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Business Intelligence Software Market size was valued at USD 19.87 billion in 2019 and is poised to grow from USD 21.56 billion in 2023 to USD 38.06 billion by 2031, growing at a CAGR of 8.46% in the forecast period (2024-2031).

To stay competitive in the business intelligence software industry, market participants are increasingly launching new products and updating existing ones. The businesses are also making significant investments in R&D projects to create cutting-edge BI tools. For instance, Microsoft Corporation spent USD 14.7 billion on R&D in 2018 to create cutting-edge products and services, which helped the business to maintain a competitive edge over its rivals. '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.', 'In May 2022, IBM announced the undertaking of the world's largest corporate transformation projects based on SAP ERP software, designed to fuel the company's growth and better support its clients.', 'In May 2022, Tablue Softwares announced the launch of cloud-based BI Decision advancing platform Tableue cloud, which was initially known as Table online. The service launch intends to enhance actionable business decisions and aid the accessible insightful business decision processes.'

Organizations are equipping themselves with enhanced benefits of Business Intelligence such as raised ambit for organizations to orient their customers-based decisions a enhance overall user experience. 25% of organizations worldwide have adopted cloud-distributed technology on a large scale. Features such as data scalability further entice organizations. Various options such as pay-as-per-usage, or subscription options help organizations in the scalability of data. Big data is finding its role in every field and widening up the horizon for innovative decisions acceptance of such practices is expected to foster the business intelligence software market with high market share.

The growth of business intelligence and analytics software is considerable in major corporations; however, small and medium-sized businesses are also interested in investing in this software due to the benefits connected with it. The popularity of cloud deployment solutions, on the other hand, has provided great benefits to SMBs and significantly improved their adoption rate. This trend is expected to continue in the next years, empowering software suppliers to deliver more innovative solutions with intelligent and smart dashboards with distinct features to respond to the rising need of self-service analytics.

North America is estimated to dominate the business intelligence software market in 2021 and it is anticipated to maintain its dominance throughout the forecast period. The region is constantly witnessing the adoption of emerging technologies amid a rising surge of digitally driven innovation. In the year 2020, North America digitalized 60% of its products and services. Various business intelligence applications and software systems have found a significant place in organizations. The insightful data determined decisions in gaining importance and is expected to rise in the upcoming years projecting a high market share in the forecasted period. Cloud BI software in North America is expected to propel the regional growth of the business intelligence software market.

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Global Business Intelligence Software Market

Product ID: SQMIG45F2060

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