Dublin, Feb. 15, 2024 (GLOBE NEWSWIRE) -- The "Business Intelligence (BI) Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
As businesses continue to navigate through the complexities of the digital age, the demand for sophisticated Business Intelligence (BI) solutions is experiencing a marked surge. Comprehensive analysis of the global BI market indicates a healthy growth trajectory, with projections forecasting the market size to expand from its current valuation of USD 26.81 billion in 2023 to an impressive USD 42.49 billion by 2028. This represents a compound annual growth rate (CAGR) of 9.65% over the designated forecast period.
Key insights from the detailed market analysis reveal that several factors are fuelling the upward trend in the BI market. Rapid technological advancements, increasing volumes of big data, and the necessity for critical decision-making at breakneck speeds are driving enhancements in BI tools. Experts predict that investment in BI technology will intensify, paralleling the evolution of technology and the recognition of its significant return on investment.
Breakthroughs in Data Visualization and Cloud-based BI Solutions Spearheading Market Growth
- Emerging trends in data visualization are elevating the use of BI dashboards and performance scorecards, contributing significantly to the market's growth.
- Cloud-based BI solutions are gaining traction within the small and medium enterprise (SME) sector, thanks to their scalability and robust KPI tracking capabilities. This shift is set to play a pivotal role in expanding market size over the forecast period.
- Despite challenges, such as the high costs associated with BI infrastructure and a scarcity of skilled professionals, advancements in self-service BI are expected to mitigate these impediments.
BFSI Sector: A Major Catalyst in the Business Intelligence Market
The banking, financial services, and insurance (BFSI) sector is earmarked as a significant growth driver in the BI market. With an already expanding footprint due to digital transformation, the BFSI sector's investment in BI tools is poised to offer substantial opportunities for market participants. Additionally, the necessity for regulatory compliance and customer-centric strategies in finance are potent motivators behind the adoption of BI tools in this sector.
Furthermore, the robust nature of North American technological innovation is propelling the region to maintain a dominant position in the BI market. The convergence of extensive data ecosystems with user-friendly BI platforms is giving end-users unparalleled access and analytical power over a diverse array of data sources, driving forward market growth.
Competitive Landscape & Key Collaborations
The BI market presents a competitive environment with established players vying for industry dominance through strategic partnerships and collaborations.
- A notable collaboration was announced in May 2023 between Rackspace US Inc. and CCS Presentation Systems, marking a significant cloud transition with enhanced security and productivity gains.
- Innovative cloud analytics solutions are also making strides, as evidenced by the general availability of GoodData Cloud on Amazon Web Services (AWS) in November 2022, representing a new frontier in scalable, compliant analytics services.
A selection of companies mentioned in this report includes:
- Rackspace US Inc.
- SAP SE
- Oracle Corporation
- Microsoft Corporation
- Cisco Systems Inc.
- SAS Institute Inc.
- GoodData Corporation
- Targit AS
- International Business Machines Corporation
- VMware Inc.
- Tableau Software Inc. (Salesforce)
For more information about this report visit https://www.researchandmarkets.com/r/gmj44d
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