Technological advancements in business intelligence platforms such as artificial intelligence, improve business intelligence effectiveness by maximizing the value of results and insights, so that the user will be benefitted from this data. Artificial intelligence continues to transform business that increasingly depend on the automated data analysis capabilities of powerful business intelligence platforms. Business intelligence vendors are enhancing their products with artificial intelligence (AI) capabilities that will make the tools easier to use and offer automated insights.
As per PMR’s report, the global business intelligence platform market generated a revenue share of US 13.5 Bn in 2018.
Key Takeaways of Business Intelligence Platform Market Study
- The cloud segment is expected to gain significant share, owing to rising demand for cloud-based business solutions from small and medium businesses.
- Growth of business intelligence platform for applications such as reporting, analytics, online analytical processing, data mining, process mining, benchmarking, business performance management, predictive analytics, prescriptive analytics, and text mining is driving market growth.
- The predictive maintenance segment, by application, is expected to hold prominent share in the business intelligence platform market, owing to rapid adoption of industrial IoT & analytics.
- Rapid adoption of modern analytic tools by various organizations is expected to result in significant dominance of North America in the global business intelligence platform market.
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“Technology start-ups are focusing on integrating trending technologies such as natural language processing (NPL) and artificial intelligent (AI) to offer advanced business intelligence platforms at competitive prices. This factor is expected to increase the adoption of business intelligence platforms over the forecast period”, says a PMR analyst.
Advancements in Cloud-based Business Intelligence Platform to Boost Market Growth
Advancements in cloud- based business intelligence platforms are providing organizations access to business intelligence-related data such as key performance indicators (KPIs), dashboards, and other business analytics. Cloud-based business intelligence platforms make use of components and extend platform-as-a-service (PAAS), infrastructure-as-a-service (IaaS), virtualized, hardware environment and elastic software, utilizes on-demand, and delivers application-level functionality as a service.
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