According to a new market research report “Business Intelligence Market by Types (Mobile BI, Social BI, Cloud BI, Traditional BI), by Function, by Deployment, by Features, by Verticals, by Organization Size, by Regions): Worldwide Trends, Market Forecasts and Analysis (2013 – 2018) “, The Business Intelligence Market is expected to grow from 13.9 billion in 2013 to $20.8 billion by 2018, at an estimated CAGR of 8.3% from 2013 to 2018.
Business Intelligence can be defined as the process of analyzing huge volumes of enterprise data usually stored in large databases called Data warehouses, detecting the hidden trends and patterns in data, tracking the business performance and assisting the business users to make better decisions based on real time data. From a marketing stand point Business Intelligence can be described as a systematized strategic management tool that can support executives and business users to make better decisions that are necessary for day to day operations, tactical and strategic planning.
Business Intelligence integrates operational data with analytical tools to present critical and complex information to the business users within the organization. The primary objective of a BI tool is to enhance the effectiveness of the decision making process. BI tools provide insights about current and future trends in the market, the capabilities of the organization, the environment in which the firm operates, and competitive actions in the operating environment. The transformation of data warehouse as a repository, advancement in capabilities of hardware and software, improvements in data cleansing, have rewarded BI tools with rich functionalities that it didn’t possess years back.