Westford, USA, April 12, 2023 (GLOBE NEWSWIRE) -- The Business Intelligence Software Market is projected to attain USD 50.95 billion by 2030 with a CAGR of 8.70% during the forecast period of 2022-2030, as the demand for cloud-based solutions, the growth of big data, the need for real-time data analysis, the adoption of artificial intelligence and machine learning, and the emphasis on data visualization continue to rise.
The International Data Corporation (IDC) predicts that the global datasphere will expand to 175 zettabytes (ZB) by 2025, a 25% CAGR over the next five years from 59 ZB in 2020. Furthermore, according to SkyQuest Insights, 65% of executives believe that big data analytics will be a crucial factor in their organization's competitiveness in the coming years.
SkyQuest's latest research reveals that the real-time analytics market is expected to grow from USD 13.8 billion in 2020 to USD 22.6 billion by 2025, at a CAGR of 10.4% during the forecast period. This growth, in turn, will benefit the Business Intelligence Software Market. SkyQuest also reports that more than half of major new business systems in 2022 will incorporate continuous intelligence, which employs real-time contextual data to enhance decision-making..
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- Tables - 176
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In today's world, businesses are producing an enormous volume of data, which is becoming more difficult to extract valuable insights from manually. Therefore, the business intelligence software market is vital as it assists businesses in analyzing and visualizing data in real-time, allowing them to make informed decisions. By identifying trends, opportunities, and risks, businesses can improve their operations, enhance customer satisfaction, and stimulate growth. As data-driven decision-making continues to become more prevalent, business intelligence software is becoming increasingly crucial for organizations to remain competitive within their industries.
Prominent Players in Business Intelligence Software Market
- Microsoft Corporation
- IBM Corporation
- Oracle Corporation
- SAP SE
- Salesforce.com, Inc.
- Tableau Software, LLC
- SAS Institute, Inc.
- MicroStrategy Incorporated
- QlikTech International AB
- Tibco Software Inc.
- Information Builders Inc.
- Yellowfin BI
- Domo, Inc.
- Sisense Inc.
- Looker Data Sciences, Inc.
- GoodData Corporation
- Birst, Inc.
- Board International SA
- Dundas Data Visualization, Inc.
- Adaptive Insights
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Financial Application Segment to Drive Higher Sales due to the generation of a massive amount of data in financial institutions
A recent analysis revealed that the Financial Application segment played a significant role in the rapid growth of the Business Intelligence Software market in 2021, and this trend is anticipated to continue from 2022 to 2030. Financial institutions generate vast data, requiring real-time analysis to enhance operations and minimize risks. SkyQuest's study highlighted that financial services are the leading industry in business intelligence adoption, with 71% of financial organizations employing business intelligence tools. Additionally, a survey conducted by MicroStrategy indicated that 75% of financial organizations regard data analytics as essential to their success.
According to research analysis, North America is set to emerge as a key player in the Business Intelligence Software market from 2022 to 2030, with a projected CAGR of 9.82% during the forecast period, as reported by SkyQuest. The region's growth can be attributed to significant market players and businesses' widespread adoption of advanced technologies. SkyQuest's study also revealed that North America had the highest adoption rate of business intelligence tools, with 54% of organizations utilizing business intelligence software.
The Software Type Segment to Exhibit Strong Growth due to its ability to collect, store, and analyze data
In 2021, the Software Type segment took the lead in the Business Intelligence Software market and is projected to maintain its dominance from 2022 to 2030. This trend can be attributed to the software's essential role in gathering, storing, and analyzing business data. Moreover, SkyQuest's research showed that software was the most commonly utilized business intelligence tool, with 90% of organizations employing business intelligence software.
The Asia Pacific region has emerged as a vital force in the Business Intelligence Software market and is anticipated to retain its leading position by 2030, according to SkyQuest's projections. The region is expected to experience substantial growth in the Business Intelligence Software market, with a projected CAGR of 13.57% during the forecast period, driven by the increasing adoption of cloud-based solutions and the rising demand for real-time data analysis. Additionally, a study by SkyQuest indicated that after North America, Asia Pacific had the second-highest adoption rate of business intelligence tools, with 50% of organizations in the region employing business intelligence software.
A comprehensive analysis of the major players in the Business Intelligence Software market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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Key Developments in Business Intelligence Software Market
- IBM (NYSE: IBM) has unveiled a new software solution to enable enterprises to swiftly make data-driven decisions and navigate unforeseeable disruptions by breaking down data and analytics silos. The suite, known as IBM Business Analytics Enterprise, comprises a range of capabilities, including business intelligence planning, budgeting, reporting, forecasting, and dashboard functionalities that provide users with a comprehensive view of data sources across their entire organization.
- TableauSoftware has recently unveiled the Tableau Cloud, a cloud-based business intelligence decision-making platform, previously known as Table Online. The launch of this service is expected to improve actionable business decisions and facilitate accessible and insightful business decision-making processes.
Key Questions Answered in Business Intelligence Software Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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