5 January, 2017
At 8.4% CAGR, Business Intelligence Market to Surpass $26.50BN By 2021
According to the report by Zion Market Research, the global business intelligence market accounted USD 16.33 billion in 2015 and is expected to reach USD 26.50 billion by 2021, growing at a CAGR of around 8.4% between 2016 and 2021.
Business Intelligence defined as the process of analyzing huge volumes of enterprise data usually stored in large databases such as data warehouses. BI detects the hidden trends and patterns in data, track the business performance and assist the business users in making improved decisions based on real-time data. From a marketing standpoint, Business Intelligence can be described as a strategic management tool that can support executives and business users to make improved decisions that are necessary for day to day operations, tactical and strategic planning.
Applying BI to each of department like (Marketing, HR, Payroll, CRP etc) can provide ultimate flexible analysis of raw data. BI provides end to end approach to store and present data. For example, Companies can compare their respective revenues per quarter or month with peers, so that they can retrospect there strategic decisions or policies. Business intelligence helps companies understand their customers. This is possibly the most important reason for business intelligence.