Technavio analysts forecast the global business intelligence (BI) and analytics platforms market to grow at a CAGR close to 8% during the forecast period, according to their latest market research report.
The growing popularity of the medical tourism industry is one of the major trends being witnessed in the global business intelligence (BI) and analytics platforms market 2018-2022. The global healthcare industry is gaining popularity owing to the presence of skilled healthcare professionals and doctors as well as the availability of low-cost treatments in APAC. The value of the global medical tourism market is expected to reach about USD 8 billion by 2020. This has led to increasing reliance on business analytics for the healthcare industry. These tools help doctors in decision making processes by clubbing the medical data into electronic dashboards. They also help in preventing unauthorized transactions in medical billings and thus reduce administrative costs. Thus, with such advantages, the market is expected to register a positive outlook during the forecast period.
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According to Technavio analysts, one of the key factors contributing to the growth of the global business intelligence (BI) and analytics platforms market is the rising need to improve business efficiency:
Global business intelligence (BI) and analytics platforms market: Rising need to improve business efficiency
Increase in the number of connected devices across industries has led to massive amounts of data generation. Businesses have realized that they can use data to optimize costs, deliver better services, and boost revenues. Therefore, business models are changing across the world to become data-driven rather than experience and perception-driven. Moreover, business analytics enhances business productivity using several predictive mechanisms and risk-averting models. It helps companies in creating new growth opportunities and entirely new categories of products and services with a reduction in errors and failure rates. To implement these technologies in the industrial framework, there is a pressing need for establishing a seamless connect for efficient communication among machines, systems, and people. Therefore, business intelligence and analytics have become a strategic priority for several industrial organizations.
According to a senior analyst at Technavio for research on enterprise application, Apart from rising need to improve business efficiency, another factor that is boosting the growth of the market is the increasing use of smart connected devices. As the number of smart connected devices increases, the amount of data generated increases, which in turn increases the need for BI and analytics platforms. These developments will boost the growth of the overall market.
Global business intelligence (BI) and analytics platforms market: Segmentation analysis
The global business intelligence (BI) and analytics platforms market research report provides market segmentation by end-user (BFSI, healthcare, ICT, Government, others), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The Americas held the largest share of the market in 2017, accounting for over 44% share, followed by the EMEA and APAC respectively. Although APAC held the smallest share of the market, it is expected to witness the maximum increase in its market share over the forecast period.
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Five Forces Analysis
- Regional comparison
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- Vendors covered
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