According to a market research report "Business Intelligence Market by Type (Platform, Software,Service), Data type (Unstructured, Semi-Structured, Structured), BusinessApplication, Organization Size, Deployment Model, Industry Vertical, and Region- Global Forecast to 2021", published by MarketsandMarkets™, theglobal Business Intelligence (BI) market is estimated to grow from USD 17.09Billion 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 performqueries to generate insights. It equips business users with easy-to-use dataexploration, data preparation, appropriate analytics, and data visualizationtools & techniques.
Browse 89 tables and 46 figuresspread through 167 Pages and in-depth TOC on "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"
The major factors driving the BImarket are increasing adoption of cloud, growth of advanced analytics, adoptionof data-driven decision-making, and the emergence of Internet of Things(IoT)-enabled technologies. The market is growing rapidly because of thetransformation from traditional techniques for analyzing business data toadvanced BI techniques and the massive surge in the volumes structured andunstructured data.
Unstructured data type is expected to grow at the highestCAGR
The BI market is segmented by datatype into structured, unstructured, and semi-structured data types. If thecollected data is left unmanaged, it becomes tough to retrieve right datainformation when needed. BI is gaining traction due to its capabilities tohandle and manage such unmanaged data. The rise and development of IoT haspropelled rapid growth in data volumes. Unlike the structured data, theunstructured data cannot be displayed in rows and columns, thus making itcomplex for processing and analysis. The unstructured data type is expected togrow at the highest CAGR during the forecast period. Increasing demand ofanalytics and adoption of IoT devices among SMEs are the main reasons for the generationof unstructured data.
BFSI is estimated to have the largest market size in 2016
The BI market is also segmented byvarious verticals, out of which the adoption rate of BI is expected to be thehighest in the Banking, Financial Services, and Insurance (BFSI) vertical, asthe volume and variety of data is increasing day-by-day with the growing demandof IT systems for financial transactions in banks and other financial serviceinstitutions.
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