Albany, NY -- (SBWIRE) -- 06/28/2016 -- A new report from Transparency Market Research, titled 'Business Intelligence and Analytic Tools Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023,' states that the global business intelligence and analytic tools market is predicted to grow considerably from 2015 to 2023 owing to the rising demand for cloud systems and spiraling volumes of big data.

Business intelligence (BI) is a technology-driven process that is aimed at improving business performance. BI enables end users such as corporate executives and business managers to take informed decisions. It comprises a variety of tools, applications, and methodologies that allow various organizations to collect data from internal and external sources. The collected data is then used to analyze and solve various business-related queries. The global business intelligence and analytic tools market is one of the fastest-growing segments of the global information technology industry.

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Business firms are required to deploy business intelligence tools to streamline their business processes by managing and optimizing the increase in data. The increasing adoption of BI analytic tools is expected to propel the global business intelligence and analytic tools market in the years to come. The global business intelligence and analytic tools market is segmented on the basis of geography, end-users, end-use verticals, type, deployment type, and service. By type, the global business intelligence and analytic tools market is classified into CPM suites, content analytics, analytics applications, BI platforms, and advanced and predictive analytics.

Business intelligence has become an integral part of organizations to enable them to take decisions. By service, the global business intelligence and analytic tools market is classified into managed services and professional services. Hosted (cloud-based) and on-premise are two of the deployment types of business intelligence. By end-user, the global business intelligence and analytic tools market is classified into large enterprises, small enterprises, and medium enterprises. Some of the end-use verticals of the global business intelligence and analytic tools market are BFSI, IT and telecom, healthcare, retail, education, energy and power, media and entertainment, and government.

Based on region, the global business intelligence and analytic tools market is divided into Latin America, Europe, Asia Pacific, North America, and the Middle East and Africa. The global business intelligence and analytic tools market is primarily driven by the evolving big data trend and the rising demand for cloud-based solutions. Over the past few years, the global business intelligence and analytic tools market has become highly competitive. Some of the key companies in the global business intelligence analytic tools market are IBM Corporation, Oracle Corporation, SAP SE, Tableau Software, Inc, Tibco Software, Information Builders, Microsoft Corporation, SAS Institute, Inc, and Qlik Technologies, Inc.

However, the lack of a skilled workforce is expected to hamper the growth of the global business intelligence and analytic tools market in the near future.

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