Business Intelligence Market

Report Scope & Overview:

Business Intelligence Market size was valued at USD 24.11 Bn in 2022 and is expected to reach USD 44.34 Bn by 2030, and grow at a CAGR of 7.91% over the forecast period 2023-2030.

Business intelligence (BI) is a method of reviewing data and presenting relevant information to leaders, managers, and employees in order for them to make better business decisions. As part of the BI procedure, organizations collect information from various IT systems, prepare it for analysis, run queries on the data, and generate data visualizations, BI displays, and reports to make the analytical results available to corporate customers for operational decision-making and strategic planning. The ultimate goal of business intelligence initiatives is to assist firms in making better business choices in order to create revenue, improve operational efficiency, and gain a competitive advantage over their competitors.

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BI integrates analytics, data management, and reporting technologies, as well as various data management and analysis approaches, to achieve this goal. A business intelligence architecture includes more than just BI software. Business intelligence data is often stored in an enterprise data warehouse or smaller data marts that include subsets of business information for specific departments and business units, often with linkages to the enterprise data warehouse.

Data that is unstructured or semi-structured BI data can include both historical and real-time data gathered from source systems, enabling BI solutions to assist both strategic and tactical decision-making processes. Raw data from disparate source systems must frequently be combined, aggregated, and cleansed using data integration and data quality management technologies before it can be used in Business Intelligence applications to ensure that BI teams and business users are analyzing correct and consistent data.

MARKET DYNAMICS:

KEY DRIVERS:

• Rising need for dashboards for data visualization to improve decision-making abilities

• Cloud adoption is increasing.

• Data creation is increasing.

RESTRAINTS:

• It is difficult to demonstrate the ROI of business intelligence.

OPPORTUNITY:

• Taking use of business intelligence and data visualizations at COVID-19.

• There is a growing demand to get relevant insights from underused data.

• Business intelligence embedded.

CHALLENGES:

• Data integration.

• Inadequate professional workforce.

IMPACT OF COVID-19:

In 2020, the global effects of the coronavirus illness 2019 are predicted to have a substantial influence on the business intelligence industry. Lockdowns and travel restrictions throughout the world have significantly reduced demand for supply chain management, which has a negative influence on the retail travel sector and stifles market growth. More and more business owners are reporting that COVID-19 is having an impact on their business intelligence and analytics projects and budgets. Overall, the current environment is projected to have a negative influence on the growth of the business intelligence industry.

MARKET ESTIMATION:

The market is divided into two segments based on organization size: large enterprises and small and medium-sized enterprises (SMEs). Through focused marketing initiatives and promotions, SMEs are required to use business intelligence technologies to enhance market share and customer satisfaction. Aside from that, resource planning and continuous productivity evaluation are two aspects that drive SMEs' demand for advanced BI solutions.

The market is divided into two segments based on organization size: large enterprises and small and medium-sized enterprises (SMEs). Through focused marketing initiatives and promotions, SMEs are required to use business intelligence technologies to enhance market share and customer satisfaction. Aside from that, resource planning and continuous productivity evaluation are two aspects that drive SMEs' demand for advanced BI solutions.

Because of the increased requirement for workforce management, the HR business function segment is expected to develop at a faster rate throughout the projection period. Several firms are using business intelligence technologies to enable HR managers to make real-time personnel choices. It enables them to easily understand and anticipate the availability, scarcity of talent, employee lifetime, and attrition rates. Analytics for talent acquisition is used by businesses to analyze performance, monitor safety and learning, and manage retention and retirement plans. Business intelligence systems also give HR managers real-time information about the global workforce's cost, capacity, capability, and quality.

Because of the sensitivity of financial data and the necessity to coordinate with several other industries, the BFSI vertical is predicted to have the greatest market size throughout the projection period. Improving marketing tactics and client retention policies, generating new investment plans, and minimizing risks are some of the causes driving the BFSI vertical's adoption of business intelligence. During the projection period, the healthcare and life sciences sector is predicted to have the greatest CAGR. The increasing complexity in the healthcare sector vertical necessitate the need for remote and real-time insights from unstructured clinical data, which drives the use of business intelligence solutions in the healthcare and life sciences industries.

KEY MARKET SEGMENTS:

On The Basis of Component

• Solution

• Services

On The Basis of Deployment       

• On-premises

• Cloud

On The Basis of Enterprise Size  

• Small & Medium-Sized Enterprises

• Large Enterprises

On The Basis of business function

• Human Resource

• Finance

• Operations

• Sales and Marketing

On The Basis of Industry Verticals         

• BFSI

• Healthcare & Life Sciences

• Telecommunications & IT

• Government & Public Sector

• Manufacturing

• Consumer Goods & Retail

• Media & Entertainment

• Others

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REGIONAL ANALYSIS:

Because of its distinctive work method, North America is projected to cover a broad territory. The North American market has a significant market share since it has embraced some of the expanding trends such as information expansion, rivalry growth, and cloud arrangement. The overall BIM markets in the North American area are expected to expand at a growing CAGR during the market projection period of 2023-2030. The Asia-Pacific region has a substantial market share due to local industrialization and the establishment of new firms from scratch.

REGIONAL COVERAGE:

• North America

  • USA

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • The Netherlands

  • Rest of Europe

• Asia-Pacific

  • Japan

  • south Korea

  • China

  • India

  • Australia

  • Rest of Asia-Pacific

• The Middle East & Africa

  • Israel

  • UAE

  • South Africa

  • Rest of Middle East & Africa

• Latin America

  • Brazil

  • Argentina

  • Rest of Latin America

KEY PLAYERS:

The major key players are Cisco Systems Inc., Information Builders, IBM Corporation, Microsoft Corporation, Oracle Corporation, Qlik Technologies Inc., SAP SE, SAS Institute Inc., Tableau Software Inc., TIBCO Software Inc. and Other Players

Qlik Technologies Inc - Company Financial Analysis