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Business Intelligence (BI) is a technology-driven process for evaluating data and presenting information that may be used to make business decisions by managers, corporate end-users, and executives. BI includes a wide range of techniques, instruments, and software programs that enable administrations to collect data from external sources and internal systems, analyze it, enhance and monitor queries, and produce reports, dashboards, and data visualizations for use by operational staff and corporate decision-makers. The primary purpose of BI is to help businesses grow by enhancing data collection and utilizing that data effectively to increase productivity.
The global market size for business intelligence was USD 22.26 billion in 2020. The global market is projected to grow from USD 24.05 billion in 2021 to USD 43.03 billion by 2028 at a CAGR of 8.7% in the 2021-2028 period.
Diverse industries have experienced difficulties as a result of the novel coronavirus' proliferation. Economic downturns and supply chain disruptions brought on by the global health crisis have severely impacted business investments. However, the crisis has given us a chance to use cutting-edge analytics to improve decision-making.
Market participants are providing sophisticated visualization dashboards to assist users in learning the current state of the coronavirus. For instance, using Dundas BI, Dundas Data Visualization, Inc. created real-time dashboards. Similar to this, Microsoft's Power BI is collaborating with USAFacts to enable users to interact with and see the COVID-19 dataset. Consequently, it is anticipated that in the near future, demand for data visualization dashboards will reach an all-time high.
Below mentioned are the top business intelligence companies leading the market.
Microsoft Corporation offers BI tools such as Power BI Desktop, Power BI Pro, Power BI Premium, Power BI Mobile, Power BI Embedded, Power BI Report Server, Azure Analysis Services, and Azure Synapse Analytics.
Tableau Software, LLC is an interactive data visualization software organization that aims at business intelligence.
It offers various products such as Tableau Desktop, Tableau Server, Tableau Prep, Tableau Cloud, CRM Analytics, Tableau Public, Data and Advanced Management, and Embedded Analytics.
In November 2021, Tableau Software, LLC launched new feature analytics capabilities – Explain Data, Ask Data, and Einstein Discovery in Slack. These capabilities expanded the visual BI and analytics platform through model building and scenario planning.
IBM Corporation offers AI fueled business intelligence and analytics software that support data analytics and allow users to identify information from raw data and data-driven decision techniques.
It offers various BI capabilities, such as natural language processing, AI-assisted data operation, and intelligent reporting.
In October 2021, IBM and Deloitte announced the new offering of an AI-enabled managed analytics solution. It enables the adoption of hybrid cloud and AI across enterprises implementing the Deloitte Analytics Platform.
SAS Institute Inc. offers BI solutions that help to create accurate reports by integrating data from the data source, accessing real-time data, and monitoring businesses.
In July 2021, Longtime analytic vendor SAS Institute Inc. was acquired by Broadcom. It focused on further innovation to best serve its users with a reported purchase of USD 15 million to USD 20 billion.
SAP SE is a leading producer of software management business process that develops solutions for effective data processing and information across various organizations.
SAP SE offers various product offerings in BI technologies such as data reporting, visualization, and sharing. It provides an on-premise BI platform to transform data into useful insights and make better decisions with BI.
SAP SE offers various BI platforms, including application development and automation, data and analytics, extended planning and analysis, artificial intelligence, and rising business productivity with integration and automation.
Oracle Corporation offers a set of business intelligence tools that empower organizations to make faster and more informed business decisions from any devices through the cloud.
Oracle offers different analytics and BI services, including Oracle analytics platform, Oracle fusion ERP analytics, Oracle fusion HCM analytics, and Oracle analytics mobile app.
In September 2022, Oracle introduced new updates in BI services, including Oracle Fusion Cloud Human Capital Management that helps managers better engage and support their teams.
Sisense Inc. is a leading AI-driven BI platform for infusing analytics and helping customers. It offers an AI-driven BI platform to drive companies better and make fast decisions for their businesses and customers.
In September 2022, Sisense Inc. added a trio of new embedded analytics capabilities. It integrates with Git, which is a multi-tenant environment and offers enhancements to the extensive framework designed for additional embedded BI capabilities of the vendor’s platform.
Domo, Inc. is a cloud-based software company, which integrates BI & analytics and data apps to power everyday work.
Domo. Inc. offers various products such as reporting & dashboards, self-service analytics, data sharing & embedded analytics, and data apps.
In March 2021, Domo Inc. introduced the first multi-cloud data offering for modern BI. It helps users to overcome challenges of data access and agility in the modern IT environment.
Yellowfin International Pty Ltd is an enterprise analytics software that provides BI, reporting dashboards, data transformation, analytical apps, and collaborations.
It offers various solutions, including embedded analytics, enterprise analytics, and OEMs for software companies.
In May 2022, Yellowfin International Pty Ltd launched a new CRM analytics solution for salesforce. This solution provides higher local software companies a BI and CRM solution to meet modern analytical needs.
Infor offers cloud business intelligence and analytics platforms that help organizations to optimize processes in less time than traditional BI.
Infor offers various solutions such as networked BI, industry analytics, modern data architecture, adaptive user experience, deliver data-as-a-service (DAAS), and monetize data.
In July 2022, Infor partnered with Syntellis performance software solution. It offers customers robust EPM tools and data-driven insights to improve cost of care and operational outcomes for organizations.
Growing Adoption of Business Intelligence
The growing demand for integrated business models and cutting-edge technologies, such as machine learning, the Internet of Things (IOT), artificial intelligence, and predictive decision making, is the main factor propelling the sales of BI solutions.
The business intelligence system's improved statistical support and most recent advanced analytics are also contributing to the market's expansion.