WASHINGTON, Feb. 15, 2023 (GLOBE NEWSWIRE) — The Global Business Intelligence Market is valued at USD 23.5 Billion in 2021 and is projected to reach a value of USD 35.6 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 7.2% over the forecast period 2022-2028.
The Business Intelligence market is predicted to expand faster during the forecast period due to the increasing popularity of data analytics in end-use industries to analyze data and make more reliable business decisions.
We forecast that the large enterprise category in Business Intelligence market sales will account for more than 60% of total sales by 2028. As businesses expanded their OLAP (online analytical processing) capabilities, BI has developed over time. Due to significant investment and the availability of IT infrastructure, among other factors, large organizations are anticipated to hold a significant portion of the market.
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Business Intelligence Industry is being Driven by Technology Advances and Advancements
Technical breakthroughs and developments in the Business Intelligence industry are driving growth over the projection period. Since it helps to handle both financial aspects and data processing, Business Intelligence is relevant in various industries, including corporate businesses, IT, government, manufacturing organizations, and the healthcare sector. Additionally, since more platforms and devices are being used in the healthcare sector, Business Intelligence in that sector is growing. The data and information gathered through Business Intelligence software and technologies in healthcare aid in giving patients the best care and treatment. For the COVID-19 pandemic, AREU used a Business Intelligence tool called Daily Tracker to monitor infectious individuals. In addition, thanks to recent technological breakthroughs, big data and cloud computing have a greater impact on the Business Intelligence market.
Storytelling and Data Visualization to Propagate Business Intelligence Implementation
Data analysts now routinely use data visualization to present information to decision-makers in a clear and usable style. Analysts’ abilities and procedures to find the data are frequently called “storytelling.” The art of storytelling is now essential to the analytical process. Long-form storytelling forms, such as scrolling or multi-stage dashboards, are proliferating and enabling analysts to provide a step-by-step methodology to derive data insights. To take advantage of cutting-edge analytical techniques, data visualization, and storytelling are expected to permeate the adoption of Business Intelligence technologies. This element will also assist organizations in improving their data literacy to generate useful insights.
Top Players in the Global Business Intelligence Market
- Microsoft Corporation (Washington, U.S.)
- Tableau Software LLC (Salesforce) (Washington, U.S.)
- IBM Corporation (New York, U.S.)
- SAS Institute Inc. (North Carolina, U.S.)
- SAP SE (Walldorf Germany)
- Oracle Corporation (California, U.S.)
- Sisense Inc. (Pennsylvania, U.S.)
- Domo Inc. (Utah, U.S.)
- Yellowfin International Pty. Ltd. (Melbourne, Australia)
- Infor (Birst) (New York, U.S.)
For Additional Information on Business Intelligence Market Players and Detail List, Download a Report PDF Brochure
Top Trends in Global Business Intelligence Market
- One trend that Vantage Market Research (VMR) expects to see in the Business Intelligence industry is a rise in the use of natural language processing. To support the analytical dialogue capabilities in BI tools, advanced natural language is being used. Users can pose queries in natural language based on their data visualization. So that clients can interact with their data, the vendors are providing a natural language interface for visualizations.
- Another trend that VMR predicts will continue in the Business Intelligence industry is the uptake of big data and cloud computing. Rapid technical breakthroughs have led to recent growth in big data analytics and cloud computing. Given that it acts as a storage facility for both structured and unstructured data, cloud computing is regarded as the ideal platform for BI applications. Similarly to this, big data technology has made it possible for these tools to evaluate a significant quantity of data and provide organizations with actionable insights that aid them in understanding opportunities and enhancing marketing strategies.
Top Report Findings
- Based on Components, most software categories control the revenue of the Business Intelligence market. The expanding use of technical software in various industries drives the market. The businesses examine data processing by monitoring historical and current performance using the software offered by firms like SAP, AI, Board 11, Yellowfin BI, Power BI, and Tableau.
- Based on Deployment Mode, most of the Business Intelligence market’s revenue is controlled by the cloud category. This market expands because it enables businesses to manage BI applications by outsourcing the BI infrastructure. By doing this, the business can increase productivity, cut operational expenses, and optimize operation schedules. As a result, it is anticipated that the cloud deployment market will snowball.
- Based on Organization Size, most of the Business Intelligence market’s revenue is controlled by the large enterprise category. Due to significant investment and the availability of IT infrastructure, telecom, retail and banking, the healthcare sector, corporate businesses, and the educational sector, this market is growing.
- Based on Business Function, the finance category controls most of the Business Intelligence market’s revenue. Planning, strategy management, budgeting, and other activities fall under financial performance and management. Using BI, a user can evaluate various business scenarios and determine the financial repercussions before acting. Additionally, it improves the organization’s forecasting precision. These elements drive the demand for these solutions in financial operations.
- Based on Vertical, most of the Business Intelligence market’s revenue is controlled by the BFSI category. The sensitivity of financial data, which necessitates synchronization with numerous other industries, including tax authorities, securities controlling authorities, central banks, stock exchanges, revenue departments, and the development of new investment strategies, is credited with the segment’s growth.
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Recent Developments in the Global Business Intelligence Market
- In August 2022, the partnership of Information Resources Inc (IRI) with NPD resulted in a global technology, analytics, and data provider that can give more than 7000 clients a thorough, accurate understanding of consumer behavior and overall retail purchase and consumption trends across a variety of industries. According to the vendors, the combined organization will enable brands and retailers to work together, provide better customer service, address trends, and use more potent data to spur growth.
- In January 2022, the acquisition of Neal Analytics, a cloud, data, engineering, and AI Microsoft Gold consulting partner, by Fractal, a global provider of advanced analytics and AI to Fortune 500 enterprises, will grow AI and drive decision-making. Additionally, it boosts the influence of fractals in the Pacific Northwest, Canada, and India.
BFSI Category in Business Intelligence Market to Contribute Significantly in terms of Revenue
Vantage Market Research has analyzed the market for Business Intelligence to understand its current state and potential future growth factors. For better understanding, based on the vertical, the Business Intelligence market is divided into retail, manufacturing, government, and public services, media and entertainment, transportation and logistics, BFSI, telecom and IT, healthcare and life sciences, tourism and hospitality and others (real estate, education, and energy and utilities).
During the forecast period, the market for Business Intelligence is anticipated to experience the highest CAGR for the BFSI category. The banking sector embraces cutting-edge technology like blockchain, artificial intelligence, biometrics, and machine learning. Financial institutions are experimenting with predictive and adaptive analytics, business automation, and the internet of things (IoT) to enhance their decision-making ability. Therefore, it is anticipated that the banking, finance, and insurance industry area would soon present profitable chances for market participants.
On the other hand, the telecom and IT category are anticipated to grow significantly. To find new business possibilities and forecast future developments in the telecom industry, Business Intelligence (BI) entails the combination of an operation support system (OSS) and a business support system (BSS).
North America Region in Business Intelligence Market to Generate More 36% Revenue
North America dominates the market throughout the projection period. The region’s growth is anticipated to be fueled by the quick development and adoption of new technologies and key businesses like Microsoft Corporation, IBM Corporation, Tableau Software, LLC, Oracle Corporation, and others.
Browse Market Data Tables and Figures spread through 145 Pages and in-depth TOC on Business Intelligence Market Forecast Report (2022-2028).
Global Business Intelligence Market Segmentation
By Deployment Modes
By Organization Sizes
- Large Enterprises
- Small & Medium-sized Enterprises (SMEs)
By Business Functions
- Human Resources
- Government & Public Services
- Media & Entertainment
- Transportation & Logistics
- Telecom & IT
- Healthcare & Life Sciences
- Tourism & Hospitality
- Others (Real Estate, Education, and Energy and Utilities)
- North America
- United States
- Rest of Europe
- Asia Pacific
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
Scope of the Report:
|Market Size in 2021
|USD 23.5 Billion
|Revenue Forecast by 2028
|USD 35.6 Billion
|7.2% from 2022 to 2028
|2022 to 2028
|Cisco Systems Inc., Information Builders, Microsoft Corporation, Tableau Software LLC, IBM Corporation, SAS Institute Inc., SAP SE, Oracle Corporation, Sisense Inc., Domo Inc., Yellowfin International Pty Ltd, Infor
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