Data-driven products fueling rapid increase in BI software market
Data drives digital businesses, and business intelligence software remains one of the most vital tools to help organizations glean insights from the growing volumes of information they are gathering from a multitude of sources.
Demand for BI continues to increase around the world. The global market for BI software is forecast to rise at a compound annual growth rate (CAGR) of 19 percent from $14.3 billion in 2018 to $28.77 billion in 2022, according to Research and Markets.
Among the major vendors in the market are Microsoft, IBM, Cognos, SAP, SAS and Oracle.
An increase in data-driven projects is contributing to the BI software market growth, the report said, due to a substantial rise in the demand for real-time analytics.
Companies are using BI software to predict customer behavior and engagement with their products and services, the report said. Many are increasingly adopting cloud-based BI tools to enhance security, make the technology more easily accessible for business users, and benefit from the economies of scale.