Here are some of the key trends to look for in BI Analytics:
The cost of BI Analytics solutions is tending to show reconsolidation. New BI tools like Tableau, Birst and QlikView are showing impressive market growth. Gartner has even recognized Tableau as a leader in the Magic Quadrant report for Business Intelligence and Analytics 2015. The monthly BI user pricing has reached the low of $10 per month; this new trend will help SMBs to embark on steps to use more sophisticated BI tools rather than relying on a simple, spreadsheet analysis.
Big data technologies like Hadoop and OpenStack have changed the way organizations look at their data. Organizational decision making strategies are evolving based on BI Analytics based on collected big data inferences. A need for smart analytics is evolving where non-analysts can interpret the data information easily and leverage the data analysis results in organizational decisions.
Open source tools like Pentaho, BIRT, SpagoBI, Microsoft Power BI and JasperReports are witnessing a good market growth owning to the fact that these BI and reporting tools provide feature rich offerings at low cost. Developer communities are also pushing for more development in open standards in BI Analytics and this has been another major factor to consider open standard migration a major industry trend.
Data interpretation is very important for making meaningful decisions from collected set of data. This is where data visualization plays a key role, companies are moving towards tools which can provide more powerful graphics and have user-friendly tools for easy operation. Visualizing data spreadsheets has become an old norm, tools with more custom features and support for web applications on Android and iPhone are coming to market making data visualization an important part of their feature set.
Social media marketing has been estimated to increase by CAGR of 18% for next 5 years. Sentiment analysis, insightful brand analysis, benchmark performance are some major BI concepts being developed around social media analytics. Every corporate is ready to invest more in order to know market trends and opportunities based on what prospects like and dislike. Year 2016 will witness more consolidation of social media based BI solutions.
IoT deployments are increasing at a CAGR of more than 30% and it has been estimated that by year 2019 the number of devices connected to internet will be close to 29 Billion. Energy utilities and healthcare are considered to be major portion of these deployments. BI Analytics has been a major part of these solutions in recent years, so the trend for BI deployment increase is tend to increase with growing IoT devices.
Smartphones are portable smart devices like laptops and iPads have created a need for mobile analytics platforms sot heat we can have access to the information on these devices. The investments in mobile analytics are tending to increase heavily for next couple of years.
The market for advanced analytics has been estimated to be worth $29.53 Billion by 2019 with CAGR of 33.2% for next 5 years. Self-service based BI tools and predictive analytics are the major contributing factors for growth of advanced analytics.