The global business intelligence market is expected to grow from USD 29.29 billion in 2023 to USD 78.42 billion by 2032, exhibiting a CAGR of 13.1% during the forecast period. The growth of the market is attributed to the increasing adoption of cloud-based BI solutions, the growing demand for data-driven decision-making, and the rising need to improve operational efficiency.
With growing developments in business intelligence solutions led by the advancements in AI and related technologies, the market is expected to perceive rapid developments during years to come. According to Market Research Future (MRFR), the global business intelligence market is projected to witness significant growth by 2030, registering a phenomenal CAGR during the forecast period (2023 – 2032).
Increasing Investments in Data Intelligence Development Boost Market Size
Rising demand for tools that can support the intelligence of real-time events and streaming data positively impacts the market rise. Penetration of smart data discovery capabilities, machine learning (ML), and automation of the entire intelligence workflow foster the market, making it easier to distribute the data intelligence workload at a much reduced period.
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Major Players:
Players leading in the global business intelligence market include
- Verizon wireless (US)
- SAS Institute (US)
- SAP SE (Germany)
- Juniper Networks (US)
- Cisco Systems (US)
- AT&T (US)
- Rackspace (US)
- IBM Corp. (US)
- VMware (US)
- Microsoft Corp. (US)
Lack of Awareness for Business Intelligence is a Major Hindrance for Market Growth
The lack of awareness about business intelligence benefits and reluctance in adopting business intelligence are major factors restraining the market growth. Growing inclination of enterprises to save data on-premise rather than on cloud is set to affect the business intelligence market in the short term. Nevertheless, the increase in the adoption of intelligence platforms for cloud deployment would support the market's growth over the forecast period.
Global Business Intelligence Market –Segments
The market is segmented by application, deployment, end-user, and region. By application, the market is segmented into financial performance and strategy management, sales and marketing, customer intelligence, supply chain management, risk management, and others. The financial performance and strategy management segment is expected to lead the market during the forecast period. This is due to the increasing demand for BI solutions to track and analyze financial performance and make strategic decisions.
By deployment, the market is segmented into on-premises and cloud-based. The cloud-based segment is expected to grow at a faster rate during the forecast period. This is due to the increasing demand for scalable and cost-effective BI solutions.
By end-user, the market is segmented into small and medium-sized enterprises (SMEs) and large enterprises. The large enterprises segment is expected to dominate the market during the forecast period. This is due to the increasing adoption of BI solutions by large enterprises to improve their operational efficiency and make data-driven decisions.
The regional analysis of the business intelligence market includes North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to dominate the market during the forecast period. This is due to the early adoption of BI solutions in the region.
The major players in the business intelligence market include IBM, Microsoft, SAP, Oracle, SAS Institute, Tableau Software, Qlik, MicroStrategy, and Yellowfin. These players are focusing on developing innovative BI solutions to meet the growing demand of businesses.
Global Business Intelligence Market – Geographical Analysis
North America leads the global business intelligence market. Increasing digitization of business processes and the presence of several key players in the region are major growth drivers. Besides, the presence of key technology providers and state-of-the-art infrastructure influence the regional market growth, allowing the early uptake of advanced business intelligence solutions.
The US dominates the regional market with vast technological advances and adoption of business intelligence solutions by various organizations. Furthermore, high technical expertise in natural language processing and machine learning fosters the growth of the regional market.
Global Business Intelligence Market – Competitive Analysis
Fiercely competitive, the business intelligence market witnesses the presence of many key players. To gain a larger competitive advantage, market players incorporate strategies, such as acquisition, collaboration, expansion, and technology launch.
Major players invest substantially in R&D to develop unique solutions that are entirely on a different level compared to their competition.
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Industry/Innovation/Related News:
July 13, 2021 - Zoho Corp launched new business intelligence (BI) platform infused with AI, including data preparation tools that organizations would otherwise have to acquire separately. The new BI platform combines Zoho's technologies, such as DataPrep, with an enhanced version of analytics and its existing Show presentation software and Sites portal builder tools in a single offering.
The offering makes it simpler for end-users to construct and share analytics via visual dashboards, letting them launch queries against data using either graphical tools or the conversational AI platform.
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