According to a recent article in EconoTimes, a new report by Zion Research shows that the data-driven global business intelligence (BI) market accounted for USD 16.33 billion in 2015 — and that it could reach USD 26.50 billion by the year 2021.
“Business intelligence helps companies make better decisions,” the article states. “[S]oftware will improve the visibility of processes and make it possible to identify any areas that need development.”
The Zion report goes on to identify the largest market for BI growth as North America, which accounted for 86% of the global market share in 2015, and lists GoodData among the major industry participants in this worldwide trend.
Here at GoodData, we were very interested by this report for obvious reasons, but we were also thrilled to see that several of our key strategies are being validated by market trends. We believe that true Business Intelligence is about more than dashboards; it’s about making actionable, data-driven recommendations that inform actions, and making sure those recommendations are embedded seamlessly into workflows to maximize their effectiveness.
The report supports this strategy, noting that BI is no longer tied to desktop computers: mobile business intelligence (MBI) now accounts for more than 20 percent of the global business intelligence market. Not only do mobile BI apps facilitate the viewing of data for an increasingly mobile workforce, but they also allow data captured via mobile devices to be incorporated instantly so that reports can be updated in real time.
Zion’s research also found that while on-premise analytics still account for 86% of the market share, this number “is projected to witness a decline in its shares by the end of the forecast period.” As a cloud-based analytics company, we have long expounded on the benefits of moving BI and data warehousing environments to the cloud. Among other benefits doing so speeds deployments, avoids capital expenditures on hardware infrastructure, simplifies software upgrades, and minimizes the need for IT involvement, and we’re very happy to see the increased speed of adoption for cloud solutions in the BI marketplace.
For more details, you can read the full article here.
To learn more about how to define and measure your data’s usefulness and monetary value, download the Eckerson Group report on Data Monetization Networks.