USD 24.84 billion
Report ID: SQSG45D2013 | Region: Global | Published Date: December, 2022 | Pages: 165 | Tables: 127 | Figures: 77
Global Business Intelligence (BI) Market size was valued at USD 24.84 billion in 2021 and is poised to grow from USD 27.11 billion in 2022 to USD 54.27 billion by 2030, growing at a CAGR of 9.1% in the forecast period (2023-2030).
Business intelligence (BI) is a technology-driven process for analysing data and presenting information that may be used to make business decisions by managers, corporate end users, and executives. BI includes a wide range of techniques, instruments, and software programmes that enable administrations to collect data from external sources and internal systems, analyse it, enhance and monitor queries, and produce reports, dashboards, and data visualisations for use by operational staff and corporate decision-makers. The primary purpose of business intelligence (BI) is to help businesses grow by enhancing data collection and utilising that data effectively to increase productivity. Businesses that use BI techniques have converted their newly created data into insights about their operational procedures. Strategic company decisions are made using the information to boost output, boost revenue, and quicken growth.
Businesses must use BI tools to make data-driven decisions for effective business operations in the quickly expanding technological environment. To develop new business models, the firm's balance their physical and digital competencies. Enterprise need for data analytics software is anticipated to increase as real-time data from smart devices and the internet of things (IoT) are integrated with historical data, big data analytics, and artificial intelligence.
US Business Intelligence Market is poised to grow at a sustainable CAGR for the next forcast year.
Global Market Size
USD 24.84 billion
Financial Performance and Strategy Management
Financial Performance and Strategy Management
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The Global Business Intelligence (BI) Market segmentation is based on component, deployment, application, end Use and regions. Based on the component, the Business Intelligence Market is segmented into Solutions and Services. On the basis of deployment, the Business Intelligence Market can be further bifurcated into Cloud and On-premises segments. On the basis of application, the Business Intelligence Market is segmented into Supply chain analytic applications, CRM analytic operations, financial performance and strategy management, Production planning analytic operations and other (workforce analytic operations, services operations). Based on end use the Business Intelligence Market is segmented into IT and telecommunication, banking, finance, security and insurance (BFSI), retail and consumer goods, manufacturing, healthcare, and other sub-segments. Based on region the global Business Intelligence market is segmented into North America, Europe, Asia-Pacific, South America, and Middle East and Africa.
Business Intelligence Market Analysis by Application
The application for managing financial performance and strategy has the largest Business Intelligence (BI) Market share, and throughout the projection period, it is anticipated to grow at the fastest rate. Planning, budgeting, strategy management and other activities fall under financial performance and management. Using BI, a user can evaluate various business scenarios and determine the financial repercussions before acting. Additionally, it improves the organization's forecasting precision. The demand for these solutions in financial operations is driven by these elements.
The integration of BI in CRM analytic solutions is probably driven by customer data analysis, contact centre data, and website analytics. Some of the use cases in supply chain applications include manufacturing, inventory management, logistics, and procurement. Due to the emergence of Industry 4.0, Blockchain, among other technologies, analytic applications in supply chain and production planning are predicted to experience unprecedented growth.
Business Intelligence Market Analysis by End Use
Due to the sensitivity of financial data and the requirement to coordinate with several other industries, the BFSI vertical is anticipated to hold the biggest Business Intelligence (BI) Market size during the projection period (stock exchanges, tax authorities, central banks, securities controlling authorities, revenue department, etc.). Some of the reasons for the BFSI vertical's adoption of business intelligence include establishing new investment plans, lowering risks, and improving marketing strategies and client retention policies. The vertical for healthcare and life sciences is anticipated to have the highest CAGR over the projection period. The use of business intelligence solutions in the healthcare and life sciences industry is driven by the increasing complexity of the healthcare industry vertical and the demand for remote and real-time insights from unstructured clinical data.
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Due to technological improvement in company management analytics for their sales, production, and innovation, North America holds the largest share of the business intelligence market. Due to the commercialization of IoT technology and the growing use of advanced technologies in nations like China, Japan, and India, which are boosting the need for business intelligence solutions and services, APAC is predicted to grow at the greatest CAGR throughout the projection period. Additionally, the business intelligence industry now has a more precise and trustworthy advantage thanks to the growing Business Intelligence (BI) Market and need for IOT and big data.
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Business Intelligence Market Driver
Today, the majority of businesses use a streamlined method that entails locating, gathering, keeping up with, and disseminating a lot of data. In order to have a quick and easy business decision-making process, BI solutions are used for this data. In order to discover client preferences and tendencies, extract strategic insights, and help maintain a balance between the demand and supply of new and existing goods and services, the data should be made available with a standard visualisation capability.
Enterprises can now create interactive dashboards for the large volume of essential data thanks to advanced visual data discovery technologies. Businesses have adopted data storytelling capabilities to improve data interpretation and business decision-making from key data insights. Topline managers may now swiftly enter analytical inquiries thanks to the growing popularity of NLP-based search (Natural language program- based search) that has been expanded to text and speech analytics.
Business Intelligence Market Restraint
Small and medium enterprises are worried about the high initial expenses of choosing, implementing, maintaining, and training staff on how to use a proper BI solution (SMB). Additionally, a lack of resources makes it difficult to hire qualified experts such as consulting analysts, data scientists, and IT infrastructure specialists. The business intelligence sector is being negatively impacted by the prohibitively expensive infrastructure investments needed to use BI software.
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To increase the Business Intelligence (BI) Market positioning, the business intelligence suppliers have adopted a variety of organic and inorganic growth tactics, including new product launches, product upgrades, partnerships and agreements, business expansions, mergers, and acquisitions. For instance, to hasten the expansion of SAS Analytics and Microsoft Azure cloud, Microsoft Corporation and SAS Institute Inc. collaborated. In order to fully utilise Microsoft's cloud offerings, including Dynamics 365Azure, Microsoft 365, and Power tool, the companies want to incorporate SAS analytical solutions.
Business Intelligence Market Top Players Company Profiles
Business Intelligence Market Recent Development
Processing natural language to swiftly raise the adoption of BI tools across enterprises
In Business intelligence tools analytical conversation capabilities stand in need of support which is furnished and applied with help of natural languages. As natural language matures across the industry, it is likely to break down the barriers to business intelligence adoption across the organizations and further embed data into the core of the work culture.
The natural language has some of the common features of processing integrated into BI tools which includes Speech recognition, machine translation, natural language generation, semantic search, and machine learning (ML).
In the SME sector growing demand for cloud-based business solutions is fuelling the BI market. Rising awareness for several benefits such as data scalability, tracking key performance indicator.
Advanced analytics was integrated for Big Data with BI systems . It is expected to provide profit-making opportunities for the global business intelligence market.
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the application for managing financial performance and strategy now has the largest Business Intelligence (BI) Market share, and throughout the projection period, it is anticipated to grow at the fastest rate. Due to the sensitivity of financial data and the requirement to coordinate with several other industries, the BFSI vertical is anticipated to hold the biggest Business Intelligence (BI) Market size during the projection period (stock exchanges, tax authorities, central banks, securities controlling authorities, revenue department, etc.). Due to technological improvement in company management analytics for their sales, production, and innovation, North America holds the largest share of the business intelligence market.
|Market size value in 2021||USD 24.84 billion|
|Market size value in 2030||USD 27.11 billion|
|Forecast Unit (Value)||USD Billion|
|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)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Business Intelligence (BI) 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 (BI) 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.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Business Intelligence (BI) 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 (BI) Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
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On the basis of application the business application (bi) market is segmented into Supply chain analytic applications, CRM analytic operations Financial performance and strategy management, Production planning analytic operations, and Others (workforce analytic operations, services operations).
Expensive IT Infrastructure Investments Is major challenge faced by the business intelligence (bi) market.
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