Business Intelligence Market Growing at a CAGR of 21.1% During 2016 to 2021 - ReportsnReports

PUNE, India, March 22, 2017 /PRNewswire/ --

Business Intelligence Market is projected to reach USD 26.88 billion by 2021 from USD 17.09 billion in 2016, growing at a CAGR of 9.5% while services segment likely to grow at the highest CAGR during the forecast period driven by increasing adoption of cloud & emergence of IoT-enabled technologies.

Browse 96 tables and 33 figures, 14 Company profiles spread across 152 pages available at http://www.reportsnreports.com/reports/267580-business-intelligence-market-by-types-mobile-bi-social-bi-cloud-bi-traditional-bi-by-function-by-deployment-by-features-by-verticals-by-organization-size-by-regions-worldwide-trends-market-forecasts-and-analysis-2013-2018-.html .

Business Intelligence (BI) solutions enable business users to access business data volumes and analyze them to generate insights, though they do not have data science and analytical skills. The Global Business Intelligence (BI) Market to grow from USD 17.09 billion in 2016 to USD 26.88 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 9.5%. The BI market is growing rapidly because of the transition from traditional techniques to advanced BI and analytics techniques, and the massive adoption of cloud across verticals. Factors such as varying structure of regulation policies and high investment costs are expected to limit the market growth.

The BI market is segmented by data type into structured, unstructured, and semi-structured data types. If the collected data is left unmanaged, it becomes challenging to retrieve right data information when needed. BI is gaining traction due to its outstanding capabilities to handle and manage such unmanaged data. Unstructured data comprises data from emails, social media, blogs, images, videos, and documents. It is difficult to find meaning from unstructured data because of its undefined data structure. The rise and development of Internet of Things (IoT) has propelled data collection, as IoT produces enormous data. Unlike structured data, unstructured data cannot be displayed in rows and columns, thus making it complex for processing and analysis. Organizations such as IBM are providing cognitive computing analysis to find trends in unstructured data and gain competitive edge in the market.