As the world continues to generate greater quantities of data from multiple sources, organizations are beginning to understand and appreciate its importance in their operations. To capitalize on this opportunity, businesses around the globe are increasingly turning towards Business Intelligence (BI) solutions – a trend that is expected to continue with an estimated CAGR of 7.6%, driving market growth up to USD 33 billion by 2025, according to MarketsandMarkets analysis.
A well-utilized BI technology can offer numerous advantages, from improved financial visibility through reporting capabilities to better decision-making and increased sales revenue, unlocking possibilities for any organization looking forward to future success.
9 significant trends that will shape the enterprise Business Intelligence landscape
1. Cloud BI/ Analytics
The COVID-19 pandemic drove companies to migrate their budgets towards cloud BI and analytics platforms. Businesses have started to adopt data solutions as a mission-critical capability. The global cloud analytics market is estimated to reach USD65.4 billion by 2025. Companies are expected to gain greater demand for industry-specific BI solutions in banking, manufacturing, healthcare, security services, and more.
2. Self-Service BI
Companies have realized the importance of timely BI insights to make informed decisions and are investing in self-service tools and techniques to equip their employees with data querying and interpretation skills. Self-service BI is driving data literacy across industries as companies recognize its benefits. MarketsandMarkets analysis predicts a 15.2% CAGR growth in the global self-service BI market.
3. Mobile BI
Mobile Intelligence is an invaluable business component that includes audio, video, images, text, and streaming data. BI helps product managers develop applications; technical teams optimize app performance; web designers create intuitive interfaces and user-friendly workflows from usage trends; and marketing teams attract new leads.
Mobile BI brings many benefits including greater data availability to users, faster reaction speed to events, more efficient working, improved internal communications, and shortened workflows. SuperApp technology is anticipated to support IoT technologies, chatbots, and immersive experiences, boosting B2B enterprise mobile BI solutions globally.
The analysis estimates that the global Mobile BI market will grow at a CAGR of 22.2%.
4. Augmented Intelligence
Augmented Intelligence has revolutionized business operations through its Machine Learning (ML), Natural Language Processing (NLP), and automated insights capabilities. It is helping industry verticals such as retail, financial services, hospitality, telecommunications, and healthcare in multiple ways to improve operations and serve customers better.
It is predicted that the global Augmented Intelligence market will reach USD 17.9 billion by 2026 with a CAGR of 25.1%.
5. Data Science Platforms
The global data science platform market is expected to reach USD 322 billion by 2026, growing at a CAGR of 27.7%. Industry experts expect 2023 to be a major year for data science and AI, with NLP and RPA as primary focus areas. Trends in data science that will boost its adoption include TinyML and small data, data-driven customer experience, the convergence of AI, and AutoML.
6. Predictive Intelligence
Predictive Intelligence helps businesses identify opportunities and challenges, allowing owners to make informed decisions. It helps organizations optimize processes, improve client satisfaction, manage budgets, identify new markets, and anticipate external events’ impact. The global Predictive Analytics Market is projected to reach USD 28.1 billion by 2026 at a CAGR of 21.7%. Microsoft, IBM, SAP SE, Oracle, SAS Institute, Google, Salesforce, AWS, HPE, Teradata, Alteryx, FICO, and Altair are key market players offering predictive analytics solutions and services.
7. Natural Language
NLP is enabling companies to democratize data and demystify unstructured and semi-structured data. The increasing importance of business intelligence driven by NLP will continue to expand as its technology gets better at understanding human language. NLP applications range from conversational AI to voice-assisted BI tools, making it a competitive technology with computer vision in terms of its adoption rate.
The global natural language processing market size is expected to reach USD 49.4 billion by 2027, growing at a CAGR of 25.7%.
8. Data Governance
Governance compliance is a legal mandate and BI tools with built-in access protocols will be in demand for industries that directly impact public health and safety, like financial services, insurance, healthcare, and defense.
MarketsandMarkets estimates the global data governance market to reach USD 5.7 billion by 2025, growing at a CAGR of 22.3%.
Organizations are increasingly incorporating policy and stewardship management capabilities into data governance tools to simplify access for various user roles. With the massive growth of data and increased regulations, organizations are recognizing that a holistic approach to their data strategy is essential for long-term success. Improving the quality of their existing datasets has become paramount.
9. Robotic Process Automation (RPA)/ Hyper-Automation
Business Intelligence assists businesses in automating mundane and time-consuming tasks through the use of AI, machine learning, and low-code/no-code solutions. Automation accelerates delivery pipelines as analytics scale up with more complex data. The use of ML-driven algorithms provides quicker auto-responses for searches and triggering of event-driven workflows.
Hyper-automation is a key element for digital transformation, which eliminates manual input in low-value processes, allowing organizations to rapidly react to changes in their environment.
Highly competitive sectors such as finance have already adopted hyper-automation strategies. Other organizations should consider integrating AI and ML into their automation framework to benefit from it.
The global RPA and hyperautomation market size is projected to reach USD 26 billion by 2027, growing at a CAGR of 23.1%.
For more details, download the report here.
Source: MarketsandMarkets
