Business Intelligence (BI) Market

Business Intelligence (BI) Market Size, Share, Growth (2023-2028)

Business Intelligence (BI) Market was worth USD 23.1 billion in 2022, and it is determined to reach a valuation of USD 33.3 billion by 2028 with a development rate (CAGR) of 7.6% 

Overview:

Business Intelligence (BI) can be described as a set of techniques and tools for collecting raw data and transforming it into meaningful and useful information for business analysis purposes. The term "data visualization" is most often associated with BI functions. BI technologies can help identify, develop and create new strategic business opportunities by processing large volumes of structured and sometimes unstructured data. The goal of BI is to make these large volumes of data easy to interpret. Identifying new opportunities and implementing effective knowledge-based strategies can give your business a competitive advantage in the marketplace and long-term stability. Business intelligence, or BI, generally refers to a variety of technologies, applications, and practices that are used to integrate, collect, analyze, and present a variety of business information to aid in the decision-making process. BI integrates a variety of tools, applications, and methodologies to enable organizations to collect data from internal and external sources. Business intelligence has traditionally been an on-premises software created by IT departments, but these solutions are now increasingly accessed via the cloud as business applications increasingly remotely use the services provided by managed service providers for multiple companies.

Recent Developments

• In March 2020, with the help of IBM Cognos Analytics, IBM developed a new interactive global dashboard that shows the spread of COVID-19 around the world.

• In June 2020, Microsoft and SAS announced a wide range of technology and strategic go-to-market alliances. As part of the partnership, the two companies will migrate their analytics products and industry solutions from SAS to Microsoft Azure, SAS Cloud's preferred cloud provider.

Business Intelligence (BI) Market Growth

The increasing adoption of cloud computing technology by SMEs has become a major factor driving the growth of the global business intelligence market.

Drivers

Increased adoption of cloud technologies, augmented demand for real-time data analytics, and rising IoT device installations are some of the key factors driving the growth of the global BI market. As the use of these tools increases as the ability to generate valuable information increases, there is a growing demand for business intelligence in a variety of industries. The growing demand for real-time data analytics has become one of the key drivers driving the growth of the global business intelligence market. As the market becomes more competitive, real-time data analytics has become an important requirement for various organizations. The implementation of new technologies, such as flow mining in the database and in-memory analysis, provides contextual intelligence, fraud detection and real-time analysis of customer interactions. BI technologies enable users to study current and historical data and help companies solve business problems to improve overall performance. It supports the expansion of the business intelligence market by helping companies detect an increase in revenue sharing, measure competition, supply chain risks and threats, and determine employee productivity. Additionally, the rise of Internet of Things (IoT) device installations has generated large amounts of real-time data, increasing the demand for real-time business intelligence and analytics tools. Business intelligence and analytics tools are resource-intensive software or solutions that require huge amounts of data storage. Cloud technology is a solution to overcome these challenges, as it can provide a large data storage capacity.

Additionally, features such as cost-effectiveness and rapid deployment have increased the demand for cloud-based business intelligence and analytics solutions in the marketplace. In addition, the introduction of new technologies, such as stream mining database analytics and in-memory analytics, which provide real-time analytics for fraud detection and customer interactions, is driving the global business intelligence market. In addition, the application of cloud technology has reduced investments in IT infrastructure and data warehouse maintenance for data storage. The business intelligence market is witnessing significant growth due to its potential and the benefits it guarantees to its customers. Additionally, BI systems help companies understand market trends and identify business issues that need to be addressed. Another BI driver is the trend to integrate advanced analytics for big data with BI systems. Advanced analytics can provide a deeper and exploratory view of your data, while BI systems provide a more structured user experience in terms of dashboard visualization, reports, performance management metrics, etc., so that advanced analytics and BI complement each other. The percentage of business intelligence and analytics is higher in large companies, as they are more likely to have an efficient data support system. Also, the growing demand for data analytics to understand consumer demand and market trends, and the increasing adoption of business intelligence and analytics tools by small and medium-sized enterprises (SMEs) are providing growth opportunities for the global business intelligence market.

Restraints

Data security issues are supposed to hamper the growth of the global business intelligence market. Implementing AI in the business intelligence market is a disruptive trend, but it can also be a challenge for modern vendors facing financial constraints.

GLOBAL BUSINESS INTELLIGENCE (BI) MARKET REPORT COVERAGE:

Business Intelligence (BI) Market Segmentation

 By Technology:

• mobile business intelligence

• social business intelligence

• cloud business intelligence

• traditional business intelligence

 By Function:

Finance,

• Information and Distribution

• Executive Management

• Sales and Marketing

By Deployment:

hosted

on-premises.

The on-premises deployment is easy to configure and easily integrates with existing IT and operating

By Enterprise Size:

the market is separated into large and small companies. Both large and small businesses are increasingly adopting BI software to improve internal and external business processes

By End Use:

• Government

• BFSI

• IT & Telecom

• Medical

• Manufacturing

• Media & Entertainment

Business Intelligence (BI) Market Regional Analysis

• Asia Pacific

• Europe

• Middle East and Africa

• North America

• Latin America

North America has a significant market for business intelligence management services around the world. In addition to easier access and greater efficiency, some of the main reasons that have a positive impact on this market is the growth of the big data. Asia Pacific forms another important region for this market and is one of the fastest growing areas in the entire world, among other regions. Japan, China and India are some of the countries that have contributed to the growth of this market. Along with the growth of the big data market, the increasing application of companies using managed service providers to access business information in a timely manner has been some of the main reasons to strengthen this BI market in the APAC region.

Impact of COVID-19 on the Business Intelligence (BI) Market

The coronavirus outbreak has affected the behavior of all markets and customers. As offices, educational institutions and manufacturing facilities are closed indefinitely, sports and major events are postponed, and telecommuting and social distancing policies are implemented globally, companies are increasingly working to implement the technology to support them. BI experts have sought help to help executives make business decisions in response to the new challenges posed by the spread of COVID-19.

Key Players

1. Tableau Software, Inc.,

2. Tibco Software,

3. SAP AG,

4. SAS Institute, Inc.,

5. Oracle Corporation,

6. Qlik Technologies, Inc.,

7. Information Builders,

8. Microstrategy, Inc.,

9. IBM Corporation.