Pune,India, March 06, 2023 (GLOBE NEWSWIRE) -- The global Business Intelligence Market size hit USD 27.11 billion in 2022. The market valuation is anticipated to rise from USD 29.42 billion in 2023 to USD 54.27 billion by 2030, recording a CAGR of 9.1% during the forecast period.
Business Intelligence (BI) is a procedural and technical architecture that collects, saves, and analyses the data produced by an organization's operations. Process analysis, data mining, descriptive analysis, and performance benchmarking are all included in BI. The need for BI solutions in the market has increased due to businesses' growing emphasis on strategic decision-making, insightful data, quick and accurate reporting, and increased productivity.
Fortune Business Insights™ presents this information in a report titled, “Business Intelligence Market, 2023-2030."
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Key Industry Development:
September 2022: Qlik added SQL-based ingestion to Delta (Databricks Lakehouse) and Partner Connect Integration to its strategic collaboration with Databricks.
Report Scope
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 9.1% |
| 2030 Value Projection | USD 54.27 Billion |
| Base Year | 2022 |
| Market Size in 2023 | USD 29.42 Billion |
| Historical Data | 2019 to 2021 |
| No. of Pages | 130 |
Key Takeaways:
- The business intelligence market growth can be attributed to increasing adoption of cloud-based, AI/ML services, and analytics across organizations.
- Integrated business applications are the rising demand for data culture, mobile insight, ETL, data mining, and analytics.
- Advancements of new applications in financial performance and strategy management are enhancing market growth.
- North America dominates the global market, with a market share of 30.9% in 2022.
Drivers and Restraints
Enhanced and Optimized Workflows through BI Drive Market Development
For employing software designed for mobile devices, mobile BI enables firms to get insights through data analysis. On portable devices such as tablets and smartphones, it delivers real-time data for consumers to understand, empowering them to take wise decisions. The penetration of BI within businesses has increased, and assistance in the form of additional information is provided through the implementation of mobile BI features into operational business developments. As a result, decision-making abilities are accelerated while data is expanded and the time needed to find pertinent information is reduced. Thus, mobile BI offers greater information availability, quicker response times, more effective working, shorter workflows, and enhanced internal communication.
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Segments
Rising Use in Analytics Drives the Demand for BI Solutions
The BI market is segmented into solutions and services in terms of component. The three main solutions that are taken into consideration are BI platforms, CPM suites, and analytical apps. Consulting, deployment and integration, support, and maintenance are the types of services. The highest market share is held by solutions due to the rising demand for analytical BI solutions. Platforms for Analytics and Business Intelligence (ABI) make it possible for people with less technical expertise to model, explore, analyze, and manage data with the aid of advanced IT and Artificial Intelligence (AI). Suites for Corporate Performance Management (CPM) are anticipated to expand at a rapid CAGR during the forecast period.
Increased Consumption of Self-service BI and On-premise BI to Boost Market Growth
Both on-premises and cloud deployments of BI solutions are available. When compared to cloud-based deployment, on-premises has the largest market share since businesses managing their sensitive data use it the most. For businesses such as healthcare and finance with constraints on handling sensitive data, it also offers improved speed and more security. Additionally, due to increasing demand from businesses for data integration, data quality tools, sophisticated visualization, and data discovery, cloud-based deployment is anticipated to have the greatest CAGR over the anticipated period.
Rising Investment in Digitization by Large Enterprises to Fuel Market Share
Both large enterprises and small and medium-sized businesses employ BI solutions. For the year 2022, major businesses generated the most money. Large businesses are more likely to digitize and implement cutting-edge technologies, and thus they hold the maximum business intelligence market share. The increased adoption of BI by large organizations is also a result of rising investments in IoT, AI/ML, and cloud-based solutions. While SMEs are anticipated to experience the highest CAGR growth over the projected period.
Expanding Uses in Financial Performance and Strategy Management Propel Market Expansion
Applications for BI systems include supply chain analytics applications, financial performance and strategy management, CRM analytic operations, production planning analytic operations, and others. The largest market share is held by financial performance and strategy management, which is also expected to increase at the fastest rate over the projected period. Monitoring and managing an organization's performance and financial requirements is made easier by BI in financial performance and strategy.
Heightened Focus on Optimized Decision-Making to Boost Demand across IT & Telecom Sector
BFSI, IT and telecommunication, retail and consumer goods, manufacturing, healthcare, and others are the end-use industries implementing BI systems. IT and telecommunications witnessed the greatest increase in revenue share in 2022. Based on a thorough understanding of their customers and wise decision-making, telcos may improve their pricing strategies, target marketing initiatives, and progress goods due to BI. Network optimization, improved operational effectiveness, and higher customer satisfaction are all benefits of BI in telecommunication. BI applications are becoming more necessary in the IT and telecommunications industry. During the projection period, BFSI is expected to experience the fastest market growth.
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Regional Insights
North America Dominates the Market owing to Rising Technology Spending
With a market share of 30.9% in 2022, North America dominates the global BI market. The business intelligence market growth is expanding in this region owing to rapidly evolving automation and digitization technologies. The development of the region's BI is facilitated by fresh inventions and breakthroughs as well as partnerships and cooperation with important regional companies.
Asia Pacific is set to register the highest CAGR during the forecast period. Growing potential in Asia Pacific and many investments in BI solutions are driving the market's expansion in this region. A number of new start-ups in the region are helping to increase the usage of BI.
Competitive Landscape
Top Players Aim to Explore New BI Use-cases to Stay Ahead
The major players are enthusiastic about creating BI solutions for a variety of uses, including workforce analytics, supply chain analytics, and CRM analytic operations. One of the main business strategies is the development of new items and the improvement of existing products. Similar to this, market participants strategically acquire companies and work together globally for global expansion.
List of the Companies Profiled:
- Microsoft Corporation (U.S.)
- Tableau Software, LLC (Salesforce) (U.S.)
- IBM Corporation (U.S.)
- QlikTech International AB (U.S.)
- SAP SE (Germany)
- Oracle Corporation (U.S.)
- Redash (Databricks) (Israel)
- Mode Analytics Inc. (U.S.)
- Looker (Google) (U.S.)
- Infor (U.S.)
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FAQs
How big is the business intelligence market?
The market is projected to grow from USD 29.42 billion in 2023 to 54.27 billion by 2030, exhibiting a CAGR of 9.1% during the forecast period.
How big is business intelligence market in North America?
The market in North America stood at USD 8.38 Billion in 2022 and is expected to gain a huge portion of the market share in the coming years.
Major Table of Contents-
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Business Intelligence (BI) Key Players Market Share/Ranking, 2022
- Global Business Intelligence (BI) Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Component (USD)
- Solution
- Analytical Applications
- Corporate Performance Management (CPM) Suites
- BI Platform
- Services
- Solution
- By Deployment (USD)
- Cloud
- On-premise
- By Enterprise Type (USD)
- Small and Medium-Sized Enterprises (SMEs)
- Large Enterprises
- By Application (USD)
- Supply Chain Analytic Applications
- CRM Analytic Operations
- Financial Performance and Strategy Management
- Production Planning Analytic Operations
- Others (Workforce Analytic Operations, Services Operations)
- By End-use Industry (USD)
- Banking, Finance, Security, and Insurance (BFSI)
- IT and Telecommunications
- Retail and Consumer Goods
- Manufacturing
- Healthcare
- Others (Government, Real Estate, etc.)
- By Region (USD)
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
- North America Business Intelligence (BI) Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Component (USD)
- Solution
- Analytical Applications
- Corporate Performance Management (CPM) Suites
- BI Platform
- Services
- Solution
- By Deployment (USD)
- Cloud
- On-premise
- By Enterprise Type (USD)
- Small and Medium-Sized Enterprises (SMEs)
- Large Enterprises
- By Application (USD)
- Supply Chain Analytic Applications
- CRM Analytic Operations
- Financial Performance and Strategy Management
- Production Planning Analytic Operations
- Others (Workforce Analytic Operations, Services Operations)
TOC Continued….
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