Business Intelligence Market Outlook
The global business intelligence market size was valued at around USD 22.96 Billion in 2022 and is likely reach to USD 63.67 Billion by 2031, expanding at a CAGR of 12% during the forecast period, 2023 – 2031. The growth of the market is attributed to the emergence of big data and the rising need of making critical business decisions within a short period of time.
Business intelligence refers to technical and procedural infrastructure that collects, stores, and analyzes historical and current data and gather actionable insights to facilitate organizations, enterprises, and companies to in making strategic decisions.
Business intelligence tools process large data across multiple sources, and then, present findings and solutions in visual formants, which are easy to understand and share.
Business intelligence technologies include online analytical processing, dashboard development, data mining, process mining, business performance management, text mining, reporting, analytics, prescriptive analytics, predictive analytics, benchmarking, complex event processing, and others.
Data intelligence follows four key steps to transform data. First, it collects data from several sources. Second, it discovers trends and inconsistencies. Third, it uses data visualization to report findings.
Fourth, it enables companies to take actions based on the insights provided by data intelligence tools and software. Data intelligence enables companies real time adjustments and changes to improve their business performance.
Business Intelligence Market Trends, Drivers, Restraints, and Opportunities
- Increasing demand for data visualization tools for business analytics is expected to drive the market during the forecast period.
- Growing usage of big data analytics, data mining, predictive analytics, text mining, and statistical analytics is projected to boost the market in the coming years.
- Rising awareness regarding business intelligence tools and their benefits such as accelerating decision-making, improving revenue growth, enhancing internal business process, and others fuel the market.
- Growing trend of integrating advanced analytics for Big Data into business intelligence systems is anticipated to boost the market.
- Limited number of experts, professionals, and consulting analysts for business intelligence hinders the growth of the market.
- Increasing cost of deploying business intelligence infrastructure hampers the growth of the market.
- Rising need of creating insights from unused data and embedded business intelligence offer growth opportunities to the key market players.
Scope of Business Intelligence Market Report
The report on the global business intelligence market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Business Intelligence Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Components (Solutions and Services), Deployment models (Cloud and On-premise), Enterprise Sizes (Small & Medium Enterprises (SME) and Large Enterprises), Applications (Supply Chain Optimization, Financial Performance & Strategy Management, Workforce Management, CRM Analytic Applications, Fraud Detection & Security Management, and Others), and End-users (BFSI, IT & Telecommunications, Healthcare, Media & Entertainment, Government & Defense, Retail & Consumer Goods, and Others)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Microsoft Corporation; geniSIGHTS, Pvt. Ltd.; Cisco Systems, Inc.; International Business Machines Corporation (IBM); SAP SE; Rackspace Technology; Oracle Corporation; Google LLC; Amazon Web Services, Inc.; Salesforce, Inc.; DOMO, Inc.; TIBCO Software, Inc.; MicroStrategy Incorporated; Board International S.A.; TARGIT A/S; vPhrase Analytics Solutions, Pvt. Ltd.; Yellowfin; Pentation Analytics, Pvt. Ltd.; and Others
Business Intelligence Market Segment Insights
Component Segment Analysis
In terms of components, the market is bifurcated into solutions and services. The solutions segment is expected to boost the market during the forecast period, as business intelligence solutions aid enterprises, organizations, and companies to track historical and real-time business performance and derive actionable insights from it. Increasing integration of artificial intelligence-based analytics solutions in business intelligence aids in the expansion of the market in the coming years.
Deployment Models Segment Analysis
Based on deployment models, the market is divided into cloud and on-premise. The cloud segment is estimated to drive the market during the forecast period, as it aids enterprises expand the usage of networking, storage, tools, and analytical capabilities.
With cloud-based business intelligence, enterprises and organizations can outsource business intelligence infrastructure to increase their productivity, reduce operational cost, and optimize implementation timelines. This factor facilitates the expansion of the segment.
Enterprise Sizes Segment Analysis
On the basis of enterprise sizes, the market is segmented into small & medium enterprises (SME) and large enterprises. The small & medium enterprises segment is projected to expand at a rapid rate, due to increasing adoption of business intelligence tools for smooth functioning, optimizing resources, and continuous evaluations by SMEs.
The large enterprises segment is anticipated to expand during the projected period, owing to availability of IT infrastructure, extended online analytical processing capabilities, and substantial investment in business intelligence tools.
Applications Segment Analysis
In terms of applications, the market is segregated into supply chain optimization, financial performance & strategy management, workforce management, CRM analytic applications, fraud detection & security management, and others.
The financial performance & strategy management segment is anticipated to expand at a significant CAGR during the forecast period, as business intelligence facilitates enterprises and organizations to test multiple business scenarios and form business strategies based on those scenarios. It aids in increasing forecasting accuracy of enterprises and organizations, which expand the segment further.
End-Users Segment Analysis
On the basis of end-users, the market is divided into BFSI, IT & telecommunications, healthcare, media & entertainment, government & defense, retail & consumer goods, and others. The BFSI segment is expected to drive the market during the forecast period, owing to the sensitivity of financial data.
Rising adoption of data analytics, growing adoption of cloud-based business intelligence among small & medium enterprises, and improved business intelligence tools are key factors aid in the expansion of the segment.
Business Intelligence Market Regional Analysis
Based on regions, the market is segmented into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in North America is expected to register a high CAGR during the forecast period, due to the presence of several key players in the region.
The rapid development and adoption of technologies, rising competition, and increasing data proliferation are the key factors that drive the market in North America. The market in Asia Pacific is anticipated to increase adoption of advanced technologies, IoT, and big data in countries such as India, Japan, and China, which spurs the demand for business intelligence services and solutions.
- Small & Medium Enterprises (SME)
- Large Enterprises
- Supply Chain Optimization
- Financial Performance & Strategy Management
- Workforce Management
- CRM Analytic Applications
- Fraud Detection & Security Management
- IT & Telecommunications
- Media & Entertainment
- Government & Defense
- Retail & Consumer Goods
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- Microsoft Corporation
- geniSIGHTS, Pvt. Ltd.
- Cisco Systems, Inc.
- International Business Machines Corporation (IBM)
- SAP SE
- Rackspace Technology
- Oracle Corporation
- Google LLC
- Amazon Web Services, Inc.
- Salesforce, Inc.
- DOMO, Inc.
- TIBCO Software, Inc.
- MicroStrategy Incorporated
- Board International S.A.
- TARGIT A/S
- vPhrase Analytics Solutions, Pvt. Ltd.
- Pentation Analytics, Pvt. Ltd.
The global business market is competitive with the presence of key players such as Microsoft Corporation; geniSIGHTS, Pvt. Ltd.; Cisco Systems, Inc.; International Business Machines Corporation (IBM); SAP SE; Rackspace Technology; Oracle Corporation; Google LLC; Amazon Web Services, Inc.; Salesforce, Inc.; DOMO, Inc.; TIBCO Software, Inc.; MicroStrategy Incorporated; Board International S.A.; TARGIT A/S; vPhrase Analytics Solutions, Pvt. Ltd.; Yellowfin; Pentation Analytics, Pvt. Ltd.; and others, who use business strategies such as acquisitions, mergers, product launches, collaborations, and partnerships to strengthen their hold on the market. For example,
- In July 2020, Rackspace Technology collaborated Amazon Web Services, Inc. to expand their services globally.
- In June 2020, International Business Machines Corporation launched Watson Works, which to aid companies in navigating several aspects of return-to-workplace challenge after the lockdowns due to the COVID-19 situation.