Frederick Jace
In the last decade, the Business intelligence market has evolved and been revolutionized exponentially. Access to the cloud, data visualizations, access to huge amounts of data, and the rise of independent analytics have set a new precedent in the data product line.
With the evolving BI landscape, the future of the industry is bright, and its trends are worth keeping track of. In 2021, BI tools and strategy are projected to be immensely customized, with businesses looking for the best solutions for their specific, niche industry.
Businesses today are no longer worried if data visualizations can improve analysis functions, and are looking for the best way to tell data-driven stories. 2021, is considered by market experts, to be the year marked by well-defined data security and discovery.
It is also the year the BI industry sees collaborative efforts with artificial intelligence and more. The business intelligence industry is estimated to emerge as one of the main software categories, in relevance to market size.
Gartner estimated the global revenue of the BI industry to grow to $22.8 billion by 2020, and Reuters projected another rise in 2022, with estimated growth of $29.48 billion. The business intelligence market is substantially growing and is expected to bloom further as the BI solutions evolve.
BI Trends To Look Out For in 2021
- Artificial Intelligence: Businesses are constantly evolving and moving away from static, passive representations of data. They are looking for proactive analytics, tools, and dashboards that can help organizations understand what is happening at every level of the market in real-time.
The Business intelligence market is projected to evoke the use of AI-based algorithms, developed on the most advanced neural networks which provide accuracy in anomaly detection. This accuracy also evolves as the algorithm scans more historic data and market patterns.
AI also offers insightful upscaled capabilities. It fully analyses various data sets automatically without much effort from the user’s end. As AI is a constantly evolving technology, as the markets and organizations need to change, the algorithm will understand and evolve to provide highly customized solutions.
- Data Security: Data and information security has been a concept dangling on everyone’s minds in 2020, and in 2021, the words have received even higher attention.
Privacy regulations like the GDPR in the EU and the CCPA in the USA have been implemented and have set the basic foundation for data security and safeguarding private user information.
The worldwide spending on information security protocols, solutions, and products is said to increase by 2.4% in the coming year as well. The main drivers to global security spending are listed as: privacy regulations, the necessity to address digital businesses’ risks and threats, focus on detection and alert capabilities.
- Data Automation: The subject of Business intelligence would be incomplete without automated data analytics. In the last decade, the sheer amount of data produced and processed sent organizations on the run to find modern data automation solutions to tackle the sheer volume of data collected.
BI has brought many new automation possibilities in 2021, with many more to come. The complex barriers between data scientists and business users are gradually being dissolved, resulting in a one-stop market for any data needs an organization may have, including data collection, analysis, tracking, and reporting.
Apart from these, the other trends to expect in 2020 with relevance to the BI industry are:
- Data Discovery/Visualization
- SaaS BI
- Predictive And Prescriptive Analytics Tools
- Real-time Data And Analytics
- Collaborative Business Intelligence
- Mobile BI
- Embedded Analytics
Companies globally are investing and innovating to empower organizations across the world with data-driven solutions. This is why the business intelligence market sees such a huge demand and also fosters various innovations.
