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Business Intelligence and Analytics Market Projected to Have Big Impact on Enterprises Worldwide in Future Years

Blog Description

Business intelligence and analytics (BI&A) is commonly referred to as the practices, technologies, methodologies, techniques, systems, and applications that are used to analyze critical business data so as to enable a company understand its market and business in a better way and make timely and efficient business decisions. The several opportunities associated with business data and its analysis across several high-impact business fields such as security, healthcare, e-commerce, government, and market intelligence have helped in generating huge interest in business intelligence and analytics in the past two decades. Academic as well as business communities across the globe have become very interested in BI&A and the related area of big data analytics.

Industry Surveys Highlight Development in Global Business Intelligence and Analytics Market

This significant development in the field has been highlighted by several industry studies in the past few years. For instance, based on a survey of more than 4,000 IT professionals from over 25 industries and 93 counties, the IBM Tech Trends Report of 2011 had identified business analytics as one of the four key technological trends in 2010. According to a survey conducted by Bloomberg Businessweek in the same year, over 97% of companies with revenue of more than US$100 mn were found to be using some form of business analytics.

Browse the full Report of Global Business Intelligence And Analytic Tools Market

Another report published by the McKinsey Global Institute in 2011 had predicted that the U.S. alone will face a shortage of over 140,000 people having deep business analytical skills, as well as the dearth of over 1.5 million managers with expertise in big data analysis. Academicians have also favorably commented on the emerging opportunities for IT professionals in the field of data analytics.

The huge interest in business intelligence and analytics is also bolstered in current times owing to the rapid digitization of the globe. Factors such as availability of high-speed internet connections, globalization of businesses, globalized supply-chains of several businesses, and outsourcing are leading to the generation of overwhelming volumes of data from sources such as mobile, web, sensors. Business intelligence and analytics tools are helping businesses in uncovering new insights, discoveries, and new skill sets from the rich, contextualized, and highly detailed data gathered from these sources, giving businesses and organizations the opportunity for advancing in today’s highly competitive business scenario.

E-commerce and Market Intelligence

One of the most promising application of BI&A comes in the field of e-commerce and market intelligence.

The e-commerce community has been substantially fuelling the excitement surrounding business intelligence and analytics in the past years. Through their highly scalable and innovative e-commerce platforms and product recommender applications, leading e-commerce companies such as eBay and Amazon have achieved significant market transformation in the past few years.

By analyzing the vast consumer-generated data obtained from social media platforms, various internet forums, newsgroups, and crowd sourcing systems, and with the help of business intelligence and analytics tools such as association rule mining, anomaly detection, graph mining, database clustering, and others, e-commerce companies are studying the consumer preferences and the market trends. With the rich behavioral pattern and customer opinion data gathered from web, the highly sophisticated business intelligence and analytics tools of e-commerce companies allow these companies to reach out to consumers in a more efficient manner.

Browse the full Press Release of Global Business Intelligence And Analytic Tools Market

Uses of business intelligence and analytics solutions in leveraging the growth potentials of e-commerce companies is just a snippet of the vast impact that the global BI&A market can have on a number of businesses. With the volume of business data increasing at an overwhelming speed, the market for business intelligence and analytics is expected to grow at a significant pace in the coming years.