The global business intelligence (BI) software market is projected to reach $12.4 billion by the year 2015, driven by the growing need to empower all stakeholders of businesses with right information at the appropriate time.
Uncertain economic conditions, intense competition and increasing volumes of organizational information are forcing enterprises to seek efficient means of deriving value from information for improving the overall efficiency of business processes. In this regard, BI technology is emerging as an essential tool for identifying new revenue-generation opportunities as well as to control unproductive expenditures. BI offers tools, processes and applications for facilitating organizations to analyze and consolidate data gathered from various sources for optimizing operational performance and for improving business decision-making. BI and analytics software helps organizations to analyze the information built up over the years, which resides in the enterprise systems.
North America and Europe dominate the global BI software market, as stated by the new market research report on Business Intelligence Software. Growth in the BI market is supported by the emergence of new categories of BI tools. Predictive analytics, column-based database, text analytics and business activity processing are some of the technologies that offer enormous growth prospects for the market. Decision-makers are increasingly employing BI software to resolve a wide range of issues such as latency in receipt of reports, unavailability of relevant content and difficulties in data analysis without the involvement of IT. From the perspective of Information Technology (IT), BI software acts as the enabling technology for providing knowledge workers with timely access to data for analysis and reporting purposes.
Though the demand for BI software emerges from all industries, the healthcare sector is expected to witness highest adoption in the short run. BI tools allow healthcare organizations to implement real-time decisions at strategic, operational, and tactical levels, through the use of data mining and advanced analytics tools. BI tools reduce time involved in reporting by offering a single, integrated enterprise solution.
The global Business Intelligence (BI) market is witnessing intense competition with software heavyweights such as Microsoft, IBM and Oracle focusing on the provision of comprehensive, feature-rich suites, in combination with other enterprise software products. The market is witnessing intense consolidation activity, which allows market participants to implement faster upgrades and carry out rapid migrations across installed bases.
The report titled Business Intelligence Software: A Global Strategic Business Report provides a comprehensive review of market trends, competitive scenario, product introductions/innovations, and recent industry activity. The study analyzes market data and analytics for regions including North America, Europe, Asia-Pacific, Latin America and Rest of World in terms of annual revenues. Major players profiled in the report include Information Builders Inc., International Business Machines Corporation, Microsoft Corporation, MicroStrategy Inc., Oracle Corporation, Qlik Technologies Inc., SAP AG, SAS Institute Inc., Tableau Software Inc., and TIBCO Software Inc.
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