Global Business Intelligence Market – Industry Trends and Forecast to 2030

Business Intelligence Market Analysis and Size

Through the emergence of big data and the growing need to make important business decisions quickly, business intelligence (BI) and analytics solutions have gained a sizeable market share over the past ten years. The past ten years have seen a significant increase in the market share for business intelligence and analytics solutions due to the emergence of big data and the growing need to make important business decisions quickly. Benefiting from business intelligence and data visualizations, the increasing need to derive insightful information from unused data, and embedded business intelligence are additional elements anticipated to persist as technology advances and the economy expands.

Data Bridge Market Research analyses that the business intelligence market, valued at USD 27.11 billion in 2022, will reach USD 58.75 billion by 2030, growing at a CAGR of 10.15% during the forecast period of 2023 to 2030. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Business Intelligence Market Scope and Segmentation      

Market Definition

Business intelligence (BI) is a procedural and technical framework for storing, collecting, and analyzing data produced by an organization's operations. Process analysis, data mining, descriptive analysis, and performance benchmarking are all included in it. With the help of business intelligence, businesses can base their choices on logical information about market trends and consumer spending habits. For example, a large organization's systems contain data because CRM and ERP are used to power those operations. As a result, listing all of the data that the company generates is the first step in using business intelligence.

Business Intelligence Market Dynamics

Drivers

• Acceptance of data analytics drives the market

The business intelligence market is anticipated due to the increasing acceptance of data analytics in end-use industries to analyze data and make more trustworthy business decisions; the market is expected to grow more quickly during the forecast period. The main factors anticipated to fuel the business intelligence market growth include increased e-commerce usage and growing acceptance of data-oriented business models by small, medium, and large organizations, creating market expansion.

• Complex event processing techniques drive the market.

Vendors and users continue to place a lot of emphasis on using business intelligence to process large amounts of data. One of the key drivers of using the cloud to access business intelligence and analytics is the future of IoT and big data. Most studies show that as more work is done outside the traditional workplace, there is an increasing demand for mobile business intelligence capabilities. The use of predictive and prescriptive analytics tools has improved business intelligence analysis. To enhance the decision-making process, complex event processing, graph analysis, and estimation methods drive market growth.

• Enhanced and optimized workflows through business intelligence drive market development

Mobile business intelligence enables firms to get insights through data analysis for employing software designed for mobile devices. It provides real-time data for consumers to understand on portable devices like tablets and smartphones, empowering them to make informed decisions.. The penetration of BI within businesses has increased, and assistance in the form of additional information is provided by implementing mobile business intelligence (BI) features into operational business developments. As a result, decision-making abilities are accelerated while data is expanded, and the time needed to find pertinent information is reduced. Thus, mobile business intelligence (BI) offers greater information availability, quicker response times, more effective working, shorter workflows, and enhanced internal communication.

Opportunities

• Increasing use of cloud-based business solutions surges the market.

The high volume of data that supports the expansion of the data market in the structure is the increasing use of the internet throughout the world. The free global data market's development is greatly aided by the emergence of the Internet of Things (IoT) and Big Data. Business intelligence-related services such as interactive dashboard reporting and intelligent KPI monitoring or dynamic are included in cloud-based business intelligence (BI) applications.  As internet usage and IoT technology grow, cloud-based tools and services become increasingly popular. The business intelligence (BI) market's growth is being surged by SMEs' adoption of cloud-based solutions, which create lucrative growth opportunities.

• Demand for business intelligence (BI) solutions is being driven by increasing analytics use.

The three leading solutions are business intelligence platforms, corporate performance management (CPM) suites, and analytical apps. The demand for analytical business intelligence solutions is on the rise, and as a result, solutions currently have the largest market share. Platforms for analytics and business intelligence (ABI) allow people with less technical expertise to model, explore, analyze, and manage data, which may open up new opportunities.

Restraints/Challenges

• High implementation costs and high levels of resistance limit the market.

The main factors impeding the business intelligence market are high implementation costs and high resistance to business intelligence adoption. The initial cost may include the fees of several licenses that the company will need or might need to add in the future, as well as the cost of the hardware required to run the solution effectively. The business intelligence tool is complex for non-technical business users to use independently and does not assist the right people in performing their jobs more effectively. The report provides in-depth details on the market growth factors and business intelligence market growth inhibitors. However, the inability to demonstrate the return on investment for business intelligence is anticipated to limit its growth. 

• Cloud deployments may even limit market expansion.

Integration of clients and software users is a significant barrier for businesses that provide business intelligence and analytics. With many advantages, cloud-based business intelligence solutions are in high demand; however, cloud deployments have several disadvantages, such as security and data integration issues with on-premises data. Integrating various business intelligence (MDM), big data, analytics, and software applications in this market is challenging. However, licensing and installing business intelligence costs a sizable sum, likely proving difficult for the industry's growth.

This business intelligence market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the business intelligence market contact Data Bridge Market Research for an analyst brief, our team will help you take an informed market decision to achieve market growth.

Recent Developments

• In 2022, In order to transform patient care with the help of big data, Sisense, the top AI-driven platform for data analytics, teams up with Gerimedica, a multidisciplinary electronic medical record (EMR) provider that caters to the aged-care market. Since implementing Sisense, Gerimedica has seen an average decline of 6% in the number of days each patient spends in the hospital, saving each patient €540.
• In 2022, The Analytics Automation Company Alteryx Inc. unveiled innovations that enable businesses to implement cloud analytics, democratize insights, and maintain data governance. By providing intelligent data transformation and wisdom in the cloud at scale, Alteryx meets these needs.
• In 2022, The merger of Information Resources Inc (IRI) and NPD resulted in a global technology, analytics, and data provider that can provide more than 7000 clients with a thorough, accurate understanding of consumer behavior and overall retail purchasing and consumption trends across a variety of industries. According to the vendors, the combined company will enable brands and retailers to work together, provide better customer service, address trends, and use more potent insights to spur growth.
• In 2022, The acquisition of Neal Analytics, a cloud, data, engineering, and AI Microsoft Gold consulting partner by Fractal, a global provider of advanced analytics and AI to Fortune 500 companies, will scale AI and drive decision-making. Additionally, it boosts the influence of fractal in the Pacific Northwest, Canada, and India.

Global Business Intelligence Market Scope

The business intelligence market is segmented on the basis of component, data type, function, technology, deployment model, organizational size, application and industry vertical. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Component

• Platform
• Software
• Solution
• Dashboards and Scoreboards
• Data integration and ETL
• Reporting and Visualization
• Query and analysis
• Corporate Performance management (CPM) Suites
• Business intelligence platform
• Analytical application
• Services
• Consulting
• Deployment and Integration
• Support and maintenance

Data Type

• Structured Data
• Unstructured Data
• Semi-Structured Data

Function

• Human Resource
• Finance
• Operations
• Sales and marketing

Technology

• Mobile
• Cloud
• Social
• Others

Deployment Model

• Cloud
• On-Demand
• On-Premises

Organization Size

• Small and Medium-Sized Enterprises
• Large Enterprises

Application

• CRM analytic application
• Financial Performance and Strategy management
• Production planning analytic operations
• Predictive Asset Maintenance
• Fraud Detection and Security Management
• Supply Chain Optimization/ operations
• Network Management and Optimization
• Workforce Management
• Sales and Marketing Management
• Operations Management
• Others
• Service operations

Industry Vertical

• Banking, Financial Services, and Insurance (BFSI)
• Telecommunications and IT
• Retail and Consumer Goods
• Healthcare and Life Sciences
• Manufacturing
• Government and Defense
• Public services
• Energy and Utilities
• Transportation and Logistics
• Tourism and Hospitality
• Media and Entertainment
• Others
• Real Estates
• Education

Global Business Intelligence Market Regional Analysis/Insights

The business intelligence market is analysed and market size insights and trends are provided by country, component, data type, function, technology, deployment model, organizational size, application and industry vertical as referenced above.

The countries covered in the business intelligence market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the market and will continue to flourish its trend of dominance during the forecast period. The major factors attributable to the region’s dominance are an expanding trend, such as the proliferation of data, escalating competition, the use of the cloud, and the growing acceptance of business intelligence functions and digitalization across many industries. The high adoption rate of cloud strategies has accelerated the use of business intelligence.

Asia Pacific will undergo the highest growth rate during the forecast period owing to the developing countries' increasing needs. Some of the key factors anticipated to fuel the growth of the business intelligence market in the region include the significant level of acceptance for business intelligence software and tools, outsourcing activities for cloud deployment, and the need for consumer insights.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Competitive Landscape and Business Intelligence Market Share Analysis

The business intelligence market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to business intelligence market.

Some of the major players operating in the business intelligence market are:

• SAP SE (Germany)
• IBM (U.S.)
• Oracle (U.S.)
• Cisco Systems, Inc. (U.S.)
• Microsoft (U.S.)
• TABLEAU SOFTWARE, LLC, (U.S.)
• QlikTech International AB, (U.S.)
• fish, Inc. product. (U.S.)
• Mode Analytics, Inc. (U.S.)
• Looker (U.S.)
• Infor. (U.S.)
• ConnectWise. (U.S.)
• Hitachi Vantara LLC (U.S.)
• Sisense Inc. (U.S.)
• SAS Institute Inc. (U.S.)
• MICROSTRATEGY INCORPORATED (U.S.)
• Cloud Software Group, Inc. (U.S.)
• Pegasystems Inc. (U.S.)
• Verizon (U.S.)
• RACKSPACE TECHNOLOGY (U.S.)
• AT&T Intellectual Property. (U.S.)
• Juniper Networks, Inc. (U.S.)

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