Transparency Market Research
Business intelligence (BI) and analytics software has become a crucial element due to the growing demand and use of artificial intelligence and advanced technologies. As and when engagement with advanced technology is increasing, the need for advanced business intelligence services is growing mainly to understand process, optimize, analyze, and manage huge amount of data. Growing application of business intelligence managed services in multiple industries such as banking and finance, healthcare, retail, and media and entertainment has also further expanded the demand in the global business intelligence managed services.
Moreover, with the growing popularity of cloud services among small and large business has further expanded the demand n the global business intelligence managed services market. With the growing use of data, the demand for social media analytics, predictive analytics, customer analytics, and embedded BI are also some of the key areas where the demand has increased largely.
Aditonally, BI managed services are also growing due to the increasing demand for predictive analytics, customer analytics, financial services value-at-risk analysis, and fraud detection in healthcare. Rising use of specified data discovery vendors like Tibco software, Microstrategy, and Tableau has also increased, as they are capable of delivering innovative data discovery tools depending on shifting customer interest in self-service analytics.
Business Intelligence (BI) Managed Services Market: Snapshot
The changing customers’ needs in the business intelligence (BI) managed services are shaped by multiple aspects. Portability and scalability have come to become vital facets that providers of BI managed services must consider for making their offerings useful and profit-generating. Another concerns attracting considerable attention of providers include the granularity of services and portability. Scaling of common BI services to meet the growing clients’ needs is a given in managed services models but the deciding factors underlying these are neither straightforward nor stagnant. In many end-use industries this may need having a closer look at the nature of customers’ customer. In simple words, this implies that providers of BI managed services must carefully evaluate whether the desired needs of their clients are true to the needs or are the advertised needs convoluted. One case in point is BI services for e-commerce companies where the needs are diverse as well as dynamic.
Providers of business intelligence managed services are also focusing on understanding the portability needs of their clients who have offices overseas. This has emerging as a significant lever in shaping the future dynamic of the market growth. To this end, they are always aimed at getting a clear understanding of their client’s needs. In recent years, the adoption of multi-cloud strategy might open up exciting possibilities in the global business intelligence (BI) managed services market. A key benefit of such services is increased interoperability across diverse platforms. Another game-changing technology in the overall paradigm is artificial intelligence.
Business Intelligence or BI in general refers to the various technologies, applications and practices that are used for collecting, integrating, analyzing and presenting various business information further helping in the decision making process. Certain common functions of these technologies include online analytical processing, reporting, analytics, process mining, complex event processing, data mining, business performance management and benchmarking among others. BI incorporates a variety of tools, applications as well as methodologies for enabling organizations to collect data from both internal and external sources. Managed services involves the practice of outsourcing management responsibilities as well as functions following a strategic method for improvement in operations further curtailing expenses. Business intelligence traditionally was an on premise software made by the IT department whereas nowadays these solutions are increasingly accessed through cloud along with businesses applications being remotely used as a service provided by managed service providers for different companies. The global market for business intelligence managed services has been segmented on the basis of services, applications and geography. Based on services, this market globally has been segmented into professional and managed services. Telecommunications and IT, healthcare, government and defense, BFSI, manufacturing and retail & consumer goods among others form the various end use industries based on which this market has been segmented.
Global business intelligence (BI) managed services market geographically has been segmented into Europe, Asia Pacific, North America, Latin America and Middle East and Africa.
BI technologies can handle huge amounts of structured and unstructured data for identification, development as well as creation of new strategic business opportunities that has formed a major driver for this market. All these technologies provides easy interpretation of big data that further provide a competitive advantage along with long-term stability to the businesses. BI as a managed service has been used by different enterprises for supporting various operational to strategic business decisions. Moreover, handling of the crucial data by the managed service providers for a specified period of time gives company a creative leverage by getting access to the information as and when required that has further positively impacted the growth of this market. With all the above factors that has driven the market, it is the presence of certain restraints that has posed challenges for this market globally. One such important factor being the technological risk of the data being accessed by other companies through the fraudulent practices of the service providers that pose restrictions for the growth of this market. Moreover, the advent of cloud based technology before these services has also been another major restraint for this market. Taking into account all these drivers and restraints, it is the growth of technological applications for data analysis together with cost effectiveness is expected to provide growth opportunities for this market in the coming years.
Geographically, North America holds a substantial market for business intelligence managed services globally. Besides easier access and better efficiency, it is the growth of the big data market that has been some of the leading causes to have a positive impact on this market. Asia Pacific forms another major region for this market along with accounting one of the fastest growth globally among other regions. Japan, China and India has been some of the countries contributing to the growth of this market. Rise in application of businesses using managed service providers for timely access to the business information along with growth of the big data market has been some of the major reasons that has boosted this market in APAC region.
Some of the key players present in the global business intelligence managed services market include Microsoft Corporation (The U.S.), SAP SE (Germany), Tableau Software (The U.S.), Pentaho (The U.S.), Microstrategy Inc. (The U.S.), Tibco Software (The U.S.), Sisense Inc. (The U.S.), IBM Corporation (The U.S.), Oracle Corporation (The U.S.), and Qlik Technologies (The U.S.) among others.
MRR.BIZ has been compiled in-depth market research data in the report after exhaustive primary and secondary research. Our team of able, experienced in-house analysts has collated the information through personal interviews and study of industry databases, journals, and reputable paid sources.
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