Gambling Establishment Business Intelligence Software – NEW YORK, December 21, 2021 // — According to the research report “Business Intelligence (BI) and Analytics Platforms Market by End-User and Geography – Forecast and Analysis 2021-2025”, the market will witness a YOY growth of 17.99% in 2021. However, the market is expected to witness a slower CAGR of 13.16% during the forecast period. The report is segmented by end user (BFSI, healthcare, ICT, government, and others) and geography (North America, APAC, Europe, MEA, and South America).
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The global business intelligence (BI) and analytics platforms market is characterized by the presence of several established international vendors, such as Hitachi Ltd., International Business Machines Corp. (IBM), Microsoft Corporation, MicroStrategy Inc., QlikTech International AB, SAP SE , and SAS Institute Inc.
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There is intense competition among vendors in terms of product features, price, customized solutions, and services offered. The established vendors are expected to focus on strategies such as geographic expansion, increase in production capabilities, and upselling products by upgrading existing ones. The major players will have to strengthen their strategies to hold on to their current market share as the competitive environment in this market is expected to intensify in the forecast period, with the increase in research innovations and development and M&A in the near future.
North America will be the largest BI and Analytics Platform revenue generating regional segment in 2020. The region is projected to generate growth across all years of the forecast period between 2020 and 2025. The year-on-year growth during this period varies between 7.53% and 20.44%. North America is a critical market for business intelligence and analytics platforms, largely because it is an early adopter of sophisticated technologies. Furthermore, the region is the leading data producer and consumer of the same in the world.
On the other hand, APAC will emerge as the fastest growing region in the medical education market by accounting for over 34% of the overall market growth. China and India are the key markets for the business intelligence (BI) and analytics platforms market in APAC. APAC is an attractive market for business intelligence and analytics platforms due to its high growth potential. The market is expected to record high growth in APAC due to faster adoption of technologies across industries and the influx of SMEs.
Furthermore, countries such as the US, China, the UK, Germany and India are expected to emerge as prominent markets for the BI and analytics market during the forecast period.
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The BFSI end-user segment held the largest share of the BI and analytics market in 2020. The segment is likely to continue to witness the highest growth throughout the forecast period primarily due to complete digitization of core business processes, adoption of business models customer-focused, and produce a significant amount of content across the sector.
The BFSI sector has many areas where business intelligence and analytics platforms are widely used. Some of the significant application areas of business intelligence and analytics platforms are risk management, customer intelligence, data modeling, neural network scoring, social media monitoring, and customer satisfaction analysis. Banks also use analytics in determining locations to open new branches and reserve new ATMs. Analytics platforms are also used to determine the cash to deposit in each machine. For example, SAS developed insurance analytics software for preventing fraud through the claims process.
The growing need to improve business efficiency is one of the critical drivers positively influencing the growth of the market during the forecast period. An increase in the number of connected devices across industries has led to the generation of large amounts of data. Businesses have realized that they can use the data to optimize costs, provide better services, and boost revenue. Therefore, business models are changing across the world to become based on data rather than experience and perception. In order to implement these technologies in the industrial framework, there is an urgent need to establish a seamless connection for efficient communication between machines, systems and people. Therefore, business intelligence and analytics have become a strategic priority for many industrial organizations.
However, growing concerns about data privacy and security pose a serious challenge to any IT deployment that uses enterprise data as part of its value chain. One of the major concerns for the global business intelligence and analytics platforms market is data security and privacy. Any mismanagement can lead to the creation of security gaps that hackers can exploit to compromise an entire organization. Ultimately, this can lead to a decrease in brand loyalty, expensive lawsuits, and costly insurance claims.
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Hitachi Ltd., International Business Machines Corp., Microsoft Corp., MicroStrategy Inc., Oracle Corp., QlikTech International AB, SAP SE, SAS Institute Inc., Tableau Software LLC, and TIBCO Software Inc.
Parent market analysis, market growth drivers and barriers, Fast growing and slow growing segment analysis, impact of COVID-19 and future consumer dynamics, market state analysis for the period and predicted,
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Data-driven decision making is the practice of making key decisions based on empirical data instead of gut feeling or “what has always worked” thinking. BI benefits organizations that want to
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