Business intelligence is a process that entails the extensive use of technology to glean actionable information from raw data. The process of extracting business intelligence relies heavily on the use of specialized applications and data extraction tools. With companies vying to keep their market standing intact, the use of “data surfacing” is on the rise. This will also cause a spurt in the sales of business intelligence and analytics tools that make these functions easy for enterprises. Market experts predict very strong growth for the global business intelligence and analytic tools market.
Transparency Market Research, a market intelligence firm, says in a recent report that the business intelligence and analytic tools market will be one of the fastest-growing markets in the technology industry. However, there are also a few factors restraining growth.
Browse the full Global Business Intelligence And Analytic Tools Market report at http://www.mrrse.com/business-intelligence-analytic-tools-market
What is Driving More Enterprises to Adopt Business Intelligence and Analytic Tools?
An explosion in the deployment of big data is expected to drive the demand for business intelligence and analytics tools. With organizations now having massive amounts of data at their fingertips, there is also a pressing need to process this data and put it to good use. This is where the role of business analytic and intelligence tools is on course to becoming indispensable. Cloud solutions and their widespread use will further necessitate the use of business intelligence and analytics.
Today, the chief technology officers and chief marketing officers of nearly every large organization rely on data gained from business intelligence and analytic tools to make decisions. However, not all analytic tools are user-friendly. This has created a space for the development of business intelligence and analytics tools that not only process mammoth volumes of data, but also present reports in an easy-to-understand format.
High Degree of Competition Makes Innovation a Key Characteristic of BI and Analytic Tools Market
The last couple of years have seen hundreds of small and large companies mushroom in the business intelligence and analytic tools market. With so many players jostling for a higher share of the market, innovation and responsiveness is the only way to get ahead of the rest – and stay there.
Some of the best performing companies in the global market are distinguished by their offerings such as easy data assimilation, fast and high-level classification, and interoperability. The demand for analytics tools for data mining, data profiling, and OLAP is the highest.
Challenges in Form of Dearth of Skilled Works Plague Business Intelligence and Analytic Tools Market
While the market now has a number of business intelligence and analytic tools on offer, what worries enterprises wanting to invest in these is the lack of skilled personnel who can effectively put these tools to use. This problem will self-resolve in the next few years as more training opportunities and exposure to such tools become available.
As a result, market analysts do not expect a major blow to be imparted to the growth of the global business intelligence and analytic tools market. Some of the companies that have gained a lead in the global market include: IBM Corporation, Oracle Corporation, Information Builders, SAP SE, Microsoft Corporation, Tableau Software, Inc, SAS Institute, Inc, Tibco Software, and Qlik Technologies, Inc.