Rising Demand From IT, BFSI, Retail & E-Commerce and Other Industries to Drive Business Intelligence and Analytics Platforms Market Growth

 

Business intelligence (BI) and analytics refer to software and services that enable organizations to transform corporate data into actionable insights and improve business decision-making. For organizations in today’s fast-paced world of business, it is of the essence to be data-driven and well-versed in business analytics. Business intelligence and analytics platforms offer digital tools and solutions that help analyze business data, enhance operational efficiency, optimize performance, make future predictions, and adapt to the latest business trends and technologies. These tools allow organizations to access and analyze large datasets, evaluate customer behavior, analyze key performance indicators (KPIs), create data visualizations, address issues like poor performance management, and present analytical findings in reports, dashboards, charts, and graphs.

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Business intelligence and analytics solutions enable organizations to forecast profits & sales, visualize demand & supply changes, automate report distribution to stakeholders, and analyze the outcomes of marketing campaigns. Some of the key advantages of these platforms are data visualization, data quality management, faster data-mining capability, performance tracking, and ability to integrate with cloud-based, third-party platforms such as Microsoft Azure, Amazon Web Services (AWS), and Oracle Analytics Cloud. Hence, leading business intelligence and analytics platforms include Microsoft Power BI, Tableau Desktop, SAP BusinessObjects BI Suite, TIBCO Spotfire, IBM Cognos Analytics, Amazon QuickSight, and Zoho Analytics.

Rising demand for business intelligence and analytics software & solutions in the IT, BFSI (banking, financial services, and insurance), retail & e-commerce, and various other industries is one of the major factors driving revenue growth of the global business intelligence and analytics platforms market. Increasing focus of business organizations on streamlining and automating their business operations, exponentially increasing volumes of data, and growing need for real-time performance analysis and understanding changing customer preferences are other key factors contributing to market revenue growth. Increasing competition in the global business sector, rapid deployment of cloud-based technologies, and emerging business trends such as contactless payments and increasing adoption of advanced retail technologies like supply chain management (SCM) and customer relationship management (CRM) further boost revenue growth of the market.  

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