Growing demand for cloud-based business solutions in the SME sector is driving the business intelligence software market.
PORTLAND, PORTLAND, OR, UNITED STATES, March 16, 2022 /EINPresswire.com/ — The market is majorly driven by extensive use of e-commerce and a rise in the adoption of data-oriented business models by small, medium, and large organizations. For instance, restaurant chains in the U.S. are significantly using BI software to enhance customer relationships. The BI approach enables companies to implement strategic decisions in such a way that it brings out a positive transformation resulting in high-quality customer service. Moreover, the increase in the use of data and business analytics software backed by continuous investments in business intelligence and tools generates high revenue growth.
On the contrary, significant cost incurred in in-licensing and installing BI software is expected to pose a challenge to the business intelligence software market growth. The licensing prices of BI software are not entirely based on software development costs but are largely influenced by the market conditions at the time of purchase. Furthermore, organizations are already benefitting from the traditional BI tools and are sceptical about adopting the advanced BI software. Even though there are plenty advantages of adopting BI software, the initial investment of buying a suitable BI platform or software, implementing it in the organization, and training the employees on utilizing it is high.
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Major industry players – Cloud9 Analytics, Google, Inc., IBM Corporation; Informatica, Microsoft Corporation, Oracle Corporation, SAP SE, SAS Institute, Inc., and Tableau Software
COVID-19 Scenario Analysis:
The business intelligence software market has grown mainly due to companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges.
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The report offers key drivers that propel the growth in the global business intelligence software market. These insights help market players in devising strategies to gain market presence. The research also outlined restraints of the market. Insights on opportunities are mentioned to assist market players in taking further steps by determining potential in untapped regions.
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