As an increasing number of organizations in Saudi Arabia prioritize investments in Business Intelligence and Big Data technologies, spending on Business Intelligence software tools is expected to surpass $89 million in 2018, with a compound annual growth rate (CAGR) of 19.4%, which is 1.69 times the growth of Saudi Arabia's total software market, according to the latest insights from International Data Corporation (IDC), the premier global provider of market intelligence, advisory services and events for the information technology, telecommunications, and consumer technology markets.
Referencing its newly released 'Saudi Arabia Business Intelligence Tools Software 2014–2018 Forecast' (IDC # CEMA21278) study, the research firm said that the media attention on Big Data in Kingdom has put business intelligence on the agenda of most senior executives.
Pioneering organizations in Saudi Arabia are now investing in solutions that provide a single access point to all their information silos and advanced predictive and analytical technologies that support their automation processes, enable them to make better capital investment decisions, and help them optimize their business decisions.
"Organizations in Saudi Arabia are investing in BI tools to gain competitive advantage, make informed decisions, and respond to regulatory challenges," says Dhiraj Daryani, program manager for software at IDC Middle East, Africa, and Turkey. "Rising demand for analytics solutions in Saudi Arabia will boost spending on BI software".
Business Intelligence (BI) is a category of computer software tools that enables a company or organization to gain insight into its critical operations through reporting applications and analysis tools. Well-designed BI applications can give anyone in a company the ability to make better decisions by quickly understanding the various information assets in the organization and how these interact with each other. These assets can include customer databases, supply chain information, personnel data, manufacturing, product data, sales and marketing activity, as well as any other source of information critical to the organization's operation.
These solutions will illustrate BI in the areas of customer profiling, customer support, market research, market segmentation, product profitability, statistical analysis, and inventory and distribution analysis. Most companies collect a large amount of data from their business operations. To keep track of that information, a business would need to use a wide range of software programs and different database applications for various departments throughout their organization.
While the entire BI Tools market is expected to expand at a compound annual growth rate (CAGR) of 19.4%, specifically Advanced Analytics Software is expected to show the highest CAGR of 20.1%.
IDC's 'Saudi Arabia Business Intelligence Tools Software 2014–2018 Forecast ' (IDC # CEMA212781) analyzes Saudi Arabia’s business intelligence (BI) software market in 2013 by functional market (end-user query, reporting and analysis; advanced analytics; and spatial information analytics tools) and provides a forecast for each functional market through 2018. The study provides detailed qualitative and quantitative information, analysis, and forecasts that help illustrate the size and other defining characteristics of the market, and how region-specific political and macro-economic conditions affect the Saudi market.