Increasing Adoption of Cloud-Based BI to Fuel Growth of the Embedded Business Intelligence Market
Embedded business intelligence and analytics are being adopted by software vendors to improve their overall operational efficiency, and ROI is becoming a major driving element in the embedded business intelligence market. Another important element supporting the market's favourable growth is the widespread usage of web-based and cloud-based business intelligence (BI). In June 2020, SAS and Microsoft have launched a strategic technology and go-to-market relationship. SAS' analytical products and industrial solutions will be migrated to Microsoft Azure as the chosen cloud provider for SAS Cloud as part of the cooperation. Similarly, in April 2020, the Coca-Cola Company and Microsoft announced a five-year deal to standardise its business processes on Microsoft's cloud and create rich new digital experiences that would bring new ideas to improve the company's relationship with its employees and customers. Both firms will use Microsoft Azure, Dynamics 365, and Microsoft 365 as a result of this partnership. These technologies will assist Coca-Cola Company in gaining new insights from data across the organisation, enabling a 360-degree picture of the business, and improving customer and employee experiences.
The embedded business intelligence market is primarily driven by increased use of data-driven business models by small, medium, and big businesses, as well as extensive use of e-commerce. In US, food franchises such as Wendy's and Ruby Tuesday make extensive use of embedded business intelligence tools to improve customer connections. The BI method enables businesses to make strategic decisions in such a way that they result in a positive transformation, and high-quality customer service. Furthermore, increased adoption of data and business analytics software, combined with ongoing investments in business intelligence and tools, is driving significant revenue growth.
Introduction of New Technologies and Tools in BFSI Category to Drive Growth in Embedded Business Intelligence Market
BFSI category is expected to dominate the embedded business intelligence market over the forecast period. The banking industry is rapidly expanding as a result of digitisation and the rapid adoption of various technological advancements in recent years. The introduction of new technologies and tools, such as business intelligence and data analytics, has invariably assisted banks in reflecting all required regulations and remaining competitive while meeting the digital needs of today's modern customers. These solutions help financial institutions make better financial and operational decisions. The expansion of the BFSI sector can be attributed to a variety of factors, including increased adoption of data analytics, increased data generation, increased adoption of cloud BI by SMEs, and improved embedded business intelligence tool efficiency. With technologies such as AI, ML, and IoT, the reliance on data is increasing, resulting in an increase in demand for embedded business intelligence tools.
Presence of Significant Market Participants in North America to Drive Growth of Embedded Business Intelligence Market
North American region is expected to dominate the embedded business intelligence market due to its presence of significant market participants. Factors such as increased rivalry, extensive R&D efforts in technology, and an evolving trend of data proliferation are also assisting market expansion in North America. According to Cisco Systems, the absence of data integration caused about half of ERP programmes to fail. Due to the constraints of ERP software, BI tools have exploded in popularity across North America. As BI expands into new verticals across industries, this expansion could continue. Moreover, many organisations in the region are forming partnerships, and alliances in order to improve their efficiency and operations by incorporating BI technologies into their processes.
For instance, in March 2019, American Vanguard Corporation picked QAD Business Intelligence (BI) for its AMVAC Chemical Corporation subsidiary, according to QAD Inc., a leading provider of flexible, cloud-based enterprise software and services for global industrial companies. While AMVAC is rapidly expanding, American Vanguard Corporation realised that its subsidiary required a business intelligence (BI) solution that would allow it to better financial reporting and analysis across many domains while using dual currencies and a localised chart of accounts. Asia Pacific region is expected to emerge as the fastest-growing region due to rising demand in emerging economies such as China, and India. Some of the major highlights for the growth of the Asia Pacific regional market include significant adoption of embedded business intelligence software and tools, outsourcing activities for cloud deployment, and demand for customer insights.
Global Embedded Business Intelligence Market: Competitive Landscape
In March 2020, IBM created a new, interactive global dashboard using IBM Cognos Analytics to show the global spread of COVID-19. The COVID-19 data in this dashboard is derived from state and local governments, as well as the World Health Organisation (WHO). On the other hand, in August 2019, Salesforce completed the acquisition of Tableau, a leading analytics platform provider. Salesforce would be able to provide powerful AI-driven insights across all types of data and use cases to people of all skill levels as a result of the acquisition.
A few of the players in the embedded business intelligence market include Birst, inc., International Business Machines Corporation, Information Builders, Logi Analytics, Microsoft Corporation, Sap se Microstrategy inc., Opentext Corporation, Qlik Technologies, and Tibco (the information bus company) Software Inc.
Global Embedded Business Intelligence Market is Segmented as Below:
By Deployment Mode
By Industry Vertical
Key Elements Included In The Study: Global Embedded Business Intelligence Market
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