The Death of Business Intelligence

Global BI market to grow annually by 8% in five years

Posted in Business Intelligence by TheLondonEconomic on September 2, 2013

The worldwide market for the use of business intelligence (BI) software is set to grow at a rapid rate over the coming few years, a report that has been released by Research and Markets has revealed.

The findings show that the global market for the technology in 2018 will be worth some $20.81 billion (£13.4 billion), rising considerably from the $13.98 billion that it is worth in 2013. This will mark a worldwide growth in the space of just five years that amounts to an 8.28 per cent compound annual growth rate as use of the technology continues to grow among businesses and markets.

It said that the fastest rate of growth anywhere in the world will be seen in North America. In this market in particular, BI will continue to be more and more popular to the end that the continent commands 49 per cent of the entire BI spend worldwide. Although this is the case, it will still be a technology that continues to grow across the rest of the globe as well.

The rise in BI comes as more and more firms see the advantages of using the technology. The analytical tools can assess a range of different data and help to work out how to stay ahead of the competition, and its advances in recent years have seen it become one of the most vital pieces of software for many big global companies.

The increasing volume of data and big data available to firms around the world has made the use of analytics without these specialised tools a no-go for most forward-thinking organisations, and this is something that is set to be extended over the next few years.

So why do firms now make use of this more than ever?

According to the research, BI has proven itself as an effective piece of software and tool over a number of years thanks to the way it has helped companies see their performance on a better level and increase their profits by making the right decisions on the back of the data that has been collected.

They were faced with an increasingly difficult task in terms of data management, thanks to such roles as the fact that data has to be stored, consolidated and abstracted for future references and strategic planning of business processes.

Essentially, the rise of the technology has helped to simplify some of the most complex issues that companies around the globe were having to deal with. According to Markets and Research, these included: tracking and monitoring of business activities; analysis and presentation of large volumes of transactions carried out by business activities; control of the execution of strategy through effective monitoring of key performance indicators (KPI); and assisting in the slicing and dicing of the data that is needed for the decision making processes.

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