Report ID: SQMIG45F2060
Report ID:
SQMIG45F2060 |
Region:
Global |
Published Date: December, 2024
Pages:
201
|
Tables:
176 |
Figures:
81
Business Intelligence Software Market Drivers
Use of Data-driven Decision-making
Growing adoption of data-driven decision-making across multiple organizations in various industry verticals is projected to bolster the demand for business intelligence software over the coming years. Companies are leveraging business intelligence tools to extract actionable insights from large volumes of data, helping them optimize operations, enhance customer experiences, and stay competitive.
Adoption of Big Data and Cloud Technologies
Increasing use of big data and cloud technologies has resulted in a robust increase in data generation. Business intelligence software integrated with cloud platforms, provides real-time analytics, scalability, and accessibility, making it indispensable for businesses operating in data-intensive environments. Hence, cloud and big data adoption are expected to boost business intelligence software market growth in the future.
Business Intelligence Software Market Restraints
Data Privacy & Security Concerns
Increasing cybersecurity risks and the incidence of data breaches around the world puts business intelligence software at risk. Companies handling confidential customer or business information may hesitate to adopt BI tools due to these potential security risks, which in turn, is slated to slow down the global business intelligence software market outlook in the long run.
Issues in Data Quality Management
Business intelligence software is highly dependent on the quality of data that is being fed into it. Issues such as incomplete, inconsistent, or outdated data can compromise insights generated from business intelligence software and result in flawed decision-making thereby also reducing the trust and reliability of business intelligence software going forward.
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Report ID: SQMIG45F2060