Business intelligence and analytics software are tools that assist managers, executives, and other corporate end-users comprehend market trends by analyzing structured and unstructured data.
Tibco Software, Tableau Software, Inc., SAS Institute, Inc., SAP AG, Qlik Technologies, Inc., Oracle Corporation, Microstrategy, Inc., Microsoft Corporation, Information Builders, and IBM Corporation are among the key businesses included in this study.
Increasing demand for analyzing real-time data, rising demand for analyzing unstructured data to understand customer demand, and rising adoption of cloud computing technology by various organizations are some of the key drivers driving the global growth of the business intelligence and analytics market. The use of cloud technology has lowered the organization's IT infrastructure costs, as business intelligence and analytics tools demand a considerable amount of space to store and analyze structured and unstructured data. As a result, the use of cloud technology in business intelligence and analytics increases demand for the product.
One of the key factors driving the growth of the business intelligence and analytics market is the rising need for real-time data analysis dashboards. In today's world, due to rising market rivalry, real-time data analysis has become one of the most important needs in a variety of companies. Implementing new technologies, such as stream mining in-database analytics and in-memory analytics, allows for real-time analytic for situational intelligence, fraud detection, and consumer engagements. Furthermore, the rising installation of Internet of Things devices has resulted in a huge volume of real-time data, boosting the demand for real-time business intelligence and analytical tools. The internet of things devices generated almost 145 zeta bytes of data per year in 2015, and this figure is expected to rise to 600 zeta bytes by 2020.