Business Intelligence (BI) Software Market Size, Share & Segmentation by Technology (Cloud Business Intelligence, Mobile Business Intelligence, Social Business Intelligence, Traditional Business Intelligence), by Function (Executive Management, Finance, Information and Deployment, Sales and Marketing) By Deployment (On-premise and Hosted) by Enterprise Size (Large Enterprises and Small & Medium Enterprises) by End-use (BFSI, Government, Healthcare, IT & Telecom, Manufacturing, Media & Entertainment, Others) by Regions and Global Market Forecast 2023-2030

Report Scope & Overview:

The Business Intelligence (BI) Software Market size was valued at USD 36.27 Bn in 2022 and is expected to reach USD 77.03 Bn by 2030, and grow at a CAGR of 9.87 % over the forecast period 2023-2030.

Business intelligence is the mix of various data analysis methodologies and technology used to give business information to the firm. And business analytics refers to the skills, techniques, and procedures used to research and evaluate a company's previous performance in order to anticipate the future and prepare appropriately. Business intelligence collects both previous and present data for analysis, whereas business analytics collects primarily past data to anticipate future business insights.

Businesses may use business intelligence software to make wise decisions based on logical facts such as market trends and customer purchasing habits. For example, data resides in several systems throughout the huge firm since they own ERP and CRM programs. As a result, the first step in implementing BI is to create an inventory of the data generated by the organization. Furthermore, the increasing usage of data analytics in end-use sectors to evaluate data and make better business choices is likely to fuel demand for BI software.

MARKET DYNAMICS:

KEY DRIVERS:

• Rising Interest in Cloud-Based Deployment.

• The popularity of Mobile Business Intelligence and Analytics.

• Functional Specific BI and Analytics Solutions Are Available.

RESTRAINTS:

• Budget Restriction in SMBS.

• a scarcity of skilled and proficient workers.

OPPORTUNITIES:

• Embedded Bias is a Future Need.

• The Rise of Social Business Intelligence and Analytics.

CHALLENGES:

• Inadequate Integration.

• Communication and implementation issues.

IMPACT OF COVID-19:

The emergence of the new coronavirus has wreaked havoc on a variety of businesses. The worldwide health crisis has caused economic downturns and supply chain disruptions, which have impacted corporate investments. However, the crisis has created an opportunity to use sophisticated analytics to improve decision-making. Market participants are providing enhanced visualization dashboards to assist users in determining the real-time condition of the Coronavirus. As a result, demand for data visualization dashboards is projected to skyrocket in the near future.

MARKET ESTIMATION:

The BI software industry is divided into four categories based on technology: cloud business intelligence, mobile business intelligence, social business intelligence, and traditional business intelligence. The cloud business intelligence category accounted for a substantial market share because cloud solutions provide clients with predictive maintenance, which covers the costs of hardware and software problems. The expanding number of persons inside a domain generates vast volumes of information for future access, which is an essential part of the BI sector.

In terms of revenue, the financial function segment led the market in 2021. The increased use of financial instruments for gathering, processing, and analyzing financial data in real-time contexts to aid in making better business decisions is predicted to boost the finance segment's growth. Over the predicted period, executive management is expected to increase significantly. Organizational use of BI software for strategic decision-making is projected to generate demand for the executive management segment. Decision support systems, in which managers utilize computer tools to test their judgments, drive the need for BI in enterprises.

The business intelligence (BI) software industry is divided into hosted and on-premise deployments. On-premise implementation is simple to set up and integrates with current IT and operational systems. Over the projection period, this is likely to fuel demand for the on-premise deployment sector. Cloud deployment enables business applications to be rapidly expanded, readily linked with third-party apps, and offers security at all levels of the company’s IT infrastructure, allowing these applications to be remotely monitored. Furthermore, using cloud-based BI software helps firms to focus on their core competencies rather than maintaining their IT infrastructure.

The market is divided into major firms, small and medium enterprises, and micro and tiny enterprises. Both large and small and medium-sized businesses are increasingly using BI software to improve internal and external business operations. In major businesses, the usage of real-time data compilation tools and complex analytical engines is fueling the need for BI software. BI software enables small and medium-sized businesses to examine corporate data and make decisions that will promote market profitability and growth. BI software also collects client data from multiple internet channels, allowing small and medium-sized businesses to find buyers and sell their products and services to their target market.

The market is divided into BFSI, government, healthcare, IT and telecom, manufacturing, media and entertainment, and others based on end-use. In 2021, BFSI will be the largest end-use segment, accounting for a large revenue share. This dominance may be linked to a rise in the implementation of BI software to offer continuous access to the client database, secure transactions, and an improved client experience. Manufacturing is the major segment that has seen substantial changes in recent years as a result of increased global rivalry, resulting in the abolition of the conventional approach and the creation of a data-oriented structure. As production costs rise fast as profit margins fall, regulatory restrictions for the manufacturing industry across the world become more stringent.

KEY MARKET SEGMENTS:

On the basis of Technology 

• Cloud Business Intelligence

• Mobile Business Intelligence

• Social Business Intelligence

• Traditional Business Intelligence

On the basis of Function 

• Executive Management

• Finance

• Information and Deployment

• Sales and Marketing

On the basis of Deployment

• On-premise

• Hosted

On the basis of Enterprise Size

• Large Enterprises

• Small & Medium Enterprises

On the basis of End-use

• BFSI

• Government

• Healthcare

• IT & Telecom

• Manufacturing

• Media & Entertainment

• Others

REGIONAL ANALYSIS:

In 2021, North America had the greatest market share. This strong position can be linked to a boom in the use of BI software and modernization across different domains. The extensive usage of cloud-based solutions has accelerated the consumption of corporate intelligence. Key cloud BI software companies' deployment in North America is expected to fuel the market's aggressive expansion plans. During the projected period, Asia Pacific is predicted to develop at the fastest CAGR in the worldwide business intelligence software market. As the need for business intelligence software in emerging regions grows, Furthermore, the Asia Pacific market is predicted to develop as a result of the relatively high penetration of business intelligence software and related hardware, the growing number of cloud deployment outsourced operations, and the growing usage of Big Data, IoT, and other technologies.

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 SAP, Microsoft, SAS, Oracle, IBM, Qlik, Tableau Software, Information Builders, Teradata, MicroStrategy, Yellowfin International

Frequently Asked Questions (FAQ) :