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The survey asked 35 central banks across the world and out of which 91 percent said they use BI tools. Almost every bank uses BI for data analysis, while 80 percent employ BI’s data visualization capabilities.
Both traditional and self-service BI tools have their strengths and weaknesses; however, at the end of the day, when choosing a BI tool companies are looking at two things – a nature of tasks at hand and cost.
The global revenue from data analytics and BI will surpass USD $189 billion this year, a 13-percent increase from 2018. The upward trend is expected to continue and reach a projected $USD 247 billion by 2022.