption of technologies across industries and the influx of SMEs.

Furthermore, countries such as the US, China, UK, Germany, and India are expected to emerge as prominent markets for BI and analytics market during the forecast period. 

Know more about this market's geographical distribution along with the detailed analysis of the top regions. https://www.technavio.com/report/business-intelligence-and-analytics-platforms-market-industry-analysis 

Key Segment Analysis

The BFSI end-user segment held the largest BI and analytics market share in 2020. The segment is likely to continue witnessing the highest growth throughout the forecast period mainly due to complete digitization of core business processes, adoption of customer-centric business models, and generation of a significant amount of content across the sector.

The BFSI sector has many areas wherein business intelligence and analytics platforms are widely used. A few of the significant application areas of business intelligence and analytics platforms are risk management, customer intelligence, data modeling, neural network scoring, social media monitoring, and customer satisfaction analysis. Banks also use analytics in determining locations to open new branches and keep new ATMs. Analytics platforms are also used to determine the cash to be deposited in each machine. For instance, SAS developed insurance analytics software for preventing fraud through the claim process.

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Key Market Drivers & Challenges: 

The rising need to improve business efficiency is one of the crucial drivers influencing the market's growth positively during the forecast period.  An increase in the number of connected devices across industries has led to massive amounts of data generation. Businesses have realized that they can use the data to optimize costs, deliver better services, and boost revenues. Therefore, business models are changing across the world to become data-driven rather than experience and perception-driven. To implement these technologies in the industrial framework, there is a pressing need for establishing a seamless connection for efficient communication among machines, systems, and people. Therefore, business intelligence and analytics have become a strategic priority for several industrial organizations.

However, rising data privacy and security concerns pose a serious challenge to any IT deployment that consumes enterprise data as a part of its value chain. One of the top concerns for the global business intelligence and analytics platforms market is data security and privacy. Any mismanagement may lead to the creation of security loopholes that hackers can exploit to compromise an entire organization. This may eventually lead to a reduction in brand loyalty, expensive lawsuits, and costly insurance claims.

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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. 

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