The Business intelligence Market Size was valued at USD 28.87 Billion in 2023 and is expected to reach USD 59.03 Billion by 2031 and grow at a CAGR of 9.25 % over the forecast period 2024-2031.
The Organizations increasing emphasis on strategic decision-making, valuable insights, rapid and accurate reporting, and enhanced productivity is driving demand for business intelligence solutions. Factors such as digital transformation, increased analytics investments, rising demand for data visualization dashboards, cloud adoption, and data generation growth are fueling the BI market. BI and analytics tools have gained significant market share due to big data growth and the need for quick business decisions. This trend is expected to continue with technological advancements and higher investment levels. The use of data visualization tools and advanced analytics techniques like text mining and predictive analytics is increasing across industries, driving BI demand for insightful conclusions.
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Business intelligence (BI) is a method of reviewing data and presenting relevant information to leaders, managers, and employees 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.
Drivers:
The increasing adoption of BI tools is driven by the need for businesses to make informed decisions based on data analytics and insights.
The Organizations increasing emphasis on valuable insights, rapid and accurate reporting, and enhanced productivity.
The increasing of data from various sources such as social media, IoT devices, and sensors is driving the demand for BI tools.
Innovations in artificial intelligence (AI), machine learning (ML), and cloud computing are enhancing the capabilities of BI.
Businesses are leveraging BI tools to analyze customer behavior, preferences, and feedback to improve products/services and enhance overall customer experience.
The increasing adoption of data analytics in various industries is Helps to Driving the business intelligence market, leading to faster growth projections. Factors such as increasing e-commerce usage and the acceptance of data-driven business models across VARIOUS organizations are Major drivers of market expansion. The complex event processing techniques and the shift towards cloud-based analytics are driven by the future potential of IoT and big data, the growing demand for mobile BI capabilities and advanced analytics tools enhancing decision-making processes drives the market.
Restraints:
The increasing amount of data being collected, businesses face challenges in ensuring data privacy, security, and compliance.
Integrating BI tools with existing IT infrastructure and applications can be complex and time-consuming.
There is a shortage of skilled professionals who can effectively utilize BI tools, analyze data, and derive meaningful insights.
The initial investment and ongoing costs associated with implementing and maintaining BI solutions can be a barrier for small and medium-sized enterprises (SMEs).
Some organizations may face internal resistance to adopting BI tools due to cultural barriers, lack of understanding of the benefits, or fear of job displacement.
While business intelligence offers numerous benefits, the high initial costs of acquiring, implementing, and maintaining suitable software deter many organizations. Traditional BI tools compete fiercely with embedded, predictive, and prescriptive analytics due to the latter's integration challenges and cost considerations. The evolving BI landscape indicates that BI tools are still essential but require careful budgeting, especially for SMEs facing resource constraints. SMEs are particularly concerned about the hefty price tags associated with acquiring and deploying BI software, alongside challenges in hiring qualified personnel and investing in necessary infrastructure.
Opportunities:
The BI market presents significant growth opportunities in emerging economies where businesses are increasingly recognizing the value of data-driven decision-making.
There is a growing demand for industry-specific BI solutions tailored to meet the unique needs of sectors such as healthcare, finance, retail, and manufacturing.
The adoption of cloud-based BI solutions is on the rise due to benefits such as scalability, flexibility, cost-effectiveness, and accessibility from anywhere, creates opportunity.
The shift towards predictive analytics capabilities within BI tools presents opportunities for businesses to forecast trends, identify opportunities, and mitigate risks proactively.
Challenges:
Maintaining data accuracy, consistency, and completeness remains a challenge for many organizations, impacting the reliability of insights generated by BI tools.
As data volumes continue to grow, businesses face challenges in scaling their BI infrastructure to handle large datasets and accommodate increasing user demands.
The BI market is highly competitive, with numerous vendors offering a wide range of solutions.
Compliance with data protection regulations, industry standards, and data governance frameworks poses challenges.
The Russia-Ukraine conflict has impacted the BI and ICT sectors, leading companies to reduce their investment plans due to geopolitical uncertainty. Global ICT spending forecasts have been revised downward, with Russian ICT spending expected to decrease significantly. The devices market is especially affected by sanctions and supply chain disruptions. IT professionals and services in Ukraine have been displaced, prompting companies to reconsider their strategies and operations. This conflict has introduced uncertainties, requiring businesses to adapt their plans effectively.
The current economic slowdown presents a nuanced impact on the Business Intelligence (BI) market, during economic downturns, companies tend to tighten their budgets, potentially leading to reduced investment in BI solutions as they are viewed as discretionary expenses that can be trimmed. The Economic uncertainty may prompt businesses to postpone or suspend new projects, including those involving BI implementation, until market conditions stabilize. organizations looking for ways to optimize costs and enhance efficiency. BI tools can play a important role in identifying areas for improvement and enabling data-driven decisions to achieve cost savings. Certain sectors like healthcare and finance might remain less affected by the slowdown and continue investing in BI for strategic benefits. the economic slowdown's impact on the BI market is multifaceted. While short-term deployments may experience a decline, the long-term outlook for BI adoption remains positive as organizations recognize the value of data-driven decision-making, especially in challenging economic environments.
By Component
Solutions
Dashboards and Scorecards
Data Integration and ETL
Reporting and Visualization
Query and Analysis
Services
Consulting
Deployment and Integration
Support and Maintenance
On the basis of component, the solution segment dominates the market with the holding revenue share of more than 58%, driven by the rising demand for analytical BI solutions. ABI platforms empower non-technical users to analyse and manage data with IT support and enhanced AI capabilities. The services segment are projected to grow significantly Compound annual growth Rate during forecast period of 2024-2031.
By organization size
Large Enterprises
Small and Medium-sized Enterprises (SMEs)
By deployment mode
Cloud
On-premises
By business function
Finance
Operations
Sales and Marketing
By Vertical
Retail
Manufacturing
Government and Public Services
Media and Entertainment
Transportation and Logistics
BFSI
Telecom and IT
Healthcare and Life Sciences
Tourism and Hospitality
Others
On the basis of vertical, The BFSI sector is dominates the market with the revenue contribution of more than 24%, due to the criticality of financial data and its integration with various sectors. Factors such as enhancing marketing strategies, customer retention, new investment approaches, and risk reduction drive BI adoption in BFSI. The healthcare sector is growing with the highest compound annual growth rate, driven by the industry's complexities and the demand for real-time insights from clinical data, fuelling BI adoption in healthcare and life sciences.
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North America dominates the withholding revenue share of more than 38%, because of the technological advancements and rapid digitization. And the Presence of major players in the region Dominates the market. Asia Pacific region is growing with the fastest compound annual Growth rate due to expanding opportunities, rising investments, and the emergence of startups. Countries like China, Japan, and India are driving BI demand with their adoption of advanced technologies and the growing IoT and big data market. Europe's BI market is also growing, with key players like SAP and Valcon driving advancements in the region.
REGIONAL COVERAGE:
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of the Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
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 mentioned in the final report.
| Report Attributes | Details |
| Market Size in 2023 | US$ 28.87 Bn |
| Market Size by 2031 | US$ 59.03 Bn |
| CAGR | CAGR of 7.91% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments |
|
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Company Profiles | 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. |
| Key Drivers | • The increasing adoption of BI tools is driven by the need for businesses to make informed decisions based on data analytics and insights. • The Organizations increasing emphasis on valuable insights, rapid and accurate reporting, and enhanced productivity. |
| Market Challenges |
|
Ans. The Compound Annual Growth rate for the Business intelligence Market over the forecast period is 9.25%.
Ans. The projected market size for the Business intelligence Market is USD 59.03 billion by 2031.
Ans: The Solution component segment dominated the Business intelligence Market.
Ans: North America region is dominant in the Business intelligence Market.
Ans:
TABLE OF CONTENTS
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
5. Impact Analysis
5.1 Impact of Russia-Ukraine Crisis
5.2 Impact of Economic Slowdown on Major Countries
5.2.1 Introduction
5.2.2 United States
5.2.3 Canada
5.2.4 Germany
5.2.5 France
5.2.6 UK
5.2.7 China
5.2.8 Japan
5.2.9 South Korea
5.2.10 India
6. Value Chain Analysis
7. Porter’s 5 Forces Model
8. Pest Analysis
9. Business Intelligence Market, By Component
9.1 Introduction
9.2 Trend Analysis
9.3 Solutions
9.3.1 Dashboards and Scorecards
9.3.2 Data Integration and ETL
9.3.3 Reporting and Visualization
9.3.4 Query and Analysis
9.4 Services
9.4.1Consulting
9.4.2 Deployment and Integration
9.4.3 Support and Maintenance
10. Business Intelligence Market, By organization size
10.1 Introduction
10.2 Trend Analysis
10.3 Large Enterprises
10.4 Small and Medium-sized Enterprises (SMEs)
11. Business Intelligence Market, By deployment mode
11.1 Introduction
11.2 Trend Analysis
11.3 Cloud
11.4 On-premises
12. Business Intelligence Market, By business function
12.1 Introduction
12.2 Trend analysis
12.3 Human Resource
12.4 Finance
12.5 Operations
12.6 Sales and Marketing
13. Business Intelligence Market, By Vertical
13.1 Introduction
13.2 Trend analysis
13.3 Retail
13.4 Manufacturing
13.5 Government and Public Services
13.6 Media and Entertainment
13.7 Transportation and Logistics
13.8 BFSI
13.9 Telecom and IT
13.10 Healthcare and Life Sciences
13.11 Tourism and Hospitality
13.12 Others
14. Regional Analysis
14.1 Introduction
14.2 North America
14.2.1 USA
14.2.2 Canada
14.2.3 Mexico
14.3 Europe
14.3.1 Eastern Europe
14.3.1.1 Poland
14.3.1.2 Romania
14.3.1.3 Hungary
14.3.1.4 Turkey
14.3.1.5 Rest of Eastern Europe
14.3.2 Western Europe
14.3.2.1 Germany
14.3.2.2 France
14.3.2.3 UK
14.3.2.4 Italy
14.3.2.5 Spain
14.3.2.6 Netherlands
14.3.2.7 Switzerland
14.3.2.8 Austria
14.3.2.10 Rest of Western Europe
14.4 Asia-Pacific
14.4.1 China
14.4.2 India
14.4.3 Japan
14.4.4 South Korea
14.4.5 Vietnam
14.4.6 Singapore
14.4.7 Australia
14.4.8 Rest of Asia Pacific
14.5 The Middle East & Africa
14.5.1 Middle East
14.5.1.1 UAE
14.5.1.2 Egypt
14.5.1.3 Saudi Arabia
14.5.1.4 Qatar
14.5.1.5 Rest of the Middle East
14.5.2 Africa
14.5.2.1 Nigeria
14.5.2.2 South Africa
14.5.2.3 Rest of Africa
14.6 Latin America
14.6.1 Brazil
14.6.2 Argentina
14.6.3 Colombia
14.6.4 Rest of Latin America
15. Company Profiles
15.1 Cisco Systems Inc.
15.1.1 Company Overview
15.1.2 Financials
15.1.3 Products/ Services Offered
15.1.4 SWOT Analysis
15.1.5 The SNS View
15.2 Information Builders.
15.2.1 Company Overview
15.2.2 Financials
15.2.3 Products/ Services Offered
15.2.4 SWOT Analysis
15.2.5 The SNS View
15.3 IBM Corporation
15.3.1 Company Overview
15.3.2 Financials
15.3.3 Products/ Services Offered
15.3.4 SWOT Analysis
15.3.5 The SNS View
15.4 Microsoft Corporation.
15.4 Company Overview
15.4.2 Financials
15.4.3 Products/ Services Offered
15.4.4 SWOT Analysis
15.4.5 The SNS View
15.5 Oracle Corporation.
15.5.1 Company Overview
15.5.2 Financials
15.5.3 Products/ Services Offered
15.5.4 SWOT Analysis
15.5.5 The SNS View
15.6 Qlik Technologies Inc.
15.6.1 Company Overview
15.6.2 Financials
15.6.3 Products/ Services Offered
15.6.4 SWOT Analysis
15.6.5 The SNS View
15.7 SAP SE.
15.7.1 Company Overview
15.7.2 Financials
15.7.3 Products/ Services Offered
15.7.4 SWOT Analysis
15.7.5 The SNS View
15.8 SAS Institute Inc.
15.8.1 Company Overview
15.8.2 Financials
15.8.3 Products/ Services Offered
15.8.4 SWOT Analysis
15.8.5 The SNS View
15.9 Tableau Software Inc.
15.9.1 Company Overview
15.9.2 Financials
15.9.3 Products/ Services Offered
15.9.4 SWOT Analysis
15.9.5 The SNS View
15.10 TIBCO Software Inc.
15.10.1 Company Overview
15.10.2 Financials
15.10.3 Products/ Services Offered
15.10.4 SWOT Analysis
15.10.5 The SNS View
16. Competitive Landscape
16.1 Competitive Benchmarking
16.2 Market Share Analysis
16.3 Recent Developments
16.3.1 Industry News
16.3.2 Company News
16.3.3 Mergers & Acquisitions
17. USE Cases and Best Practices
18. Conclusion
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