Pune, May 17, 2023 (GLOBE NEWSWIRE) — “The Business Intelligence (BI) Software Market, as reported by SNS Insider, reached a valuation of USD 28.56 billion in 2022 and is anticipated to reach USD 60.64 billion by 2030. It is projected to exhibit a compound annual growth rate (CAGR) of 9.87% during the forecast period spanning from 2023 to 2030.”
Business Intelligence (BI) software refers to a category of software tools and applications designed to collect, analyze, and present data in a meaningful and actionable way for businesses. BI software is utilized across various industries and departments within organizations, including finance, marketing, sales, operations, and human resources. It empowers users at all levels, from executives to analysts, to access relevant data, generate reports, and perform ad-hoc queries, enabling a data-driven culture within the organization.
One of the key drivers behind the expansion of the business intelligence (BI) software market is the growing demand for cloud-based business solutions, particularly in the small and medium-sized enterprise (SME) sector. Cloud-based BI software offers numerous advantages, including scalability, flexibility, and cost-effectiveness. SMEs are increasingly recognizing the benefits of leveraging cloud technology to access powerful BI tools without significant upfront investments in infrastructure. Moreover, organizations across various industries are becoming more aware of the advantages offered by BI software. These solutions enable businesses to gather, analyze, and interpret data to gain valuable insights into their operations, customers, and market trends.
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Key Company Profiles Listed in this Report are:
- Tableau Software
- Information Builders
- Yellowfin International & Others
Impact of Recession on Business Intelligence (BI) Software Market Growth
Economic recessions have both positive and negative impacts on the business intelligence (BI) software market. While reduced IT budgets and shifting customer priorities can pose challenges, the increased emphasis on cost optimization, data-driven decision-making, and cloud-based solutions can create opportunities. The overall impact of a recession on the BI software market depends on the specific circumstances, industry dynamics, and the ability of software vendors to adapt to changing market conditions.
Business Intelligence (BI) Software Market Report Scope:
|Market Size in 2022||US$ 28.56 Bn|
|Market Size by 2030||US$ 60.64 Bn|
|CAGR||CAGR of 9.87% From 2023 to 2030|
|Key Market Segmentation||• By Technology (Cloud Business Intelligence, Mobile Business Intelligence, Social Business Intelligence, Traditional Business Intelligence)
• By Function (Executive Management, Finance, Information and Deployment, Sales and Marketing)
• By Deployment (On-premise and Hosted)• By Enterprise Size (Large Enterprises and Small & Medium Enterprises)
• By End-use (BFSI, Government, Healthcare, IT & Telecom, Manufacturing, Media & Entertainment, Others)
|Key Regional Coverage||North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)|
Key Regional Developments
North America’s dominance in the business intelligence (BI) software market is set to continue, as the region remains at the forefront of technological advancements and digital transformation. With a strong presence of industry-leading players, a thriving culture of innovation, and the persistent need for data-driven insights, North America is poised to retain its position as a frontrunner in the global BI software market for the foreseeable future. Organizations across sectors are now realizing the significance of leveraging data to make informed decisions and gain a competitive edge.
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Key Takeaway from Business Intelligence (BI) Software Market Study
- The landscape of the market is witnessing a significant transformation, with the executive management segment emerging as a dominant force. The shifting business landscape, the need for strategic decision-making, user-friendly interfaces, real-time insights, and integration of advanced analytics and AI are the key factors driving this trend.
- The BFSI segment is poised to dominate the market in the coming years. This is due to the increasing need for data-driven decision-making, regulatory compliance, and risk management in the BFSI industry. The BFSI industry has a vast amount of data generated from customer interactions, transactions, and financial markets, making it a prime candidate for BI software adoption.
Recent Developments Related to Business Intelligence (BI) Software Market
- Litera, a leading provider of software solutions for the legal industry, has recently announced its acquisition of BigSquare, a renowned financial and business intelligence provider. This strategic move marks a significant milestone for both companies, strengthening their positions in the legal tech market.
- AvidXchange, a leading provider of accounts payable and payment automation solutions, has unveiled its latest offering, AvidAnalytics. This innovative business intelligence tool is designed specifically to cater to the needs of the middle market, providing organizations with powerful insights to make informed decisions and drive growth.
Table of Contents
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of the Ukraine-Russia War
4.3 Impact of Ongoing Recession on Major Economies
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Business Intelligence (BI) Software Market Segmentation, by Technology
9. Business Intelligence (BI) Software Market Segmentation, by Function
10. Business Intelligence (BI) Software Market Segmentation, by Deployment
11. Business Intelligence (BI) Software Market Segmentation, by Enterprise Size
12. Business Intelligence (BI) Software Market Segmentation, by End-use
13. Regional Analysis
14. Company Profiles
15. Competitive Landscape
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