Business Intelligence Market Size, Share & COVID-19 Impact Analysis, By Component (Solution, and Services), By Deployment (Cloud, and On-Premise) By Enterprise Size (Large Enterprises, Small and Medium-Sized Enterprises (SMEs)), By Application (Supply Chain Analytic Applications, CRM Analytic Applications, Financial Performance), By End-User (IT and Telecommunications, BFSI, Healthcare), and Regional Forecast, 2020-2027

The global business intelligence market size was USD 20.60 billion in 2019 and is projected to reach USD 39.35 billion by 2027, exhibiting a CAGR of 8.5% during the forecast period.

In the rapidly evolving technological era, enterprises have to adopt analytical platforms to derive data-driven decisions for efficient business operations. The enterprises are maintaining an equilibrium between physical and digital competencies to create new business models. Real-time data from smart devices, the Internet of Things (IoT), combined with historical data, big data analytics, artificial intelligence is expected to surge the demand for business intelligence across enterprises.

Deployment of Advanced Analytics in Companies to Augment Market Expansion Amid COVID-19

The spread of novel coronavirus has caused disruptions across various industries. The global health crisis, resulting in economic downturns and supply chain disruptions has severely hampered business investments. However, the crisis has provided a chance for the deployment of advanced analytics such as business intelligence to enhance decision making.

Market players are offering advanced visualization dashboards to help users to get real-time status of the Coronavirus. For instance, Dundas Data Visualization, Inc. developed real-time dashboards from Dundas BI. The COVID-19 dashboard helps the users to explore the real-time data by geography and stay updated. Similarly, Microsoft’s Power BI is working with the USAFacts organization to empower the users to visualize and interact with the COVID-19 dataset. Hence, data visualization dashboards are expected to observe unprecedented demand in the near future.

LATEST TRENDS

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Natural Language Processing to Accelerate BI Adoption Across Enterprises

Advanced BI natural language is being applied to support the analytical conversation capabilities in BI tools. Natural language enables users to ask questions based on their data visualization. Hence, BI Vendors are offering a natural language interface to visualizations so that customers could interact with their data. As natural language matures across the industry it is likely to break down the barriers to BI adoption across the organizations and further embed data into the core of the work culture.

Speech recognition, machine translation, natural language generation, semantic search, and machine learning are some of the common features of natural language processing integrated into BI tools. Business intelligence platforms such as Tableau and Microsoft PowerBI have integrated NLP features such as semantic search with the BI platform.

Data Visualization and Storytelling to Permeate the Business Intelligence Implementation

Data Visualization has become a standard for data analysts to convey information to the decision-makers in an easy and actionable way. The skills of the analysts combined with the steps taken by them to discover the data are often referred to as ’Storytelling’. Storytelling has become a critical aspect of the analytical process. Long-form storytelling formats through multi-stage dashboards or scrolling are becoming more pervasive allowing the analysts to display a step-by-step approach to derive data insights.

Data visualization and storytelling are transforming the methods of how enterprises use data to inform, engage, and implement ideas. As a result, data visualization and storytelling are likely to permeate the adoption of BI tools to leverage advanced analytical approaches. This will also help businesses to enhance data literacy to drive actionable insights.

DRIVING FACTORS

Cloud Computing and Big Data to Have a Greater Impact on BI Solutions

In recent years, cloud computing and big data analytics have been gaining traction owing to rapid technological advancements. Cloud computing is regarded as an ideal platform to provide business intelligence applications as it serves as a repository for structured and unstructured data. Similarly, big data technology has enabled BI to analyze a large amount of data to deliver actionable insights to businesses that help them understand opportunities, improve marketing techniques among others.

Social media has brought a paradigm shift in the operational strategies of businesses. It has generated a huge amount of data from several media channels by driving the need for business intelligence solutions to analyze the data. Hence, proliferating use of social media and other internet services such as over-the-top services, and e-commerce that generate a large volume of heterogeneous data is likely to amplify the market size.

RESTRAINING FACTORS

Expensive IT Infrastructure Investments to Impede the Market Growth

The cost of deploying business intelligence infrastructure is a primary concern for small and mid-sized enterprises. Also, limited resources such as qualified data science experts, consulting analysts, professional IT experts are likely to restrict market growth. However, with the advent of self-service BI is expected to eliminate the challenge of expensive BI infrastructure.

SEGMENTATION

By Component Analysis

BI Solutions to Account for Maximum Market Share

By component, the global market is classified into solutions and services. BI solutions offered by the market players such as Board International’s Board 11, SAP Analytics Cloud & SAP BusinessObjects Lumira, Yellowfin BI, Tableau (Server, Desktop, Online, Prep), and QlikSense & QlikView among others, are used by the enterprises to derive actionable insights by tracking real-time and historical business performance. These capabilities contribute to the major share of BI solutions.

BI services including consulting, deployment & integration, and support & maintenance are likely to show significant growth in the coming years. Limited data science experts, IT professionals in the BI industry are expected to drive the demand for BI services.

By Solution Analysis

BI Platforms to Exhibit Highest Growth Rate

The solution segment is further bifurcated into analytical applications, corporate performance management (CPM) suites, and BI platforms. BI platforms comprise dashboards and scorecards, reporting and visualizations, and augmented data discovery. Dashboards and scorecards and visualization facilitates the ability to create highly interactive visualizations to analyze the data. Further, the integration of artificial intelligence-driven analytics solutions with the BI platform is likely to drive the demand for more enhanced visualization. Similarly, augmented reality-based BI Augmented Analytics would ensure to transform the BI tools in the long-term.

By Enterprise Size Analysis

Small and mid-sized enterprises to be the Potential Customers of Business Intelligence Solutions

Based on the enterprise size, the market is classified into small and mid-size enterprises and large enterprises. Business intelligence (BI) has evolved over the years, as organizations have extended their capabilities of online analytical processing (OLAP). Large enterprises are expected to hold a major share attributed to a substantial investment, availability of IT infrastructure among others.

SMEs are expected to deploy BI software to gain maximum market share, increase customer satisfaction through advertisements, and targeted marketing campaigns. Apart from this, resource optimization and continuous evaluation of productivity are some of the aspects that drive the need for advanced BI tools across SMEs.

By Deployment Analysis

Cloud-Based BI Solutions to Gain Maturity and Acceptance Across the Enterprises

By deployment, the market is divided into cloud and on-premise. Cloud deployment is allowing enterprises that have deployed on-premises BI applications to expand the use of storage, networking, and tools coupled with analytical capabilities. Cloud deployments enable the organization to outsource the BI infrastructure to manage BI applications. This helps the organization to increase productivity, optimize implementation timelines, and reduce operational costs. Hence, cloud deployment is expected to show a significant growth rate.

By Application Analysis

Financial Performance and Strategy Management, and CRM Analytic Applications to be the Most Prominent BI Application

By application, the market is segmented into supply chain analytic applications, CRM analytic applications, Financial performance and strategy management, production planning analytic operations, and others (workforce analytic operations, services operations). Financial performance and strategy management include planning, budgeting, strategy management, and others. Business intelligence enables us to test multiple business scenarios and draw financial impacts to take action. It also increases the forecasting accuracy of the organization. These factors drive the demand for BI in financial operations.

Customer data analysis, contact center data, Website analytics, is likely to drive the integration of BI in CRM analytic applications. Procurement, logistics, manufacturing, and inventory management are some of the use cases of BI in supply chain applications. BI in supply chain and production planning analytic applications is expected to witness unprecedented growth owing to the advent of Industry 4.0, Blockchain among others.

By End-use Industry Analysis

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Banking, Finance and Insurance Industry to Create Lucrative Opportunities for Market Players

By end-use industry, the market is analyzed across different industries including banking, financial services, and insurance (BFSI), IT and Telecommunication, retail and consumer goods, manufacturing, healthcare, and others. Advanced technologies such as artificial intelligence, Biometrics, machine learning, and Blockchain are gaining traction within the financial industry. Financial institutions are exploring predictive and adaptive analytics, business automation, and the Internet of Things (IoT) to improve decision-making capabilities. Thus, the banking, finance, and Insurance industry segment is expected to create lucrative opportunities for market players in the near future.

The IT and telecommunication industry is forecast to hold a major market share in the global market. In the telecom industry, BI encompasses the integration of a Business support system (BSS) and Operation support system (OSS) to discover new business opportunities and predict future outcomes. The healthcare industry is confronting new challenges as the ramification of the pandemic COVID-19 reverberates across the industry. However, in the long-term, the healthcare industry is anticipated to demonstrate significant adoption of BI.

Retailers adopt business intelligence solutions to achieve retail goals. Understanding customer behavior, leveraging location intelligence are some of the major applications of BI in the retail industry. BI tools help retailers to record and analyze data points to generate insights and represent them in graphical ways.

REGIONAL INSIGHTS

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Based on the geography the market is analyzed across five major regions including North America, South America, Europe, Middle East and Africa, and Asia Pacific. According to the Business Application Research Center, North America is more committed to cloud BI than Europe. Most of the companies in the region show a high degree of investments in cloud BI. These factors support the market growth across the region.

The Business Intelligence Institute, SC (Mexico) is an organization in Latin America specialized in business intelligence, data governance, and advanced analytics. The organization leverages machine learning, artificial intelligence, IoT, and cloud computing in different industries such as retail, banking, national security among others. Such active organizations are expected to drive awareness of business intelligence solutions.

Brazilian Government emphasizes the ‘FAIR principles’ meaning findable, accessible, interoperable, and reusable as good practices for data management processes. In November 2019, Huawei Technologies Co., Ltd. headquartered in Shenzhen, China launched an artificial intelligence-enabled cloud storage service in Brazil as a part of its geographic expansion in South American countries.

Similarly, in August 2019, IBM announced the launch of the IBM Cloud Multizone region (MZR) by the end of 2020 to deploy applications across cloud infrastructure. The cloud services located in Brazil; Sao Paulo will be focused on delivering IBM Public cloud services to the users. These factors are foreseen to drive the market growth.

The government of the U.K. is committed to driving excellent infrastructure to facilitate big data analysis. According to the U.K. trade and investment report, the government has approximately invested USD 222.6 million for capital funding in energy-efficient computing and data centers. This shows that the region possesses strong government support and substantial investment that will support market growth. Also, organizations such as the British Healthcare Business Intelligence Association upkeep the awareness of BI across the region.

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Asia Pacific is expected to hold lucrative market opportunities in the near future. Market players based in other regions are planning to expand their businesses in Asia Pacific countries to increase their market share and grab potential opportunities. For instance, in February 2020 – Sisense expanded its presence across Australia to support the growing demand for business intelligence and analytics. The company also announced a funding of USD 100 million with approximately more than USD 1 billion valuations to power its growth.

The Middle East and Africa is expected to show moderate market growth in the coming years. Post outbreak of the pandemic crisis the overall macroeconomic scenario in the region is uncertain. Rising unemployment & inflation, financial sector downturns are some of the reasons that could impact the investment of enterprises in BI.

KEY INDUSTRY PLAYERS

Market Leaders and High Performers to Embrace Strategic Partnerships and Acquisitions           

Strategic agreements, partnerships & collaborations, mergers & acquisitions are some of the fundamental business strategies adopted by market players to strengthen their market position in the highly competitive and fragmented BI market. For instance,

• June 2020 – IBM Corporation and SAP SE partnered to develop innovative solutions designed to deliver intelligent technology and applications for data-driven insights. Through this partnership, the companies will leverage SAP’s business technology platform, & Intelligent Suite, and IBM’s technologies such as artificial intelligence, machine learning, analytics, and automation.


• June 2019 – Salesforce acquired Tableau Software Inc., with this acquisition Salesforce aims to drive digital transformation by empowering the businesses to make smarter decisions, drive personalization of the customer experience and innovation. The acquisition will enable Salesforce to offer a complete AI-powered analytics platform.

Such partnership and acquisition strategies adopted by the market players is expected to facilitate research and development activities in the business intelligence industry.

LIST OF KEY COMPANIES PROFILED:

• Microsoft Corporation (Washington, United States)


• Tableau Software, LLC (Salesforce) (Washington, United States)


• IBM Corporation (New York, United States)


• SAS Institute Inc. (North Carolina, United States)


• SAP SE (Walldorf, Germany)


• Oracle Corporation (California, United States)


• QlikTech International AB (Pennsylvania, United States)


• Sisense Inc.  (Pennsylvania, United States)


• Board International S.A. (Chiasso, Switzerland)


• Logi Analytics, Inc. (Virginia, United States)


• Teradata Corporation (California, United States)


• MicroStrategy Incorporated (Virginia, United States)


• Informatica LLC (California, United States)


• Domo, Inc. (Utah, United States)


• Hitachi Vantara LLC (Pentaho), (Tokyo, Japan)


• TARGIT (Denmark)


• Yellowfin International Pty Ltd (Melbourne, Australia)


• Arcadia Data Inc. (London, United Kingdom)


• Infor (Birst) (New York, United States)


• BITAM (Atlanta, Georgia)


• 1010data, Inc. (New York, United States)


• Dundas Data Visualization, Inc. (Canada)

KEY INDUSTRY DEVELOPMENTS:

• June 2020 – Microsoft Corporation and SAS Institute Inc. partnered to accelerate the growth of SAS Analytics and Microsoft Azure cloud. The companies aim to integrate SAS analytics solution with Microsoft’s complete cloud portfolio including Dynamics 365Azure Microsoft 365, and Power BI.


• October 2019 – SAP SE announced enhancements to its business technology platform comprising SAP HANA Cloud, SAP Data Warehouse Cloud solution, and SAP analytics cloud. The new 4.3 release of SAP BusinessObjects Business Intelligence suite aims to support on-premise solutions by providing integration with SAP analytics cloud.

REPORT COVERAGE

An Infographic Representation of Business Intelligence (BI) market

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The business intelligence (BI) market research report offers qualitative and quantitative insights on the product and a detailed analysis of market size & growth rate for all possible segments in the market.  Along with this, the report provides an elaborative analysis of market dynamics, emerging trends, and the competitive landscape.

Key insights provided in the report are the adoption trends by individual segments, recent industry developments such as mergers & acquisitions, consolidated SWOT analysis of key players, partnerships, Porter’s five forces analysis, and business strategies of leading market players, key industry trends, macro, and micro-economic indicators.

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