ReportsnReports.com adds report Global Business Intelligence (BI) Market in Retail Industry 2014-2018 to its store. Global BI market in the Retail industry to grow at a CAGR of 9.19 percent over the period 2013-2018. One of the key factors contributing to this market growth is the increasing volume of information generated in the Retail industry. The Global BI market in the Retail industry has also been witnessing the shift towards predictive analytic tools. However, the high cost of implementation could pose a challenge to the growth of this market.
There is ongoing migration from traditional analytic tools to predictive analytics (analysis, forecasting, and optimization). The global economic crisis has also increased the requirement for more accurate forecasts and optimized business processes. Most of the vendors have started introducing applications to make statistics, predictive analytics models, and forecasting algorithms in reports, dashboards, and analytic applications. Predictive analytics tools allow organizations in the Retail industry to identify potential opportunities and threats. For example, an organization can predict which customers are more likely to respond to a marketing campaign based on demographic data and on purchase statistics that include data on frequency of purchase.
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According to the report, one of the major drivers in the market is the increasing volume of information generated in the Retail industry. BI tools comprise a series of applications that enable organizations to make better decisions by providing accurate, dependable, consistent, and understandable data and reports in a useful format. Basically, BI means getting the right information to the right people at the right time to support better decision-making and gain competitive advantage.
Further, the report states that one of the major challenges is the high
cost of implementation. After purchasing the software license, organizations
also need to hire resources for the proper implementation of the software. In
addition, post implementation, BI tools need to be upgraded according to
current market trends, which is one of the major challenges in terms of cost
Key vendors dominating this space are IBM Corp., Oracle Corp., SAP AG, and SAS Institute Inc.
Other vendors mentioned in the report are Information Builders Inc., Infor Global Solutions Inc., Microsoft Corp., MicroStrategy Inc., QlikTech Ltd., and Tibco Software Inc. (Spotfire)
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Key questions answered in this report:
- What will the market size be in 2018 and what will the growth rate be?
- What are the key market trends?
- What is driving this market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the key vendors?
- What are the strengths and weaknesses of the key vendors?
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