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
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
Report Attributes | Details |
Market Size in 2022 | US$ 24.11 Bn |
Market Size by 2030 | US$ 44.34 Bn |
CAGR | CAGR of 7.91% From 2023 to 2030 |
Base Year | 2022 |
Forecast Period | 2023-2030 |
Historical Data | 2020-2021 |
Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
Key Segments | • By Component (Solution and Services) • By Deployment (On-premises and Cloud) • By Enterprise Size (Small & Medium-Sized Enterprises and Large Enterprises) • By business function (Human Resource, Finance, Operations, and Sales and Marketing) • By Industry Verticals (BFSI, Healthcare & Life Sciences, Telecommunications & IT, Government & Public Sector, Manufacturing, Consumer Goods & Retail, Media & Entertainment, Others) |
Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, 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) |
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 | • Rising need for dashboards for data visualization to improve decision-making abilities • Cloud adoption is increasing |
Market Challenges | • Data integration • Inadequate professional workforce |
Ans: - The Business Intelligence market size is estimated to reach USD 44.34 Bn by 2030.
Ans: - Data integration and Inadequate professional workforce.
Ans: - The Business Intelligence Market is to grow at a CAGR of 7.91% over the forecast period 2023-2030.
Ans: - North American area is expected to expand at a growing CAGR during the market projection period of 2022-2028.
Ans: - 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.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Business Intelligence Market Segmentation, by Component
8.1 Solution
8.2 Services
9. Business Intelligence Market Segmentation, by Deployment
9.1 On-premises
9.2 Cloud
10. Business Intelligence Market Segmentation, by Enterprise Size
10.1 Small & Medium-Sized Enterprises
10.2 Large Enterprises
11. Business Intelligence Market Segmentation, by business function
11.1 Human Resource
11.2 Finance
11.3 Operations
11.4 Sales and Marketing
12. Business Intelligence Market Segmentation, by Industry Verticals
12.1 BFSI
12.2 Healthcare & Life Sciences
12.3 Telecommunications & IT
12.4 Government & Public Sector
12.5 Manufacturing
12.6 Consumer Goods & Retail
12.7 Media & Entertainment
12.8 Others
13. Regional Analysis
13.1 Introduction
13.2 North America
13.2.1 USA
13.2.2 Canada
13.2.3 Mexico
13.3 Europe
13.3.1 Germany
13.3.2 UK
13.3.3 France
13.3.4 Italy
13.3.5 Spain
13.3.6 The Netherlands
13.3.7 Rest of Europe
13.4 Asia-Pacific
13.4.1 Japan
13.4.2 South Korea
13.4.3 China
13.4.4 India
13.4.5 Australia
13.4.6 Rest of Asia-Pacific
13.5 The Middle East & Africa
13.5.1 Israel
13.5.2 UAE
13.5.3 South Africa
13.5.4 Rest
13.6 Latin America
13.6.1 Brazil
13.6.2 Argentina
13.6.3 Rest of Latin America
14. Company Profiles
14.1 Cisco Systems Inc.
14.1.1 Financial
14.1.2 Products/ Services Offered
14.1.3 SWOT Analysis
14.1.4 The SNS view
14.2 Information Builders
14.3 IBM Corporation
14.4 Microsoft Corporation
14.5 Oracle Corporation
14.6 Qlik Technologies Inc.
14.7 SAP SE
14.8 SAS Institute Inc.
14.9 Tableau Software Inc.
14.10 TIBCO Software Inc
15. Competitive Landscape
15.1 Competitive Benchmarking
15.2 Market Share Analysis
15.3 Recent Developments
16. Conclusion
An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.
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The 5 steps process:
Step 1: Secondary Research:
Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.
Step 2: Primary Research
When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data. This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.
We at SNS Insider have divided Primary Research into 2 parts.
Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.
This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.
Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.
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Step 3: Data Bank Validation
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