Pune, India, Oct. 04, 2022 (GLOBE NEWSWIRE) -- The global Business Intelligence Market Size is expected to reach USD 43.03 billion by 2028, exhibiting a CAGR of 8.7% during the forecast period. The market stood at USD 22.26 billion in 2020 and reached USD 24.05 billion in 2021. Rapid digitization, emergence of several online businesses, and strong demand for data personalization are expected to boost the market’s growth. Fortune Business Insights™ mentions this information in its report titled “Business Intelligence Market, 2021-2028.”
BI is an analytic data software that tracks data and provides streamlined information to organizations, which helps them take effective business decisions. Rapid digitization leads to enormous data fragmentation, thereby necessitating the need for data analytics software. Further, the emergence of several online businesses and startups may augment the adoption of BI. In addition, the rising demand for effective data management solutions is expected to fuel market development during the upcoming years.
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Industry Development
January 2021: SAP SE completed the acquisition of Signavio GmbH to merge its Business Process Intelligence unit with Signavio’s portfolio to improve SAP’s services.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 8.7% |
| 2028 Value Projection | USD 43.03 Billion |
| Base Year | 2020 |
| Business Intelligence Market Size in 2020 | USD 22.26 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 160 |
| Segments covered | Component; Deployment; Enterprise size; Application; End-User |
| Business Intelligence Market Growth Drivers | Cloud Computing and Big Data to Have a Greater Impact on BI Solutions |
| Expensive IT Infrastructure Investments to Impede Market Growth |
Rising Dependence On Digital Technologies to Fuel Market Progress
This market is expected to be positively impacted during the COVID-19 pandemic because of the rising adoption of digital technologies and remote working. The adoption of software streamlines work processes and helps manufacturers compete during the pandemic. Further, the adoption of the software helps businesses effectively manage data, thereby saving costs. In addition, factors such as the adoption of work-from-home, social distancing, increasing online presence are expected to boost the market’s growth.
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Drivers and Restraints
Incorporation of Cloud and Big Data Services to Spike Market Growth
The rising adoption of cloud-based services is expected to increase business intelligence technology’s adoption. The fragmentation of complex data leads to the adoption of effective data management services that streamline information gathering. The rising adoption of internet of things IoT services leads to the collection of a vast number of data. Analysts depend heavily on BI to help companies undertake effective decisions. Further, the adoption of big data and social media platforms has necessitated the adoption of data analytics software. Moreover, business intelligence technology helps companies improve their operations and survive the incessantly competitive market. These factors are likely to drive the business intelligence market growth.
However, high setup costs associated with BI infrastructure are expected to hinder the market progress.
Regional Insights
Swift Adoption and Development of Advanced Technologies to Fuel Market Growth in North America
North America is expected to dominate the business intelligence market share because of the rising adoption and development of advanced technologies. The market in North America stood at USD 6.67 billion in 2020 and is expected to gain a significant market share in the upcoming years. Furthermore, advancements in digital infrastructure and several major manufacturers such as Tableau Software, LLC, Oracle Corporation, IBM Corporation, and Microsoft Corporation are expected to boost market development.
In Asia-Pacific, the rapid expansion of businesses by manufacturers may boost market development. For example, Sinsense expanded its business throughout Australia in February 2020 to support its business intelligence and analytics demand. These factors are likely to boost market development.
Competitive Landscape
Prominent Companies Engage in Partnerships to Boost Brand Image
The prominent companies operating in the market incorporate partnership strategies to improve their product portfolio and boost brand image. For example, Microsoft Corporation partnered with SAS Institute Inc. in June 2020 to boost the Microsoft Azure cloud and SAS Analytics development. Through this development, the company aims to incorporate SAS analytics into Microsoft’s cloud service portfolio. Further, novel product launches, mergers, acquisitions, and expansion strategies may enable the companies to enhance their global position.
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Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Segments
By component, the market is segmented into solution and services. Based on deployment, it is classified into on-premise and cloud. As per enterprise size, it is bifurcated into small and medium-sized enterprises (SMEs). On the basis of application, it is categorized into supply chain analytic applications, financial performance and strategy management, CRM analytic operations, production planning analytic operations, services operations, workforce operations, and others. By end-user, it is divided into IT and telecommunications, healthcare, manufacturing, consumer goods and retail, banking, finance, security, and insurance (BFSI), and others. Geographically, it is clubbed into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
List of Key Players Mentioned in the Report:
- 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.)
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Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Key Takeaways
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Business Intelligence Market Share Analysis and Matrix, 2020
- Key Market Insights and Strategic Recommendations
- Profiles of Key Players
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details
- Employee Size
- Key Financials
- Past and Current Revenue
- Gross Margin
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Primary Interview Responses
- Annexure / Appendix
- Global Business Intelligence Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Component (Value)
- Solution
- Analytical Applications
- Corporate Performance Management(CPM) Suites
- BI Platform
- Services
- Solution
- By Deployment (Value)
- Cloud
- On-premise
- By Enterprise Size (Value)
- Small and mid-sized Enterprises
- Large Enterprises
- By Application (Value)
- 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 (Value)
- BFSI
- IT and Telecommunication
- Retail and Consumer Goods
- Manufacturing
- Healthcare
- Others
- By Component (Value)
- Global Business Intelligence Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
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