Key regions: Germany, United States, Canada, South Korea, United Kingdom
The demand for Business Intelligence Software has been on the rise in recent years due to the need for data-driven decision-making in organizations.
Customer preferences: Customers are increasingly looking for software that can provide them with real-time insights and predictive analytics. They want software that can be easily integrated with their existing systems and can be accessed from anywhere. Additionally, customers are looking for software that can provide them with self-service BI capabilities, allowing them to create their own reports and dashboards.
Trends in the market: In the United States, the Business Intelligence Software market is dominated by large players such as Microsoft and Tableau. These companies are investing heavily in research and development to stay ahead of the competition. The market is also seeing a shift towards cloud-based solutions, as more companies move their data to the cloud.In Europe, the market is more fragmented, with smaller players competing with larger companies. The market is also seeing an increase in demand for mobile BI solutions, as more employees work remotely.In Asia, the market is growing rapidly, with countries such as China and India driving the growth. The market is seeing an increase in demand for AI-powered BI solutions, as companies look for ways to automate their data analysis processes.
Local special circumstances: In Latin America, the market is seeing strong growth in countries such as Brazil and Mexico. This is due to the increasing adoption of data analytics in industries such as healthcare and finance.In the Middle East, the market is seeing a shift towards cloud-based solutions, as more companies move their data to the cloud. Additionally, the market is seeing an increase in demand for BI solutions in the oil and gas industry.
Underlying macroeconomic factors: The global economy is expected to grow in the coming years, which will drive the demand for Business Intelligence Software. Additionally, the increasing adoption of data analytics in industries such as healthcare, finance, and retail will drive the growth of the market.The rise of big data and the increasing need for data-driven decision-making in organizations will also drive the growth of the market. Furthermore, the increasing adoption of cloud-based solutions and AI-powered BI solutions will provide new opportunities for growth in the market.
Data coverage:
The data encompasses B2B, B2G, and B2C enterprises. Figures are based on the allocation to the country where the money was spent at manufacturer price level (excluding VAT).Modeling approach / Market size:
The segment size is determined through a top-down approach. We use financial statements such as annual reports, quarterly earnings, and expert opinions to analyze the markets. To estimate the segment size for each country individually, we use relevant key market indicators and data from country-specific industry associations such as GDP, level of digitization, GDP sector composition, and observed level of software piracy.Forecasts:
We use a variety of forecasting techniques, for instance, advanced statistical methods, depending on the behavior of the relevant segment. The main drivers are the GDP and the level of digitization.Additional notes:
The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.
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