Top Trends Shaping the Business Intelligence Market in 2021
In recent years, Business Intelligence (BI) has revolutionized the way businesses collect, analyze and interpret data to make informed decisions. As we move forward in 2021, there are several trends that are shaping the BI market and driving innovation. In this blog, we will explore the top trends that are causing a significant transformation in the BI industry.
The Rise of AI and ML
Artificial Intelligence (AI) and Machine Learning (ML) are emerging as the most significant trend in the BI market. With the help of AI and ML, businesses can now identify patterns and anomalies in data, which was previously impossible to detect manually. AI and ML-powered analytics can also predict future outcomes, providing businesses with insights that enable them to make data-driven decisions. As per the latest BI market research reports, the global market for AI in BI is expected to reach $27.4 billion by 2026, growing at a CAGR of 28.4%.
Cloud BI
The global pandemic has pushed businesses towards cloud-based solutions, and the BI market is no exception. Cloud-based BI solutions provide businesses of all sizes with real-time data insights, also being able to access data from any location. Additionally, the cloud eliminates issues related to data security and privacy since data is stored securely in the cloud and can only be accessed by authorized personnel with the necessary credentials. The cloud BI market is expected to grow at a CAGR of 22.6% from 2020 to 2025, according to market research.
Data Storytelling
Data storytelling is emerging as the new way of presenting data insights. It is an art of creating a storyline which persuasively communicates insights gained from data analysis to the end-users. Data storytelling helps businesses to add meaning to data, making it easy for stakeholders to understand and interpret the data insights. In doing so, organizations can use data to make better decisions, improve strategy, and drive innovation. Data storytelling is becoming increasingly popular with the evolution of visualization tools such as Tableau, QlikView and Power BI.
Real-Time Data
Real-time data analytics is one of the most significant trends shaping the BI market in 2021. With real-time analytics, businesses can analyze data in real-time, enabling businesses to take immediate action based on the insights gathered. Real-time data provides businesses with the ability to understand their customer behavior better, improve their decision-making, competitiveness, and efficiency, providing real-time insights to support decision making.
Conclusion
As we have explored, several trends are shaping the BI market in 2021, driving growth and innovation. AI and ML are transforming the BI landscape, cloud-based BI solutions are more popular than ever, data storytelling is becoming the new norm for data presentation, and real-time data analytics are allowing businesses around the world to take quick action on critical business issues. As time progresses, we expect to see more businesses adopting these trends to stay ahead of the curve and surpass their competition.
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