Information Communication and Technology Reports Business Intelligence (BI) Industry

Business Intelligence (BI) market is expected to grow from USD 17.09 Billion in
2016 to USD 26.88 Billion by 2021, at a CAGR of 9.5% from 2016 to 2021
According to a new market research report " Business Intelligence Market by Type (Platform, Software, Service),
Data type (Unstructured, Semi-Structured, Structured), Business Application, Organization Size, Deployment
Model, Industry Vertical, and Region - Global Forecast to 2021", published by MarketsandMarkets™, The global
Business Intelligence (BI) market is estimated to grow from USD 17.09 Billion in 2016 to USD 26.88 Billion by 2021,
at a Compound Annual Growth Rate (CAGR) of 9.5%.
BI helps business users access business data and perform queries to generate insights. It equips business users
with easy-to-use data exploration, data preparation, appropriate analytics, and data visualization tools &
techniques.
Browse and in-depth TOC on “Business Intelligence Market”
89 - Tables
46 - Figures
167 - Pages
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Major Key Companies:
Key players in the market include Microsoft (US), IBM (US), SAP (Germany), Oracle (US), Tableau (US), SAS Institute
(US), Qlik (US), MicroStrategy (US), Information Builders (US), TIBCO Software (US), Pentaho (US), Yellowfin
(Australia), Sisense (US), and Panorama (Canada). These players are increasingly undertaking mergers and
acquisitions, and product launches to develop and introduce new technologies and products in the market.
The major factors driving the BI market are increasing adoption of cloud, growth of advanced analytics, adoption of
data-driven decision-making, and the emergence of Internet of Things (IoT)-enabled technologies. The market is
growing rapidly because of the transformation from traditional techniques for analyzing business data to advanced
BI techniques and the massive surge in the volumes structured and unstructured data.
Unstructured data type is expected to grow at the highest CAGR
The Business Intelligence Market is segmented by data type into structured, unstructured, and semi-structured
data types. If the collected data is left unmanaged, it becomes tough to retrieve right data information when
needed. BI is gaining traction due to its capabilities to handle and manage such unmanaged data. The rise and
development of IoT has propelled rapid growth in data volumes. Unlike the structured data, the unstructured data
cannot be displayed in rows and columns, thus making it complex for processing and analysis. The unstructured
data type is expected to grow at the highest CAGR during the forecast period. Increasing demand of analytics and
adoption of IoT devices among SMEs are the main reasons for the generation of unstructured data.
BFSI is estimated to have the largest market size in 2016
The BI market is also segmented by various verticals, out of which the adoption rate of BI is expected to be the
highest in the Banking, Financial Services, and Insurance (BFSI) vertical, as the volume and variety of data is
increasing day-by-day with the growing demand of IT systems for financial transactions in banks and other financial
service institutions.