Business Intelligence Trends
Gain an understanding of trends in the global business intelligence market., including perception of the value of business intelligence, and any challenges holding back growth in the BI space, as well as trends relatd to investment in BI.
- The business intelligence market is growing rapidly, with a projected CAGR of 12% between 2019 and 2024.
- One survey of business intelligence practitioners showed that the top three trending topics in business intelligence for 2020 are data quality/master data management (DQM), data discovery and visualization and data-driven culture.
- Data Quality Management (DQM) is a key challenge being faced in the business intelligence space, with quality being measured by completeness, validity, uniqueness of data points, accuracy, and consistency.
- The use of business intelligence for sales and marketing teams has also increased recently, with BI helping companies improve the accuracy of sales targets and sales forecasts.
- Data protection needs have also increased in the BI space, especially since GDPR went into effect in 2018, with companies needing to handle data in legally compliant manners.
- Integrating advanced analytics for big data within BI systems has also been a trend, with the need for dashboard visualization of complex data increasing.
- Data integration is a key business intelligence challenge- with 50% of ERP projects in North America failing due to lack of data integration, and only 16% of IoT decision making companies able to integrate their data successfully.
Proposed next steps:
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Provide statistics and data showing how much companies in the US are investing in BI, both as a whole, and individually, and how that investment varies by industry.
Provide an analysis of how the perception of BI and the value of BI has shifted over the past 2-5 years.
Provide a report on how data protection regulations have impacted the BI space, and/or investments in the space.