Business intelligence is a vital tool for an organization on the quest for succeeding on its streak. With increasing significance of information technology and social media in business models, more and more organizations are now keen on using this medium for firm decision-making. Social business intelligence or BI is the process of designing, creating and sharing customized business analysis through different cloud technologies. Cloud technologies are the end users in this process. Social business intelligence market is currently in its budding stage. However, the amount of growth that the market has achieved is outstanding for the businesses in the industry. Rising demand and rapid adoption of SBI technologies is a strong driver for the global industry.
Segmentation in Social BI Market
Social business intelligence market is widely segmented on the types of functions, technologies, deployment models and geography. All these segments are sub-segmented further across different industrial verticals and geographic regions. In-depth analysis of all these segments is vital for complete understanding of the industry and its pits and valleys. Such reports create better awareness and understanding about various latest market trends and future business prospects of the industry. Along with providing clear insights about your own business, such reports will also provide details about the competitors and their business proceedings in the field of social business intelligence. With complete understanding of the threats, drivers and future business opportunities, an organization can easily reach to firm decisions for increasing success rate.
Market Drivers and Future Opportunities
Different business intelligence systems tools play a vital role in the growth and future business placement in social business intelligence market. Social BI technologies are advanced, time saving and cost effective, which works for the increasing rate of adoption for these technologies. It helps analyzing business performances in better and greater ways, which is vital for existing as well as aspiring organizations. Over the past few years, numerous organizations have made large investments in the social BI market, which has resulted into a steady growth in revenue, global presence and future opportunities for larger investments. Based on the recent market research reports, the global industry is expected to maintain steady demand in terms of compound annual growth rate.
From 2013 to 2018, social business intelligence industry is expected to grow at a CAGR of over 8% and reach past$20.81 billion by the end of 2018. The same industry was worth $13.98 billion in 2013.