The global business intelligence market is expected to grow at a CAGR of 8.3 % during the forecast period of 2016-2022 and is projected to generate revenue of around $30 billion by 2022. The global business intelligence market is segmented on the basis of types, deployment, technology and end users. In the by type segment, BI platforms dominate the market with a market share of more than 59%. However, advanced and predictive analytics has been estimated to grow at highest CAGR of around 14% for the forecast period of 2016-2022. On the basis of deployment, on premise segment holds the majority of market shares of approximately, 83%. The mobile business intelligence segment accounts for approximately 20% of market share in the global business intelligence market. It is used to provide business insights by data analysis, by means of applications optimized for smart devices and mobile. In addition, the increasing penetration of smartphones globally will boost the market growth for this segment during the forecast period. The major factors driving the global business intelligence market are the rapidly changing business environment and increasing availability of data. Due to digitization of everything and the rise in the number of data producers, there has been rising demand in data storage, analysis and management. This tremendous growth in data generation has led to increased data analysis requirements and hence, in turn will drive the global business intelligence market. However, interoperability and standard interface, high initial investment and high level of complexity in BI adoption are few restraints and challenges that are hampering the market potential of global business intelligence market. Nevertheless, expanding market in the small business and midsized enterprise segment, emergence of IoT & big data and advancement in cloud computing are opening up new opportunities in the market.
Globally, in 2014, North America dominates the global business intelligence market with a market share of around 54%. The major reasons for this high market share are high adoption of cloud based BI and presence of key market players. However, it has been anticipated that during the forecast period of 2016-2022, majority of the growth lies in the APAC region owing to large population base, rising demands from end user industries and increasing innovations by countries such as China, India, Vietnam, Indonesia etc. The leading players in the global business intelligence market adopt mergers & acquisition, and collaborations for new product development, and patent filling, as the most preferred strategies to expand their respective market presence. In June 2016, Arc’teryx has partnered with Qlik to use latter’s visual analytics and BI platform to deliver operational efficiency and also strategize its market expansion. The company would leverage Qlik Sense and QlikDataMarket to empower its decision makers by analyzing large amounts of external and internal data sources. In July, 2015, Microstrategy have enabled its BI platform to be used with Amazon Web Services cloud. Previously, company provided services using its own data center facilities, but seeing the breadth and the global reach of AWS, Microstrategy decided to partner and reach more customers and expand its market.