The global business intelligence Industry size is expected to reach USD 39.34 billion by 2027, exhibiting a CAGR of 8.5% during the forecast period. The rapidly evolving digital competencies in new business, models can have an excellent impact on the global Industry.
The whole world is battling with the novel coronavirus, leaving numerous industries distraught. The authorities of several countries have initiated lockdown to prevent the spread of this deadly virus. Such plans have caused disturbances in the production and supply chain. But, with time and resolution, we will be able to combat this stern time and get back to normality. Our well-revised reports will help companies to receive in-depth information about the present scenario of every market so, that you can adopt the, necessary strategies accordingly.
Advent, of Cloud Computing and Big Data to Boost Industry Growth for all.
The increasing adoption of cloud computing and big data analytics owing to its superior technological capabilities will foster the healthy growth of the Industry. For instance, cloud computing is regarded as an ideal platform to provide business intelligence applications as it serves as a repository for structured and unstructured data. Likewise, big data technology enables BI to analyze a large amount of data to deliver actionable insights into businesses and generate opportunities. The increasing need for business intelligence solutions to analyze huge chunks of data for social media channels will enable speedy expansion of the Industry during the forecast period. Therefore, the burgeoning social media platforms coupled with e-commerce popularity will have an outstanding effect, on the Industry in the forthcoming years.
Emergence of Advanced Visualization Dashboards to Incite Business Amid Coronavirus_
The Industry players are focused on advanced visualization dashboards to help users to get real-time status of the Coronavirus. For instance, Dundas Data Visualization, Inc. developed real-time dashboards from Dundas BI. The COVID-19 dashboard helps the users to explore the real-time data by geography and stay updated. Similarly, Microsoft’s Power BI in working with USA Facts organization to empower the users to visualize and interact with COVID-19 dataset. Thus, data visualization dashboards are expected to the uplift the Industry during the coronavirus pandemic.
Business Expansion Plans to Support Industry in Asia Pacific
The Industry in Asia Pacific is expected to hold the largest share in the global Industry during the forecast period due to the lucrative business expansion projects in the countries such as India, China, Singapore, Japan, and others. The presence of major players will further aid the expansion of the Industry in the region. For instance, in February 2020 – Sisense expanded its presence across Australia to support the growing demand for business intelligence and analytics. On the Industry in the forthcoming years.
The company also announced a funding of USD 100 million with approximately more than USD 1 billion valuations to power its growth. The Middle East and Africa is expected to expand radically during the forecast period owing to the rising unemployment & inflation. The surging financial sector is expected to augment the growth of the Industry in the Middle East, and Africa.