Over the two decades business intelligence platform has been playing an important role to make better utilization of corporate data for business benefits. It has been observed that not only enterprises but also government departments are also using business intelligence platform to improve their decision making process. Healthcare sector is also one of the important sectors where business intelligence platform providers are offering customized solutions to cater this vertical. Over the period business intelligence platform has changed with the touch of business integration and innovation to cater diversified industry verticals.
Most of the enterprises are considering that business intelligence platform is an important initiatives which has shown positive impact on business performance. Business intelligence platform helps to store huge amount of data and to derive insights from the same to take intelligence business decisions.
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Business Intelligence Platform Market: Drivers and Restraints
Increasing competition, growing number of multi-structured data sources, and awareness about smart data discovery tools drive the business intelligence platform market. Increasing competition among business intelligence platform vendors force to invest in innovative BI market, which leads to increase the demand for business intelligence platform. Emergence of structured and unstructured data sources needs the sophisticated software tools to derive meaningful insights for business management. Increasing awareness about data analytical tools leads to increase the demand for business intelligence platform tools.
However, high cost of business intelligence platform, lack of knowledge, poor performance of business intelligence platform limiting the demand for business intelligence platform tools. It also requires skilled employee to run BI tools in organization therefore lack of skilled people is also one of the major challenge for business intelligence platform market
Global Business Intelligence Platform Market: Market Segmentation
Segmentation on basis of Tools in Business Intelligence Platform market:
The major segments of BI Tools in Business Intelligence Market include:
- Information Integration (ETL, EAI / ESB, CDC)
- Information Storage (Data Warehouse, Cubes, Metadata)
- Information Analytics (Enterprise Reports, OLAP Reports, Dashboards and Data Mining)
Segmentation on basis of end-user vertical in Business Intelligence Platform market:
The major segments of end-user vertical in business intelligence platform market include:
- Healthcare and Life Sciences
- Telecommunication & IT
- Media and Entertainment
- Transportation and Logistics
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Some of the prominent players in the business intelligence platform market include IBM Corporation, SAS Institute Inc., QlikTech International, Tableau Software, SAP SE, MicroStrategy, Inc.,
Presently, North America is holding the largest market share for business intelligence platform market due to increasing demand for data analysis solutions. European market is the second largest segment in overall business intelligence platform where BFSI, Government organization and automotive companies are rapidly adopting CRM, ERP and embedded analytics solutions.
The Asia Pacific region is following the European region in business intelligence platform market. This market is expected to have the highest growth rate in coming years due to the adoption of advanced analytical tools for data analysis.