USD 21.56 Billion
Global Business Intelligence and Analytics Software Market Size, Share, Growth Analysis, By Type(Big Data Analytics, Business Analytics), By Deployment(On-premises, and Clouds), By Enterprise Size(Large Enterprises, and Small & Medium Enterprises (SMEs)), By End-Use(BFSI, Government) - Industry Forecast 2024-2031
Report ID:
SQMIG45A2278 |
Region:
Global |
Published Date: April, 2024
Pages:
192
|
Tables:
120 |
Figures:
77
Global Business Intelligence and Analytics Software Market Insights
Global Business Intelligence and Analytics Software Market size was valued at USD 21.56 Billion in 2022 and is poised to grow from USD 23.38 Billion in 2023 to USD 44.78 Billion by 2031, growing at a CAGR of 8.46% in the forecast period (2024-2031).
The growing global business intelligence and analytics software market is experiencing increased use of computer learning and artificial intelligence (AI) to deliver personalized customer experiences, including the growth of online shopping. If apart from this, the widespread adoption of social networking platforms is another major factor driving this expansion market. The amount of data collected by companies around the world has increased exponentially in recent years. Many companies draw insights from data to make better, more timely, fact-based decisions. For data management and strategic decision-making, this has led to increased demand for sophisticated analytics solutions.
Furthermore, advances in big data have helped data scientists improve their analytical skills. Companies can use big data analytics to improve company strategies, objectives, and performance. By intelligently transforming information, organizations can meet stakeholder requests, manage data volumes, manage risks, increase process control, and increase operational efficiency.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Big Data Analytics
Fastest Growth
Customer Analytics
Growth Rate
8.46% CAGR
Global Business Intelligence and Analytics Software Market ($ Bn)
Country Share for North America Region (%)
Global Business Intelligence and Analytics Software Market By Type ($ Bn)
Global Business Intelligence and Analytics Software Market By Type (%)
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Global Business Intelligence and Analytics Software Market Segmental Analysis
The global business intelligence and analytics software market is segmented based on type, deployment, enterprise size, end-use, and region. In terms of type, the market is segmented into big data analytics, business analytics, customer analytics, risk analytics, and statistical analysis. By deployment, the market is segmented into on-premises, and clouds. Based on enterprise size, the market is segmented into large enterprises, and small & medium enterprises (SMEs). By end-use, the market is classified into BFSI, government, healthcare, IT & telecom, military & defense, and others. Region wise, the global advanced analytics market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Analysis by Type
Big data analytics accounted for more than 35% of the market by 2022 and is estimated to remain dominant over the forecast period. The growth of social media platforms and the emergence of data-rich online services can be attributed to the expansion of this sector. SaaS-based big data analytics have also facilitated automation deployments and enabled powerful analytics models using self-service models. The growing demand for big data analytics solutions has pushed big data service providers to increase their investments in cloud technology to gain a competitive advantage.
The customer analytics market is expected to witness a remarkable CAGR of 20.1% owing to the increasing demand for advanced lead management, customer retention and customer experience management. Consumer research is increasingly used in retail to create personalized communication and marketing strategies.
Analysis by Deployment
On-premises solutions dominated the global market. On-premises solutions give organizations greater flexibility and control over how they optimize their IT infrastructure, while reducing reliance on the Internet and protecting critical corporate data from theft and fraud. These benefits are expected to lead larger organizations to use them in-house.
The cloud segment is expected to grow at a significant CAGR. The cloud segment plays a key role in the global business intelligence and analytics software market, serving as a key driver of growth and innovation. Cloud-based BI and analytics solutions provide scalability and flexibility, enabling organizations to scale their resources higher or down quickly based on their changing needs Particularly valuable, where organizations need to adapt quickly to changing market conditions. Cloud-based BI and analytics solutions typically follow a subscription-based pricing model, which can be cost-effective for organizations compared to traditional on-premises solutions.
Global Business Intelligence and Analytics Software Market By Type (%), 2022 (%)
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Global Business Intelligence and Analytics Software Market Regional Insights
North America is estimated to dominate the global business intelligence and analytics software market and is expected to remain dominant throughout the forecast period. The region continues to see the adoption of emerging technologies. By 2020, North America digitized 60% of its goods and services. Business intelligence systems and software systems have found an important place in organizations. Cloud BI software in North America is expected to drive regional growth in the global business intelligence and analytics software market.
The Asia Pacific region is envisioned to appear as a rising marketplace bearing on the multiplied adoption of more recent technology for commercial enterprise decisions, and the need to improve in competitive surroundings. With the developing rise of digitalization and excessive funding ventures in nations such as India and China, several outsourcing firms and offerings alongside improved IT-infrastructure are predicted to propel the marketplace by means of high market proportion and hence pave way for first-rate marketplace revenue in the forecast period.
Global Business Intelligence and Analytics Software Market By Geography, 2024-2031
- Largest
- Fastest
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Global Business Intelligence and Analytics Software Market Dynamics
Drivers
Increasing Adoption of Cloud-based Solutions for Business Decisions
- Organizations are gearing up with the enhanced benefits of business intelligence such as a total user experience that will allow organizations to inform their customer-centric decisions. Distributed technologies in the cloud have been adopted on a large scale by 25% of organizations worldwide. Factors like data scalability further attract organizations. Different options such as pay-as-you-go, or subscription options help organizations in the scalability of the data. Big data is exploring its applications in every sector and expanding new decision making. The adoption of such practices is expected to drive the global business intelligence and analytics software market to a significant market share.
Rise in Consumer Internet Applications
- The industry is primarily driven by the spread of e-commerce and the increase in data-driven business models used by small, medium and large businesses, for example restaurant chains such as Wendy’s and Ruby Tuesday in the US. makes extensive use of BI software to improve customer interactions. The BI approach enables businesses to implement strategic decisions in a way that drives positive change and superior customer service. Furthermore, increasing adoption of data and business analytics software supported by ongoing investments in business intelligence tools is fueling rapid revenue growth in the global business intelligence and analytics software market.
Restraints
Costs Associated with Installation and Licensing of BI Software
- The high cost of licensing and deploying BI software is projected to limit the growth of the global business intelligence software industry. License prices for BI software are more influenced by market conditions at the time of purchase than software development costs. Moreover, companies are already using traditional BI tools and are reluctant to acquire advanced BI software. Even if the benefits of BI software are substantial, the initial costs of purchasing a good BI platform or software, installing it in the company, and training employees on how to use it are substantial.
Data Privacy and Security Issues
- With the increasing use of data for research purposes, data privacy and security concerns are growing. Issues of data breaches and unauthorized access to sensitive information can hinder the adoption of BI and analytics software, especially in industries involving high-sensitivity data such as healthcare and financial services.
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Global Business Intelligence and Analytics Software Market Competitive Landscape
The major players competing in the global business intelligence and analytics software market are Google, Inc.; Informatica; Oracle Corp.; SAS Institute, Inc.; Cloud9 Analytics; IBM Corp.; Microsoft Corp.; Tableau Software; and SAP SE Corp. Companies focus on investing in R&D to develop technologically advanced BI software for the market. Moreover, companies are increasingly involved in networking, mergers & acquisitions, new product launches, and collaborations to increase their market share and acquire new customers.
Top Player’s Company Profiles
- Microsoft Corporation
- SAP SE
- IBM Corporation
- Oracle Corporation
- Tableau Software, Inc.
- SAS Institute, Inc.
- QlikTech International AB
- MicroStrategy, Inc.
- TIBCO Software Inc.
- Information Builders Inc.
- Sisense Inc.
- BOARD International S.A.
- Domo Inc.
- Yellowfin International Pty Ltd
- Pentaho Corporation
- GoodData Corporation
- Alteryx Inc.
- Looker Data Sciences, Inc.
- Zoho Corporation
- Salesforce.com, Inc.
Recent Developments
- In May 2022, IBM announced the world’s largest corporate transformation projects based on SAP ERP software, designed to maximize company growth and better support customers.
- In May 2022, Tableau Softwares announced the launch of Tableue cloud, a cloud-based BI Decision advanced platform, originally known as Table online. The launch of the service is intended to increase the availability of business decisions and help in a seamless and insightful business decision-making process.
- In November 2022, IBM announced IBM Business Analytics Enterprise, a new piece of software aimed at helping businesses break down data and analytics silos so they can act faster on data-driven findings and navigate unexpected ups and downs so Intelligence determination, budgeting, Reporting, forecasting and monitoring capabilities are delivered by the software, providing users with a complete set of data sources across the organization.
- In October 2022, SAS announced an agreement with Veritas led by the Monetary Authority of Singapore (MAS) to integrate and operate the Veritas arsenal with the SAS Via system, aiming to provide intelligence delivery credible applications (AI) have been widely adopted. In banking and financial services. The combination of SAS Via natural language and processing capabilities using out-of-the-box generation enables unbiased analysis of research samples.
Global Business Intelligence and Analytics Software Key Market Trends
- Rising Advances in Business Intelligence: Advances in business intelligence and analytics software in large corporations have been tremendous. However, small and medium-sized businesses are also interested in investing in this software because of the benefits associated with it. On the other hand, the popularity of cloud deployment solutions has brought significant benefits to SMBs and greatly improved their adoption. This trend will continue in the coming years, empowering software providers to deliver more innovative solutions, with intelligent dashboards with specific features to meet growing needs including carrying out their own research.
Global Business Intelligence and Analytics Software Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
The proliferation of data cycles has increased the demand for sophisticated structured analytical tools- which use and analyze large amounts of unstructured data. Organizations across industries recognize the importance of data-driven decision-making to gain competitive advantage, improve operations, and improve customer experience Advances in technologies such as artificial intelligence (AI), machine learning, and natural language processing (NLP) fields drive innovations in BI as well as the market, prescriptive analytics, and real-time data processing. There is a growing interest in cloud-based BI and analytics solutions, due to their scalability, scalability and cost. Cloud platforms enable organizations to access and analyze data from anywhere, streamline collaboration, and reduce infrastructure costs associated with traditional on-premises solutions.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 21.56 Billion |
| Market size value in 2031 | USD 44.78 Billion |
| Growth Rate | 8.46% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Business Intelligence and Analytics Software Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Business Intelligence and Analytics Software Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Business Intelligence and Analytics Software Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Business Intelligence and Analytics Software Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Business Intelligence and Analytics Software Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Business Intelligence and Analytics Software Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Business Intelligence and Analytics Software Market Report Snapshots
- Global Business Intelligence and Analytics Software Companies
- Global Business Intelligence and Analytics Software Market Size
- Global Business Intelligence and Analytics Software Market Analysis
- Global Business Intelligence and Analytics Software Geographic Analysis
- Global Business Intelligence and Analytics Software Market News
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