Fort Collins, Colorado, Sept. 27, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research Published a report titled, "Business Intelligence Market Size, Growth, Share, Statistics Report, By Component (Software, Services), By Business Function (Human Resource, Finance, Operations, Sales & Marketing), By Enterprises, By End User, By Region And Segment Forecasts, 2023-2032."
According to DataHorizzon Research, The business intelligence market was valued at USD 28.1 Billion in 2022 and is expected to reach USD 55.5 Billion by 2032 and is expected to have a CAGR of 7.2%. The business intelligence market is on the rise and for good reason! Companies are realizing the importance of real-time data analysis in today's increasingly competitive market. Gone are the days when BI tools were solely used for resolving queries, reporting, and designing dashboards. Now, businesses of all sizes are implementing these advanced tools, especially in the E-commerce industry, to stay ahead of the game. The demand for business intelligence is only going to continue growing.
As the need for quick access to vital information grows, many businesses have turned to mobile BI software. This technology lets users view real-time data on mobile devices, making decision-making faster and more efficient. By incorporating mobile BI into everyday business processes, companies can expand their data and speed up their decision-making abilities. This tool provides greater information availability, shorter workflows, more effective collaboration, and quicker response times.
Using dashboards and visual data in statistics has witnessed an upward trend, leading to the market's growth. Globally, companies have embraced visualization techniques in their reports to make them more compelling and user-friendly. Furthermore, the healthcare industry has leveraged business intelligence to examine the severity of viruses, which aids medical practitioners in devising effective treatment plans.
The current trend in the small and medium enterprise sector is adopting cloud-based solutions, driving market growth. Organizations are increasingly aware of the benefits of providing their customers with improved experiences, contributing to market growth. One of the key features of business intelligence software and applications is data scalability. Using BI software, key performance indicators can be tracked, which helps to determine the metrics for feedback evaluation. Furthermore, BI software can handle vast amounts of data, enabling businesses to implement meaningful steps and procedures for running their operations.
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Report Snapshot:
| Report Title | Business Intelligence Market |
| Market Size in 2022 | USD 28.1 Billion |
| Market Size by 2032 | USD 55.5 Billion |
| CAGR from 2023 to 2032 | 7.2% |
| Largest Market | North America |
| Forecast Period | 2023 to 2032 |
| Historic Period | 2021 |
| Base Year | 2022 |
| Report Scope & Coverage | Market Size, Market Estimations, Competitor Analysis, Trends, and Growth Factors |
| By Component | Software, Services |
| By Enterprises | Small Enterprises, Medium Enterprises, Large Enterprises |
| By Business Function | Human Resources, Finance, Operations, Sales & Marketing |
| By End User | BFSI, Healthcare Life Sciences, Telecommunications IT, Manufacturing, Government Public Sector, Media Entertainment, Consumer Goods & Retail, Others |
| Region | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. |
| Countries Covered | U.S., Canada, U.K., Germany, France, China, Japan, India, Brazil, Mexico, UAE, Saudi Arabia, and South Africa, among others |
| Major Market Players | IBM Corporation, Amazon Web Services, SAP, Tableau, Microsoft, Oracle, Board International, Google, Cloud9 Analytics, MicroStrategy, etc. |
Segmentation Overview:
The global market for business intelligence can be segmented based on component, enterprise, and end-use.
The software segment is expected to hold the largest revenue share in the global market for business intelligence, primarily due to an increase in outsourcing infrastructure in the industry. This growth has reduced overhead costs and increased productivity and process optimization. Cloud technology is expected to have a significant market share in the services domain.
According to the enterprise overview, it is predicted that large enterprises will primarily dominate the market for business intelligence. This growth is attributable to the investments made in various sectors, including IT, Banking, Education, IoT, AI/ML, and cloud-based solutions, as well as the availability of appropriate infrastructure.
The North American market for Business Intelligence currently holds a dominant position on the global front. This can be attributed to the widespread adoption of Business Intelligence and cloud technology in almost every industry, which has propelled the market's growth to new heights. The benefits of this technology, including enhanced efficiency and better decision-making capabilities, have contributed significantly to the region's success. The United States has emerged as the frontrunner in the region, owing to its early adoption of this technology and widespread availability.
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Key Developments in the Business Intelligence Market:
- Oracle has introduced a new cloud infrastructure, Oracle Compute Cloud@Customer, allowing businesses to access Oracle Cloud Infrastructure compute services from any location. With this service, customers can conveniently develop, deploy, secure, and manage their workloads using the same software stack as OCI. It's ideal for small-scale deployments that only require a single rack.
- Microsoft has recently unveiled a range of innovative features for Bing and Edge, all powered by AI. These include enhancements to shopping, new browser actions, Tab Auto-grouping, Inline Compose, and the ability to view PDFs in Bing Chat through the Microsoft Edge mobile app. To assist users in getting more done at work, they have also introduced Bing Chat Enterprise on the mobile app. With AI at the core of these advancements, users can experience smarter and more efficient browsing.
Business Intelligence Market Report Highlights:
- The business intelligence market is expected to reach USD 55.5 Billion and is expected to have a CAGR of 7.2% by 2032. The business intelligence market is growing due to the importance of real-time data analysis in a competitive market. Mobile BI software lets users view real-time data on mobile devices for quicker decision-making. Visualization techniques are rising, and the healthcare industry leverages BI for virus analysis. Cloud-based solutions are popular in the small and medium enterprise sectors. BI software's scalability allows for tracking key performance indicators and handling vast data.
- Due to outsourcing infrastructure, the software industry is expected to have the highest revenue in business intelligence. Cloud technology will have a significant market share in services. Large enterprises are predicted to dominate due to investments in various sectors and infrastructure availability.
- Business Intelligence and cloud technology have become widely adopted in almost every industry, propelling the North American market to new heights. The United States leads the region due to its early adoption and widespread availability, with increased competition among players fueling further growth.
- The major players operating in the market are IBM Corporation, Amazon Web Services, SAP, Tableau, Microsoft, Oracle, Board International, Google, Cloud9 Analytics, and MicroStrategy.
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Business Intelligence Market Segmentation:
Business Intelligence Market, By Components (2023-2032)
- Software
- Services
Business Intelligence Market, By Enterprises (2023-2032)
- Small Enterprises
- Medium Enterprises
- Large Enterprises
Business Intelligence Market, By Business Function (2023-2032)
- Human Resources
- Finance
- Operation
- Sales & Marketing
Business Intelligence Market, By End User (2023-2032)
- BFSI
- Healthcare & Life Sciences
- Telecommunications & IT
- Manufacturing
- Government Public Sector
- Media & Entertainment
- Consumer Goods & Retail
- Others
Business Intelligence Market, By Region (2023-2032)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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| Report Title | Business Intelligence Market |
| Market Size in 2022 | USD 28.1 Billion |
| Market Size by 2032 | USD 55.5 Billion |
| CAGR from 2023 to 2032 | 7.2% |
| Largest Market | North America |
| Forecast Period | 2023-2032 |
| Historic Period | 2020-2021 |
| Base Year | 2022 |
| Report Scope & Coverage | Market Size, Market Estimations, Competitor Analysis, Trends, and Growth Factors |
| By Component | Software, Services |
| By Enterprises | Small Enterprises, Medium Enterprises, Large Enterprises |
| By Business Function | Human Resources, Finance, Operations, Sales & Marketing |
| By End User | BFSI, Healthcare Life Sciences, Telecommunications IT, Manufacturing, Government Public Sector, Media Entertainment, Consumer Goods & Retail, Others |
| Region | North America, Europe, Asia-Pacific, Latin America, and Middle-East & Africa. |
| Countries Covered | U.S.A, Canada, U.K., Germany, France, China, Japan, India, Brazil, Mexico, UAE, Saudi Arabia, and South Africa, among others |
| Major Market Players | IBM Corporation, Amazon Web Services, SAP, Tableau, Microsoft, Oracle, Board International, Google, Cloud9 Analytics, MicroStrategy, etc. |
