Redding, California, Dec. 08, 2022 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Business Intelligence Market by Component, Organization Size, Deployment Mode, Business Function, End-use Industry (BFSI, IT & Telecommunications, Retail, and Healthcare & Life Sciences), and Geography—Global Forecast to 2029,’ the global business intelligence market is projected to reach $47.9 billion by 2029, at a CAGR of 8.2% from 2022 to 2029.
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Business intelligence (BI) is any software and services that use data to create insights that inform business strategy, decisions, and procedures. Companies employ BI tools to understand their robust business data and retrieve customer-focused data from varied sources like marketing automation software, social media platforms, email marketing, CRM tools, and online customer interactions. Business intelligence is gaining traction due to its increased implementation by different enterprises for notable benefits, such as faster analysis, intuitive dashboards, increased organizational efficiency, data-driven business decisions, improved customer experience, improved employee satisfaction, trusted and governed data, and increased competitive advantages.
The growth of this market is driven by the rising demand for data visualization dashboards for making informed business decisions and the surge in demand for cloud business intelligence applications. However, data privacy and security concerns may restrain the market’s growth. The opportunities of human resource analytics and the increased proliferation of business intelligence solutions during the COVID-19 pandemic are expected to offer significant growth opportunities for the stakeholders in the business intelligence market. Furthermore, the integration of data from various source systems and the lack of quality data availability are expected to pose challenges to the growth of the business intelligence market. The latest trends in the global business intelligence market are AI-based business analytics solutions, data discovery and visualization, collaborative business intelligence, and embedded analytics.
Impact of COVID-19 on the Business Intelligence Network Market
The COVID-19 pandemic adversely affected several economies globally. Companies are lowering their financial budgets due to the COVID-19 pandemic. This decreased the sales of business intelligence solutions & services to a certain extent. However, several companies started focusing on providing uninterrupted support services to their customers to keep the market on track. In addition, local governments launched several relief steps to mitigate the negative impact of the COVID-19 pandemic. These initiatives are expected to enable the recovery of the business intelligence market over the forecast period.
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The following factors promoted the growth of the business intelligence market during the pandemic:
- Several organizations implemented AI-enabled solutions to predict the spread of COVID-19. For instance, in 2020, the Canadian startup, BlueDot, used artificial intelligence (AI) to trace and predict outbreaks by analyzing unstructured data in social media and news reporting.
- In 2020, UNICEF (U.S.) launched the COVID-19 Vaccine Market Dashboard, an interactive tool for countries, partners and industry to follow the developments of the rapidly evolving COVID-19 vaccine market and the efforts of the COVAX Facility to ensure fair and equitable access in every country.
- In 2020, Tableau Software Inc. (U.S.) launched the COVID-19 Data Hub as a free resource for people and organizations to access the tracker dashboard. The Global COVID-19 tracker provided key metrics on where the pandemic was spreading and its impacts, including metrics on mortality and hospitalizations.
The global business intelligence market is segmented by component (solutions, services), organization size (large enterprises and small & medium-sized enterprises), deployment mode (on-premise deployment and cloud-based deployment), business function (human resource, finance, operations, and sales & marketing), and end-use industry (retail, manufacturing, BFSI, healthcare & life sciences, education, IT & telecommunications, energy & utilities, media & entertainment, transportation & logistics, and hospitality & tourism, and other end-use industries [FMCG, market research & consulting, construction, government & public sector, etc.]). The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on component, the global business intelligence market is segmented into solutions and services. In 2022, the solutions segment is expected to account for the largest share of the global business intelligence market. The large market share of this segment is attributed to the surge in demand for business intelligence dashboards, growing demand for advanced BI and analytics systems in businesses, increasing need for data visualization tools to present data effectively, and growing popularity of faster analysis and intuitive dashboards during the COVID-19 pandemic.
However, the services segment is projected to register the highest CAGR during the forecast period due to the growing demand for deployment & integration services, the increasing popularity of business intelligence support and maintenance services, the increasing need to organize business data effectively, and the growing need for structured data-driven decision-making across the businesses.
Based on organization size, the global business intelligence market is segmented into large enterprises and small & medium-sized enterprises. In 2022, the large enterprises segment is expected to account for the largest share of the global business intelligence Market. The large market share of this segment is attributed to the growing demand for business intelligence solutions for quantitative analysis, measuring performance against business goals, gleaning customer insights, and sharing data to identify new opportunities. Furthermore, the surge in demand for data analysis and visualization tools to increase productivity and efficiency, the growing need to publish, distribute, and share insights with clients or customers, and the availability of skilled IT personnel to manage business intelligence solutions are improving the growth of this segment.
However, the small & medium-sized enterprises segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by factors such as the growing need for tools and processes to gather, organize, visualize, and interpret data across SMEs, the increasing need to analyze customer preferences and behavior, the growing need to track sales and marketing performance of small teams, and the rising need to identify issues and bottlenecks in small business operations.
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Based on deployment mode, the global business intelligence market is segmented into on-premise deployment and cloud-based deployment. In 2022, the cloud-based deployment segment is expected to account for the largest share of the global business intelligence Market. The large market share of this segment is attributed to the growing need for deploying BI tools on cloud infrastructure that can be accessed using virtual networks and the growing need to manage large amounts of data, such as dashboards, KPIs, and other types of business analytics. Furthermore, the growing demand for benefits offered by cloud-enabled business intelligence tools, such as affordability, scalability of deployment, ease of data integration, and reliability, is improving the growth of this segment. Additionally, this segment is projected to register the highest CAGR during the forecast period.
Based on business function, the global business intelligence market is segmented into human resources, finance, operations, and sales & marketing. In 2022, the sales & marketing segment is expected to account for the larger share of the global business intelligence Market. The large market share of this segment is attributed to the surge in demand for business intelligence solutions to connect with customers, optimize workflow, and refine promotional campaigns, the growing need to Identify and focus on higher-profit customers, and the rising demand to increase the accuracy of sales forecasts.
However, the operations segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by factors such as the increasing need to improve operational efficiency and increase revenue, growing demand by companies to evaluate their supply chains and cross-check data from multiple sources, and growing demand for data-driven analysis to improve the profitability and efficiency of the organization.
Based on end-use industry, the global business intelligence market is segmented into retail, manufacturing, BFSI, healthcare & life sciences, education, IT & telecommunications, energy & utilities, media & entertainment, transportation & logistics, hospitality & tourism, and other end-use industries. In 2022, the BFSI segment is expected to account for the largest share of the global business intelligence market. The large market share of this segment is attributed to the growing need to track customer, product and branch profitability, the increasing need for conducting 360-degree profiling of customers, and the rising need to provide insights into existing and potential customers across various loan portfolios.
However, the retail segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by factors such as the increasing demand for BI tools by retail industries for improved merchandising and inventory management and the growing need to track customer spending patterns and behaviors. Furthermore, the increasing need to deliver personalized shopping experiences, solutions for target marketing campaigns and measure their effectiveness, and the rising need to understand customers' needs, wants, and desires are improving the demand for BI solutions, thereby driving the growth of the market.
Based on geography, the global business intelligence market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, North America is expected to account for the largest share of the global business intelligence market. North America’s major market share is attributed to the increasing demand for business intelligence software in the U.S. and the growing adoption of cloud systems, BI software, and platforms in the U.S., increasing demand for visualization and reporting tools by the Canadian retail sector.
However, Asia-Pacific is projected to register the highest CAGR during the forecast period due to the emerging markets for technology solutions and services, rising standards, innovation, and automation in emerging economies, increasing demand for predictive analytics solutions to understand consumer spending habits, and increasing availability of highly-skilled, diverse, innovation-focused workforce.
Some of the key players operating in the global business intelligence market are Oracle Corporation (U.S.), IBM Corporation (U.S.), Microsoft Corporation (U.S.), SAP SE (Germany), Qlik Technologies Inc. (U.S.), SAS Institute Inc.(U.S.), TIBCO Software Inc. (U.S.), Amlgo Labs Pvt Ltd (India), Salesforce, Inc. (U.S.), Google LLC (U.S.), Cisco Systems, Inc. (U.S.), Element Data (U.S.), Board International SA (Switzerland), MicroStrategy Incorporated (U.S.), and Hitachi Vantara LLC (U.S.) (a subsidiary of Hitachi, Ltd. [U.S.]).
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Scope of the Report:
Business Intelligence Market, by Component
- Solutions
- Services
Business Intelligence Market, by Organization Size
- Large Enterprises
- Small & Medium-sized Enterprises
Business Intelligence Market, by Deployment Mode
- On-premise Deployment
- Cloud-based Deployment
Business Intelligence Market, by Business Function
- Human Resource
- Finance
- Operations
- Sales & Marketing
Business Intelligence Market, by End-use Industry
- Retail
- Manufacturing
- BFSI
- Healthcare & Life Sciences
- Education
- IT & Telecommunications
- Energy & Utilities
- Media & Entertainment
- Transportation & Logistics
- Hospitality & Tourism
- Other End-use Industries
Business Intelligence Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East & Africa
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