New Study: Middle East Big Data, Business Intelligence, and Analytics Market - Forecast To 2020
New Computer Technology market report from MicroMarketMonitor: "Middle East Big Data, Business Intelligence, and Analytics Market - Forecast To 2020"
[USPRwire, Fri Mar 04 2016] Middle East Big Data, Business Intelligence, and Analytics Market: By Vertical (BFSI, Oil & Gas, Telecommunications & IT, Government & Public Sector, Consumer Goods & Retail, Manufacturing, Others), By Country - Forecast To 2020
The Middle East big data, business intelligence, and analytics market is projected to grow from USD 5.09 billion in 2015 to USD 12.38 billion by 2020, at a CAGR of 19.4% from 2015 to 2020. Big data, business intelligence, and analytics are increasingly being employed to create successful business predictions and develop smarter business model framework. The global trend showcases that government authorities as well as private organizations are currently relying on various emerging IT technologies and solutions, such as big data, business intelligence, and analytics to support infrastructural developments, improve healthcare services, efficiently manage available natural resources, develop robust defense mechanism, and mitigate risks & disasters.
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The significant increase in network connected devices such as smartphones, sensors, and detectors has led to the generation of huge volumes of distinct data, which is beyond the ability of conventional data processing applications. Such huge amount of data has given rise to the concept of big data. Big data is being used by enterprises to make informed business decisions, analyze customers' spending behavior in order to target new product lines, enhance supply chain, identify geographic trends, and gain a competitive edge over other market players.
Internet of Things (IoT) technology is growing rapidly and generating massive amounts of data through connected devices, sensors, and algorithms. It is being used across various sectors, such as automobile, construction, healthcare, and energy & power, among others. The amount of data generated through connected devices and sensors is huge, and is further processed and analyzed to gain worthy business insights. In the current scenario, several organizations are deploying IoT to provide cutting-edge solutions, which, in turn, is expected to boost the growth of the big data, business intelligence, and analytics market.
Growth in the Kingdom of Saudi Arabia big data, business intelligence, and analytics market is influenced by the adoption of IoT and cloud, emergence of mobile BI and domain-specific solutions, and rise in competition that demands simplified and enhanced data visualization tools. In addition to this, technological advancements in the field of big data and business analytics have resulted in decrease in their implementation costs.
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