Pune, Dec. 18, 2024 (GLOBE NEWSWIRE) -- Business Intelligence Software Market Size Analysis:
“The Business Intelligence (BI) Software Market was valued at USD 35.85 Billion in 2023 and is projected to reach USD 112.4 Billion by 2032, growing at a compound annual growth rate (CAGR) of 13.6% from 2024 to 2032.”
Growth and Innovation in the Business Intelligence Software Market
The business intelligence (BI) software market is growing rapidly due to government initiatives and the increasing demand for data-driven insights. As of 2023, over 72% of U.S. businesses with 100+ employees adopted BI tools to improve productivity and strategic decision-making. Government policies, such as India’s Digital India and the EU's Digital Single Market, have further fueled the demand. Additionally, technologies like big data, IoT, and AI have advanced BI solutions, enabling businesses to process large datasets and derive actionable insights. Cloud computing also supports BI software growth by offering affordable, remote access to tools, benefiting SMEs.
Modern BI tools leverage AI and machine learning for advanced analytics, including predictive and prescriptive capabilities, helping companies forecast trends and outcomes. Databricks’ release of an AI-powered BI product in June 2024 exemplifies this innovation. Cloud-based BI solutions are cost-effective, scalable, and globally accessible, making them particularly advantageous for small and medium-sized enterprises.
By BI Technology, Cloud BI Technology Dominates the Business Intelligence Software Market
Cloud BI Technology dominated the business intelligence (BI) software market in 2023, capturing a 51% share, driven by its scalability, flexibility, and cost-effectiveness. Many governments have adopted cloud-first policies to accelerate cloud adoption. For example, the U.S. government’s Cloud Smart approach encourages increased cloud investments and faster cloud transition for federal agencies. Currently, over 60% of federal agencies are at various stages of moving to cloud platforms, fueling the demand for cloud-based BI tools. Additionally, the rise of remote work and the expansion of 5G networks, which boost data transmission and support the processing of geospatial analytics, further contribute to the growing preference for cloud BI solutions.
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Major Players Analysis Listed in this Report are:
- Tableau Software (Tableau Desktop, Tableau Server)
- Microsoft (Power BI, Azure Synapse Analytics)
- SAP (SAP BusinessObjects, SAP Analytics Cloud)
- Qlik (Qlik Sense, QlikView)
- IBM (IBM Cognos Analytics, IBM Watson Analytics)
- Oracle (Oracle BI Cloud, Oracle Analytics Server)
- Sisense (Sisense Fusion, Sisense for Cloud Data Teams)
- MicroStrategy (MicroStrategy Analytics, MicroStrategy Cloud)
- Domo (Domo Business Cloud, Domo Data Apps)
- TIBCO Software (TIBCO Spotfire, TIBCO Jaspersoft)
Business Intelligence Software Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 35.85 billion |
| Market Size by 2032 | USD 112.4 billion |
| CAGR | CAGR of 13.6% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe [Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | • Organizations are increasingly adopting BI tools to analyze vast amounts of data and drive strategic decisions, leading to enhanced efficiency and competitiveness. • Cloud-based BI tools offer scalability, reduced upfront costs, and enhanced accessibility, making them increasingly popular among businesses of all sizes. • BI software is leveraging AI and ML capabilities to automate data analysis, predictive modeling, and trend forecasting, which enhances the value and usability of BI tools. • Companies seek real-time insights to stay agile in competitive markets, prompting the adoption of BI software that provides instant data processing and visualization. |
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By Enterprise Size, Large Enterprises Lead the Business Intelligence Software Market
In 2023, Large Enterprises dominated the business intelligence (BI) software market, with over 70% of U.S. large corporations relying on BI tools. These solutions help organizations streamline departmental operations, enhance customer interactions, and strengthen competitive intelligence. With vast amounts of data, large businesses require comprehensive BI tools to analyze company processes and support data-driven decision-making at scale. Strict industry regulations, particularly in sectors like healthcare, BFSI, and manufacturing, also drive the demand for BI solutions. Additionally, the need for compliance with regulations such as the EU's GDPR has boosted the demand for BI tools that ensure data management and risk control, particularly for large enterprises implementing advanced BI programs integrated with predictive analytics, AI, and machine learning.
By End-Use, BFSI Lead Business Intelligence Software Market
In 2023, the Banking, Financial Services, and Insurance (BFSI) segment dominated the business intelligence (BI) software market, with over 65% of financial institutions in India already implementing BI tools for fraud detection, risk management, and customer service, according to Reserve Bank of India statistics. The growing need for data analytics in the financial sector to track transactions, predict market trends, and ensure regulatory compliance is driving this demand. Additionally, stringent laws such as the Anti-Money Laundering (AML) regulations have accelerated BI adoption, as financial products become more complex and require advanced data management.
Business Intelligence Software Market Segmentation:
By BI Technology
- Cloud BI
- Mobile BI
- Social BI
By Function
- Executive Management
- Marketing
- Sales
- Operations
- Finance
- Human Resources
- Supply Chain
By Enterprise Size
- Large Enterprises
- SMEs
By Deployment
- Cloud
- On-Premise
By End Use
- BFSI
- Manufacturing
- Healthcare
- Retail
- IT & Telecom
- Others
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North America Leads Business Intelligence Software Market, While Asia-Pacific Set for Rapid Growth
In 2023, North America dominated the business intelligence (BI) software market, holding 36% of the share. This leadership was fueled by early technology adoption, substantial investments in BI infrastructure by major industry players, and strong government initiatives, such as the U.S. Digital Service, which aims to enhance federal technology and data effectiveness. The region’s advanced IT infrastructure and continuous investment have solidified its position as a BI market leader.
Asia-Pacific region is expected to grow at the fastest CAGR from 2024-2032. China’s BI market, in particular, saw remarkable growth in 2023, driven by rapid digital transformation, government efforts to lead in AI and Big Data, and significant investments in cloud computing and 5G infrastructure across countries like India, Japan, and South Korea.
Key Developments in the Business Intelligence Software Market
- In August 2024, Microsoft announced the integration of Power BI with Azure OpenAI Service, enabling users to leverage AI for enhanced interpretation and insights into their data.
- In June 2024, Tableau introduced AI features to its platform to democratize data access and enhance data literacy by making analysis and insights more accessible to non-technical users.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Business Intelligence (BI) software Market Segmentation, By BI Technology
8. Business Intelligence (BI) software Market Segmentation, By Function
9. Business Intelligence (BI) software Market Segmentation, By Enterprise Size
10. Business Intelligence (BI) software Market Segmentation, By Deployment
11. Business Intelligence (BI) software Market Segmentation, By End Use
12. Regional Analysis
13. Company Profiles
14. Use Cases and Best Practices
15. Conclusion
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