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Growing demand for big data and cloud computing is likely toboost the market for BIand analytics

Wilmington, Delaware, United States, Aug. 05, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The value of global BI and analytics market stood at US$ 24.60 Bn in 2021. The global market is predicted to rise at a CAGR of 8.8% during the forecast period, from 2022 to 2031.The market is anticipated to attain value of US$ 56.72 Bn by 2031. In the interest of improving corporate operations, decision-making capabilities,financial performance, and real-time data analytics and automated BI (business intelligence)tools are now required. The global BI and analytics market is thus anticipated to grow rapidly as a result.

As marketplaces have grown more competitive, real-time data analysis has become more significant in a variety of enterprises. Additionally, there is a growing need for cloud infrastructure and dashboards for visualizing data to improve business decision-making. During the forecast period, these factors are also anticipated to drive the growth opportunities for the business intelligence companies across the globe.

Real-time analytics are made available forfraud detection,situational intelligence,and consumer engagements through the use of novel technologies including memory analysis, stream mining and database analysis. A significant quantity of real-time data isalso been produced by the growing use of IoT devices, which is likely to raise increase business intelligence market size in the years to come.

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Key Findings of Market Report

Usage of AI business intelligence, big data analytics, and cloud computingare among the emerging business intelligence market trends. In the last few years, there has been an increase in the use of big data andcloud computing analytics. Due to the availability of both structured as well as unstructured information on the cloud, cloud computing is seen to be an ideal platform for BI applications. BIand data analysis tools and activities are expected tobenefit greatly from the scalability and flexibility of the cloud technologies. Growing demand for big data and cloud computing is likely todrive business intelligence industry growth.

Context-aware software, Location-aware automation,and databases for cutting-edge research and technology are just a few of the areas where these technologies in cloud computing have quite a huge potential. Additionally, its applications include vast scale semantics, real-time catastrophe, city administration and alsocrisis management. The global BI and analytics market is anticipated to see growth over the forecast timeframe as a result of this broad use.

Businesses are highly attracted to AI's business intelligence and analytics capabilities since they increase revenue and provide insightful data. The complexity and volume of data growing within businesses is further promoting AI adoption. Furthermore, organizations are likely togain insightful data through machine learning and AI technologieswhich helpthem predict market trends andconsumer trends. In order to boost their solutions, organizations are eager to hire AI developers.

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Global BI and Analytics Market: Growth Drivers

Due to the high market fragmentation in the BI and analytics industry, BIproviders are always searching for new methods to boost their revenue and consolidate their market position. By way of mergers and acquisitions,development of novel products, and collaborations with top competitors, market participants are increasing their product offering and geographical presence.

As a result of the region's growing data volumes, the Asia Pacific is likely to account for a leading bi market share during the forecast timeframe. The implementation of BI is further necessitated by technological advancements in a variety of industries to increase revenue, enhanceoperational performance, forecast consumer loyalty and behavior, increase shareholder value, provide ads, and create new business prospects. These elements are predicted to boost Asia Pacific BI and analytics market in the years to come.

Global BI and Analytics Market: Key Players

Some of the key market players are

Amazon Web Services, Inc.

Tableau Software, Inc.

Cisco Systems Inc.

Microsoft Corporation

Amazon Web Services, Inc.

Qlik Technologies Inc.

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Global BI and Analytics Market: Segmentation

Component

Solution

Services

Professional

Managed

Deployment

Enterprise Size

End User

IT & Telecom

BFSI

Retail

Government

Media & Entertainment

Education

Energy & Power

Manufacturing

Others

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About Transparency Market Research

Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research firm that offers the latest market research reports and business consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyze information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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BI and Analytics Market is Estimated to Progress at a CAGR of 8.8% during the Forecast Period, notes TMR Study - Yahoo Finance