What we’re about
The Business of Intelligence is to help demystify big data, Business Intelligence, Business Analytics, explore interesting use cases in different industries, go over some opportunities in the market and share tools that are available for your big data projects.
Why should you care:
Big data
• It is estimated that approximately 2.7 Zetabytes of data exist in the digital universe today.According to estimates, the volume of data collected by businesses worldwide doubles every 1.2 years.
• Poor data or ‘lack of understanding the data’ are cited as the primary reason for overrunning project costs and could cost businesses 20%–35% of their operating revenue.
• Poor data quality costs US businesses up to $600 billion annually.
The Business Intelligence market
• According to Gartner, the worldwide business intelligence market was worth over $14.4 billion in 2013, an increase of 8% on the previous year ($13.3 billion). This market definition includes all BI platforms, corporate performance management suites, analytic applications and advanced analytics solutions.This figure is predicted to reach $20.81 billion by 2018, equating to a compound annual growth rate (CAGR) of around 8.28%.
• Among the fastest growing markets is the Asia Pacific region where the business intelligence market is expected to grow by 7.4 % to $1.4 billion in 2014.
Cloud Business Intelligence market
• The Cloud-based business intelligence market is projected to grow from $0.75 billion in 2013 to $2.94 billion in 2018, a CAGR of 31%.
• The Cloud business intelligence market has seen great success, particularly with smaller businesses. In a survey by the BI Leadership Forum, over 46% of small businesses said they were currently using the Cloud as part of their business intelligence strategy.
