Business Intelligence Market Size to Reach USD 75.7 Billion by 2033 with 9.3% CAGR Growth : Dimension Market Research

New York, Nov. 25, 2024 (GLOBE NEWSWIRE) -- Overview:

The Business Intelligence Market size is expected to reach USD 33.9 billion by 2024 and is further anticipated to reach USD 75.7 billion by 2033 according to Dimension Market Research. The market is anticipated to register a CAGR of 9.3% from 2024 to 2033.

Business intelligence (BI) is a procedural & technical framework for collecting, storing, and inspecting data produced by an organization's operations. Process analysis, descriptive analysis, data mining, and performance benchmarking are all included in it. With the support of business intelligence, an organization can base its choices on logical information about market trends and consumer spending habits.

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The US Overview

The Business Intelligence Market in the US is projected to reach USD 12.2 billion in 2024 at a compound annual growth rate of 8.7% over its forecast period.

The US business intelligence market provides many growth opportunities due to the reliance on data-driven decision-making across various sectors. Companies are highly adopting advanced analytics and BI tools to improve operational efficiency and customer engagement. However, challenges like high implementation costs and the need for specialized training may restrict growth, particularly for smaller enterprises, despite rising demand for data analytics and cloud adoption

Important Insights

• The Business Intelligence Market is expected to grow by USD 75.7 billion by 2033 from 2025 with a CAGR of 9.3%.
• The solutions segment is expected to get the dominant share of the Business Intelligence Market in 2024.
• The cloud segment as a deployment mode is expected to be leading the market in 2024.
• The IT & Telecom segment is expected to get the largest revenue share in 2024 in the Business Intelligence Market.
• North America is predicted to have a 40.3% share of revenue share in the Global Business Intelligence in 2024.

Global Business Intelligence Market: Trends

• Increased Cloud Adoption: Many organizations are moving BI solutions to the cloud, improving accessibility, scalability, and collaboration.
• Focus on Data Visualization: Better data visualization tools are being prioritized to make insights more intuitive and accessible for users.
• Integration of Artificial Intelligence: AI and machine learning are highly being integrated into BI tools to automate data analysis and provide predictive insights.
• Emphasis on Real-Time Analytics: The need for real-time data analytics is rising, allowing businesses to make faster, more informed decisions.

Business Intelligence Market: Competitive Landscape

The competitive business intelligence market is aimed at AI, cloud integration, and data visualization tools. Vendors focus on providing user-friendly platforms with self-service analytics and predictive insights. As businesses look for real-time decision-making, BI providers improve data accessibility and simplify integration while prioritizing security and compliance. Differentiation lies in providing agile, scalable solutions that enable businesses to efficiently derive actionable insights.

Some of the major players in the market include IBM Corp, Salesforce, Microsoft Corp, SAP SE, Oracle Corp, Infor, AWS, and more.

Some of the prominent market players:

• IBM Corp
• Salesforce
• Microsoft Corp
• SAP SE
• Oracle Corp
• Infor
• AWS
• TIBCO
• Zoho
• Sisense
• Other Key Players

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Business Intelligence Market Scope

Segment Analysis:

Business intelligence (BI) is highly popular in sectors such as banking, retail, healthcare, and telecommunications, with IT and telecom expected to lead in BI revenue in 2024. Telecom companies use BI for better pricing strategies, customized marketing, and product refinement while improving operational efficiency and customer satisfaction.

Also, the banking, financial services, and insurance (BFSI) sector is projected to see rapid BI adoption growth. BI tools help streamline workflows, boost profitability, and enhance customer retention, making them vital for strategic growth and efficiency in finance.

Business Intelligence Market Segmentation

By Offerings

• Solutions
  • Dashboards & Scorecards
  • Data Integration & ETL
  • Reporting & Visualization
  • Query & Analysis
• Services
  • Consulting
  • Deployment & Integration
  • Support & Maintenance

 By Deployment

• Cloud
• On-premises

By Organization Size

• SMEs
• Large Enterprises

By Application

• Supply Chain Analytic Applications
• CRM Analytics Operations
• Financial Performance & Strategy Management
• Production Planning Analytic Operations
• Others

By End User

• BFSI
• IT & Telecom
• Retail & Consumer Goods
• Manufacturing
• Healthcare
• Others

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Global Business Intelligence Market: Driver

• Data-Driven Decision-Making: The growing dependency on data for strategic decisions across industries enhances the demand for BI tools.
• Cloud Adoption: The transformation to cloud-based solutions supports easier access to BI tools, enhancing scalability and reducing infrastructure costs.
• Advanced Analytics: The rise in investments in AI and advanced analytics technologies enables organizations to derive deeper insights from data.
• IoT Integration: The growth of the Internet of Things (IoT) generates large amounts of data, creating opportunities for BI solutions to optimize operations and enhance decision-making.

Global Business Intelligence Market: Restraints

• High Implementation Costs: The large investment needed for BI tools and infrastructure can be a barrier, mainly for smaller enterprises.
• The complexity of Integration: Combining BI solutions with existing systems can be challenging, demanding time and technical expertise.
• Data Privacy Concerns: The rise in regulations and concerns over data privacy may limit BI adoption as companies look into compliance requirements.
• Lack of Skilled Personnel: A shortage of professionals with the required skills to effectively use BI tools can hinder adoption and implementation.

Global Business Intelligence Market: Opportunities

• Growing Demand for Self-Service Analytics: The rise in interest in user-friendly, self-service BI tools enables non-technical users to analyze data independently.
• Expanding AI and Machine Learning Integration: Using AI and machine learning can improve predictive analytics and automate insight generation, creating more value from data.
• Emerging Markets Adoption: Rapid digitalization in emerging markets provides opportunities for BI providers to capture new customers & expand their reach.
• Enhanced Mobile BI Solutions: The rise of mobile technology provides opportunities for BI solutions that enable on-the-go data access and decision-making.

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Regional Analysis

The North American business intelligence (BI) market is anticipated to lead with a 40.3% share in 2024, driven by an aim on data development, growth in competition, and broad cloud computing adoption. The rise in the use of BI solutions improves business management insights, accelerating sales, production, and innovation. Further, in Europe, the market is expanding due to cloud-based solutions, with Germany expected to lead and the UK showing notable growth. Also, the Asia-Pacific region, mainly China and India, is set for rapid expansion driven by IoT industrialization and advanced technology adoption.

By Region

North America

• The U.S.
• Canada

Europe

• Germany
• The U.K.
• France
• Italy
• Russia
• Spain
• Benelux
• Nordic
• Rest of Europe

Asia-Pacific

• China
• Japan
• South Korea
• India
• ANZ
• ASEAN
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Argentina
• Colombia
• Rest of Latin America

Middle East & Africa

• Saudi Arabia
• UAE
• South Africa
• Israel
• Egypt
• Rest of MEA

Recent Developments in the Business Intelligence Market

• October 2024: Cloverleaf Analytics released Version 4.0 of its Cloverleaf Insurance Intelligence platform, where the version shows improved capabilities, like its removing of the operational data store (ODS) and establishment of a data warehouse, allowing carriers to more easily and rapidly upload and store policies, claims, and legacy raw data.
• September 2024: Oracle launched new AI-powered capabilities for Oracle Fusion Data Intelligence that assist organizations in extracting maximum value from their data assets and have a competitive edge in a highly analytics-driven business landscape.
• June 2024: Databricks launched Databricks AI/BI, a new type of business intelligence (BI) product that looks at democratizing analytics and insights for anyone in an organization, which features a pair of complementary experiences like an AI-powered, low-code interface for developing and distributing fast, interactive dashboards.
• April 2024: Tech Mahindra unveiled its plans to collaborate with Microsoft to launch a unified workbench on Microsoft Fabric, an analytics platform for businesses & data professionals.

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