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Business Intelligence Market to Rise at 9.0% CAGR over 2024-2032; Enhanced and Optimized Workflows through BI Drive the Market Development

March 06, 2023 | Information & Technology

The global business intelligence market size was valued at USD 29.42 billion in 2023. The market value is slated to increase from USD 31.98 billion in 2024 to USD 63.76 billion by 2032 at 9.0% CAGR during the forecast period.


Fortune Business Insights™ presents this information in its latest report titled “Business Intelligence Market  Size, Share & COVID-19 Impact Analysis, By Component (Solution, Services), By Deployment (Cloud, On-premise), By Enterprise Type (Small and Medium-Sized Enterprises (SMEs), Large Enterprises), By Application (Supply Chain Analytic Applications, CRM Analytic Operations, Financial Performance and Strategy Management, Production Planning Analytic Operations, Others), By End-use Industry (BFSI, IT and Telecommunication, Retail and Consumer Goods, Manufacturing, Healthcare, others), and Regional Forecast, 2024-2032”.


Several factors, including the rising usage of cloud-based, AI/ML services, and analytics across enterprises are driving the expansion of the global market. Additionally, the increased demand for adaptive architecture and solutions creates chances for market expansion.


COVID-19 Pandemic Created New Opportunities to Drive Market Expansion


The COVID-19 pandemic has had an effect on the software sector globally. With the sudden increase in remote work, large user networks, well-capitalized technology companies, and immense amounts of digital data are well-positioned to take advantage of the opportunity presented by the crisis. Consequently, there is a growing need for analytics, business intelligence, and advanced analytics professionals to handle the additional problems brought on by the pandemic. 


Qlik Expanded Strategic Collaboration with Databricks to Improve Business Intelligence (BI) Offerings 


In September 2022, Qlik added SQL-based ingestion to Delta (Databricks Lakehouse) and Partner Connect Integration to its strategic collaboration with Databricks. Users can enhance and streamline their capacity to import data into Delta by using Qlik data integration. The temporary Qlik Data Analytics with Databricks experience is improved by integrating Qlik Cloud with Delta.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/business-intelligence-bi-market-103742


Need for Data Mining, Data Analytics, and Data Culture Propels the Market Forward


Embedded business intelligence and analytics are driven by BI breakthroughs and an API-first architecture in both commercial and consumer applications. Additionally, firms may use and analyze enormous amounts of data captured by ERP software by integrating BI with other programs such as CRM and ERP. The BI software aids in the analysis and representation of the data in a better actionable style with straightforward interpretations. The increasing demand for data culture, mobile insight, ETL, data mining, and analytics is the key factor fostering the business intelligence market growth.


Competitive Landscape


Key Players Aim to Expand BI Use-cases to Capture Greater Market Share


The major players are enthusiastic about creating BI solutions for a variety of uses, including workforce analytics, supply chain analytics, and CRM analytic operations. One of the main business strategies is the development of new items and the improvement of existing products. Similarly to this, market participants strategically acquire companies and work together globally for global expansion.


Notable Industry Development:



  • March 2022: IBM released a new upgrade in Cognos Analytics with Watson. Cognos Explorations allows users to create texts in natural language with narratives that explain and summarize the information the user is exploring.


List of the Companies Profiled in the Report:



  • Microsoft Corporation (U.S.)

  • Tableau Software, LLC (Salesforce) (U.S.)

  • IBM Corporation (U.S.)

  • QlikTech International AB (U.S.)

  • SAP SE (Germany)

  • Oracle Corporation (U.S.)

  • Redash (Databricks) (Israel)

  • Mode Analytics Inc. (U.S.)

  • Looker (Google) (U.S.)

  • Infor (U.S.)


Further Report Findings



  • With a market share of 30.9% in 2022, North America dominates the global BI market share. Regional growth is attributable to rapidly evolving automation and digitization technologies are credited with the increase. The development of the region's BI is facilitated by fresh inventions and breakthroughs as well as partnerships and cooperation with important regional companies.



  • Asia Pacific is expected to register the highest CAGR during the forecast period. Growing potential in Asia Pacific and many investments in BI solutions are credited with driving the market's expansion in this region. New start-ups in the region are helping to increase the usage of BI in Asia Pacific.


Table of Segmentation


































































  ATTRIBUTE



 DETAILS



Study Period



2019-2032



Base Year



2023



Estimated Year



2024



Forecast Period



2024-2032



Historical Period



2019-2022



Growth Rate



CAGR of 9.0% from 2024 to 2032



Unit



Value (USD billion)



Segmentation



By Component, Deployment, Enterprise Type, Application, End-use Industry, and Region



By Component




  • Solution

    • Analytical Applications

    • Corporate Performance Management (CPM) Suites

    • BI Platform



  • Services



By Deployment




  • Cloud

  • On-premise



By Enterprise Type




  • Small and Medium-Sized Enterprises (SMEs)

  • Large Enterprises



By Application




  • Supply Chain Analytic Applications

  • CRM Analytic Operations

  • Financial Performance and Strategy Management

  • Production Planning Analytic Operations

  • Others (Workforce Analytic Operations, Services Operations)



By End-use Industry




  • BFSI

  • IT and Telecommunication

  • Retail and Consumer Goods

  • Manufacturing

  • Healthcare

  • Others (Government, Real Estate)



By Region




  • North America (By Component, By Deployment, By Enterprise Type, By Application, By End-use Industry)

    • U.S.

      • By Component

      • By Enterprise Type

      • By Application

      • By End-use Industry



    • Canada

      • By Component

      • By Enterprise Type

      • By Application

      • By End-use Industry



    • Mexico

      • By Component

      • By Enterprise Type

      • By Application

      • By End-use Industry





  • South America (By Component, By Deployment, By Enterprise Type, By Application, By End-use Industry)

    • Brazil

      • By Component

      • By Enterprise Type

      • By Application

      • By End-use Industry



    • Argentina

      • By Component

      • By Enterprise Type

      • By Application

      • By End-use Industry



    • Rest of South America



  • Europe (By Component, By Deployment, By Enterprise Type, By Application, By End-use Industry)

    • U.K.

      • By Component

      • By Enterprise Type

      • By Application

      • By End-use Industry



    • Germany

      • By Component

      • By Enterprise Type

      • By Application

      • By End-use Industry



    • France

      • By Component

      • By Enterprise Type

      • By Application

      • By End-use Industry



    • Italy

      • By Component

      • By Enterprise Type

      • By Application

      • By End-use Industry



    • Spain

      • By Component

      • By Enterprise Type

      • By Application

      • By End-use Industry



    • Russia

      • By Component

      • By Enterprise Type

      • By Application

      • By End-use Industry



    • Benelux

      • By Component

      • By Enterprise Type

      • By Application

      • By End-use Industry



    • Nordics

      • By Component

      • By Enterprise Type

      • By Application

      • By End-use Industry



    • Rest of Europe



  • Middle East & Africa (By Component, By Deployment, By Enterprise Type, By Application, By End-use Industry)

    • Turkey

      • By Component

      • By Enterprise Type

      • By Application

      • By End-use Industry



    • Israel

      • By Component

      • By Enterprise Type

      • By Application

      • By End-use Industry



    • GCC

      • By Component

      • By Enterprise Type

      • By Application

      • By End-use Industry



    • South Africa

      • By Component

      • By Enterprise Type

      • By Application

      • By End-use Industry



    • North Africa

      • By Component

      • By Enterprise Type

      • By Application

      • By End-use Industry



    • Rest of the Middle East & Africa



  • Asia Pacific (By Component, By Deployment, By Enterprise Type, By Application, By End-use Industry)

    • China

      • By Component

      • By Enterprise Type

      • By Application

      • By End-use Industry



    • India

      • By Component

      • By Enterprise Type

      • By Application

      • By End-use Industry



    • Japan

      • By Component

      • By Enterprise Type

      • By Application

      • By End-use Industry



    • South Korea

      • By Component

      • By Enterprise Type

      • By Application

      • By End-use Industry



    • ASEAN

      • By Component

      • By Enterprise Type

      • By Application

      • By End-use Industry



    • Oceania

      • By Component

      • By Enterprise Type

      • By Application

      • By End-use Industry



    • Rest of Asia Pacific




Global Business Intelligence Market
  • PDF
  • 2023
  • 2019-2022
  • 130

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