Global Business Intelligence Market size to reach USD 65.94 billion by 2030, at growth rate (CAGR) of 6.7%

The Global Business Intelligence Market size is expected to grow from USD 39.25 billion in 2022 to USD 65.94 billion by 2030, at a CAGR of 6.7% during the forecast period (2023-2030).

Market Overview:

Business intelligence (BI) is a set of tools and techniques that combines business analytics, data mining, data visualization, data tools and infrastructure, and best practices to help businesses make better data-driven decisions. Business intelligence may assist companies to make better decisions by providing current and historical data in the context of their business.

Analysts can use business intelligence to provide performance and competitive benchmarks, allowing the organization to run more smoothly and efficiently. Analysts will be better able to detect market trends, which will help them increase sales or revenue.

When used appropriately, the right data can help with everything from compliance to hiring initiatives.

Top Key Players for Business Intelligence Market:

IBM, Zoho, Oracle, SAP, Salesforce, Yellofin, SAS, Google, AWS, MicroStrategy, DOMO, TIBCO, Information Builders, Teradata, Sisense, Board International, Microsoft, Amlgo Labs, Infor, Targit, Dundas, Qlik, Vphrase and other major players.

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The report summarizes all the information collected and serves the customer's requirements. However, these market analyses help in understanding market growth at both global and regional levels.

For market data analysis, we have market panorama tools such as Market Dynamics, Competitor Analysis, PESTEL Analysis, SWOT Analysis, Porter Five Forces Analysis, Value Chain Analysis, Technology Roadmap and Evolution, Regulatory Framework, Price Trend Analysis, Patent Analysis, Covid-19 Impact Analysis, Russia-Ukraine War Impact and others.

Market Dynamics and Factors for Business Intelligence Market:

Drivers:

Fast and accurate reporting

Employees can monitor Key Performance Indicators (KPIs) utilizing a range of data sources, including financial, operations, and sales data, using templates or customized reports.

These reports are generated in real-time and employ the most up-to-date data, allowing organizations to make quick decisions.

Graphs, tables, and charts are commonly used in reports to make them easier to understand. Some BI software reports are interactive, allowing users to experiment with different factors or get data more quickly thus, supporting the growth of the business intelligence market over the analysis period.

Opportunities:

Increasing Reliability of Organizations on Real-Time Business

In today's fast-paced world, customers expect businesses to provide faster and more efficient service. To stay competitive, businesses must meet or exceed consumer expectations.

To keep ahead of trends and future events, organizations will have to rely increasingly heavily on their business intelligence tools. Users of business intelligence are increasingly demanding real-time or near-real-time analysis of their operations, particularly in frontline operations.

In the same way that they check stock quotes online, they will grow to expect up-to-date and fresh information.

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Segmentation Analysis of the Business Intelligence Market:

By Component, the solution segment is anticipated to lead the growth of the business intelligence market over the forecasted timeframe. Solutions play an important role for businesses to derive actionable insights by tracking real-time and historical business performance.

By Deployment, the cloud segment is anticipated to have the highest share of the business intelligence market over the projected timeframe During the projected period, cloud deployment is expected to rise at the fastest rate. Enterprises that have deployed on-premises applications can utilize cloud deployment to enhance their storage, networking, and tool capabilities, as well as their analytical capabilities.

Segmentation of The Business Intelligence Market

By Component         

• Solutions
• Services

By Deployment         

• Cloud
• On-Premise

By Enterprise Size   

• Large Enterprises
• SMEs

By Application          

• Supply Chain Analytic Applications
• CRM Analytic Applications
• Financial Performance
• Strategy Management
• Production Planning Analytic Operations
• Others

By Industry   

• IT and Telecommunications
• Banking
• Finance
• Security and Insurance (BFSI)
• Healthcare
• Manufacturing
• Retail
• Others

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Regional Analysis of the Business Intelligence Market:

The North American region is anticipated to have the highest share of the business intelligence market over the forecast period owing to its technological advancement in business management analytics for their sales, production, and innovation. The rapid development of advanced technologies and the adoption of emerging technologies by businesses are supporting the growth of the market.

Moreover, most of the prominent service providers such as IBM, Microsoft, Oracle, and Tableau are headquartered in this region thus, supporting the growth of the business intelligence market in this region.

By Region     

• North America (U.S., Canada, Mexico)
• Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
• Western Europe (Germany, U.K., France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
• Asia-Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
• Middle East & Africa (Turkey, Saudi Arabia, Bahrain, Kuwait, Qatar, UAE, Israel, South Africa)
• South America (Brazil, Argentina, Rest of SA)

Key Industry Development:

In January 2022, Idera Inc announced the acquisition of Yellowfin International Pty Ltd, an industry-leading, turnkey analytics, and BI solution platform provider. This acquisition will enable Idera's customers to integrate Yellowfin's product into proprietary applications and gather data without disrupting the end-user experience, unlocking immediate ROI.

In July 2021, through self-service data preparation and augmented analytics, Zoho Corporation has introduced its new Business Intelligence (BI) Platform, an AI-driven data analytics solution that enables enterprises to surface precise and actionable insights. Pre-built visual dashboards, complete data connectors, data preparation, augmented and embedded BI, security and privacy capabilities, multiple deployment models (cloud or on-premise), and scalability are all included in Zoho's BI Platform.

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