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Business intelligence Market Report Scope & overview:

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.

Business intelligence Market Revenue Analysis
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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.

Market Dynamics

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.

Impact of Russia-Ukraine War:

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.

Impact of Economic Downturn:

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.

Market Segmentation

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.

Business intelligence Market by-component

By organization size

  • Large Enterprises

  • Small and Medium-sized Enterprises (SMEs)

By deployment mode

  • Cloud

  • On-premises

By business function

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.

Business intelligence Market Trend-By-vertical

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Regional Analysis

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.

Business intelligence Market By Regional

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

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 mentioned in the final report.

Qlik Technologies Inc - Company Financial Analysis

Company Landscape Analysis

Recent Development:

  • In May 2023, Qlik took a significant step by acquiring Talend, a move that enhances the company's capabilities to cater to modern enterprises looking to transform, trust, access, analyze, and act on data effectively.

  • In January 2023, Microsoft made waves in the industry with the announcement of Power BI integration in Microsoft Teams, promising improved user experiences. This update introduces three new features, including rich broadcast cards for Chat in Microsoft Teams, an update for legacy Power BI tabs for Channels 2.0, and a focus on listening and learning from user experiences and requirements.

  • In December 2022, Tableau unveiled its latest offering, Tableau 2022.4, designed to empower business users and analysts to delve deeper into insights. This upgraded version automates the process of developing, analyzing, and communicating insights through innovative features like Data Change Radar, Data guide, and Explain the Viz.

  • In November 2022, Qlik introduced a cutting-edge cloud-based data integration platform, revolutionizing the way organizations handle data. This advanced platform as a service combines catalog capabilities and data preparation in a single, convenient location, enabling real-time data analysis and providing a unified view of data sources for organizations. The platform offers a range of services that work together seamlessly to create a data fabric unification, connecting data sources and providing organizations with a comprehensive view of their data landscape.

Business Intelligence Market Report Scope:

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  2020-2022
 Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
 Key Segments
  • By Component (Solutions, Services), By Organization Size (SMEs And Large Enterprises), 
  • By deployment mode (Cloud, On-premises), 
  • By business function (Human Resource, 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)
 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
  • 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.

 

Frequently Asked Questions

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:

  • 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.

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

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.

Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.

 

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.

Secondary Research

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.

Primary Research

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.

Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.

Step 3: Data Bank Validation

Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.

Data Bank Validation

Step 4: QA/QC Process

After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploader on our platform for our clients to read it.

Step 5: Final QC/QA Process:

This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.

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