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The global business intelligence market size was valued at USD 27.11 billion in 2022 and is projected to grow from USD 29.42 billion in 2023 to USD 54.27 billion by 2030, exhibiting a CAGR of 9.1% during the forecast period.
Business Intelligence (BI) is a technical and procedural infrastructure that stores, gathers, and evaluates the data generated through the organization's activities. It encompasses process analysis, data mining, descriptive analysis, and performance benchmarking. The increasing focus of organizations on strategic decision-making, valuable insights, faster & accurate reporting, and improved productivity enhances the demand for these solutions in the market. Hence, with the increasing initiatives for digital transformation, various key players are developing new advancements, innovations, and collaborations. For instance,
The global business intelligence market growth can be attributed to increasing adoption of cloud-based, AI/ML services, and analytics across organizations. In addition, the surge in demand for flexible architecture and adaptable solutions opens up market expansion opportunities.
Deployment of Advanced Analytics in Companies to Enhance Market Expansion
The COVID-19 outbreak has impacted the software industry worldwide. With the abrupt surge in remote working, well-capitalized technological firms, vast user networks, and huge amounts of digital data are well-positioned to capitalize on the opportunity of the crisis. Thus, increasing demand for analytics, business intelligence, and advanced analytics experts to meet the new challenges caused by the pandemic.
This has led enterprises to take advantage of the opportunity to enable more employees to use their data at work, which drives further growth for business intelligence tools. Thus, demand for BI tools has certainly increased since the pandemic with rising investments in software.
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Growing Usage of Mobile BI Propels the Market Growth
Mobile BI allows businesses to gain insights with data analysis by using applications optimized for smartphones. It presents real-time data for users to analyze on mobile devices such as tablets and smartphones, thus enabling users to make effective decisions.
The incorporation of mobile BI features into operational business developments increases the penetration of BI within enterprises and aids in the form of added information. Thus, speeding up the decision-making capabilities while expanding data and minimizing the time required for searching for relevant information.
Hence, mobile BI has the potential to aid operational developments while concurrently increasing the penetration of the technology within enterprises. Thus, several BI and analytics vendors have started to offer an HTML5 browser for optimized mobile applications. Other key players have, in part, reinvested in mobile applications to enable the features of Mobile BI to users. For instance,
Thus, mobile BI avails the larger availability of information, faster reaction speed and efficient working, shorter workflows, and improved internal communication.
Increasing Usage of Integrated BI Systems to Augment the Market Growth
BI advancements and an API-first architecture drive embedded business intelligence and analytics in business and personal applications. Moreover, its integration with other software, such as ERP and CRM, enables organizations to leverage and analyze large data apprehended by the ERP software. The software helps to analyze and represent the data in an improved actionable format along with easy interpretations.
Thus, the primary drivers of integrated business applications are the rising demand for data culture, mobile insight, ETL, data mining, and analytics.
Difficulties in Abstracting Data from Third-party Systems due to Poor Data Quality Hinder the Market Growth
Emerging technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), and Machine Learning (ML) add large amounts of data to organization systems every minute of the day.
In a rush to aggregate data for analysis, several organizations neglect the quality of the collected data from these various sources. Lack of understanding among users about the importance of efficient data management is the reason for degrading data quality. Business intelligence tools can merge data from various sources, but it requires a combination of data understanding and technical skills. This limits the scalability and increases the desired time for analytics. For instance,
Also, with the emerging number of third-party data sources and the quality of data collected, the need for reporting and analysis in the required time increases. Thus, this increases the demand to develop an effective solution for the flexible abstraction of data from various sources.
Increasing Usage of Analytical Applications Drives the Market Demand
There are two components in the market, solution and services. The scope considers three major solutions, analytical applications, Corporate Performance Management (CPM) suites, and BI platform. Services consist of consulting, deployment and integration, and support & maintenance.
Solutions segment holds the maximum share with the increasing demand for analytical BI solutions. ABI platforms enable users with less technical knowledge to model, explore, analyze, and manage data with enabled IT and augmented Artificial Intelligence (AI). Corporate Performance Management (CPM) suites are estimated to grow with a high CAGR during the forecast period. The CPM growth is attributed to the growing hybrid culture in organizations and the increased focus of businesses on continuous feedback and check-ins.
Higher Consumption of Self-service BI or On-premise BI to Enhance the Market Growth
These solutions are deployed into the cloud and on-premise. On-premise segment accounts for the maximum share compared to the cloud segment, as companies managing their sensitive data make maximum use of self-service or on-premise. It also provides better speed and higher security for industries such as healthcare and finance with restrictions in handling sensitive data.
Cloud-based deployment is projected to have the highest CAGR over the forecast period due to the rising demand of enterprises for data integration, data quality tools, advanced visualization, and data discovery.
Increasing Investments in Digitization by Large Enterprises to Augment the Market
These solutions are used in small and medium-sized enterprises and large enterprises. Large enterprises generated the largest revenue for the year 2022. Large enterprises are more inclined toward digitization and adopting advanced technologies. Also, increasing investment in IoT, AI/ML, and cloud-based solutions results in higher adoption of the technology among large enterprises.
SMEs are likely to grow with the highest CAGR during the forecast period due to the rising number of start-ups and small business initiatives for digital transformation. The must-have features of BI, such as visual analytics, dashboards, data warehousing, among others, drive the adoption across small and medium-sized enterprises.
Growing Applications of BI in Financial Performance and Strategy Management Propels the Market Growth
There are various applications such as supply chain analytics applications, financial performance and strategy management, CRM analytic operations, production planning analytic operations, and others.
Financial performance and strategy management segment holds the largest market share and is predicted to have the highest growth rate during the forecast period. This technology in financial performance and strategy helps to monitor and handle an organization's performance and financial requirements. With the higher Return on Investments (ROI), revenue, overhead, and operational costs, it has been adopted across numerous enterprises as a component of BI.
Such advancements of new applications in financial performance and strategy management are enhancing market growth.
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Growing Focus on Optimized Decision-Making to Surge the Growth of the IT and Telecommunication Sector
Industries adopting BI solutions include BFSI, IT and telecommunication, retail and consumer goods, manufacturing, healthcare, and others.
According to Fortune Business Insights, in 2022, IT and telecommunication gained the maximum revenue share in the market. It enables telcos to refine their pricing strategies, target marketing campaigns, and advance products based on consumer understanding and effective decision-making. BI in telecommunication offers network optimization, operational efficiency, and enhanced customer satisfaction. Thus, increasing the requirement for its applications in IT and telecommunications.
BFSI is projected to have the highest market growth for the forecast period. BI tools drive profitability in BFSI with real-time reporting, improved customer retention, risk management, enhanced workflows, and ease of data handling.
North America Business Intelligence Market Size, 2022 (USD Billion)
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The market is geographically studied across North America, South America, Europe, the Middle East & Africa, and Asia Pacific, and each region is further studied across countries.
According to our analysis, North America dominates the global market, with a market share of 30.9% in 2022. The market growth is attributed to the region's emerging technologies and rapid developments in automation and digitization. New innovations and advancements, along with collaborations and partnerships, by key players in the region, contribute to the region's market growth. For instance,
Asia Pacific to witness the maximum CAGR during the forecast period. The market's growth in this region is credited to escalating opportunities in Asia Pacific and numerous investments in business intelligence solutions. The region has various emerging start-ups contributing to the growth of BI adoption in the region.
The business intelligence market share is significantly growing in Europe with increasing advancements by key players in the region such as SAP and Valcon. For instance,
South America is projected to show moderate growth during the forecast period with high-tech companies and government initiatives to enhance IT & telecommunication and the rising awareness of embedded BI solutions in the region.
The Middle East and Africa region indicates moderate development, with several players entering the region's market. Rising number of businesses in Turkey are enabling value for data-driven decision-making with distinguished insights from the variety & volume of internal & external availability of data to them.
Rising Prominence on Global Expansion to Strengthen the Market Positions
The key players are keen on developing BI solutions in numerous applications such as CRM analytic operations, supply chain analytic applications, production planning, workforce analytics and others. Innovation of new products and upgrading existing products to multiply business opportunities is one of the key strategies of enterprises. Likewise, market players strategically procure businesses and collaborate worldwide for global expansion.
An Infographic Representation of Business Intelligence (BI) market
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The study on the market includes prominent areas globally to gain enhanced knowledge of the Industry verticals. Moreover, the research offers insights into the most recent endeavor and industry developments and analyses high-tech solutions being adopted promptly worldwide. It also highlights some of the growth-stimulating limitations and elements, allowing the reader to obtain a comprehensive understanding of the market.
CAGR of 9.1% from 2023 to 2030
Value (USD billion)
By Component, Deployment, Enterprise Type, Application, End-use Industry, and Region
By Enterprise Type
By End-use Industry
The market is projected to reach USD 54.27 billion by 2030.
In 2022, the market stood at USD 27.11 billion.
The market is projected to grow at a CAGR of 9.1% in the forecast period (2023-2030).
Financial performance and strategy management segment is likely to lead the market.
Integrated BI solutions to boost sales in the market.
IBM, Microsoft, SAP, Oracle, and QlikTech International AB are the top players in the market.
North America is expected to hold the highest market share.
IT and telecommunication is expected to grow with the highest CAGR over the forecast period.
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