PRESS RELEASE
Published June 14, 2023
Market Scope & Overview
The value of Business Intelligence (BI) Software Market was USD 28.56 billion in 2022, and it is projected to reach USD 60.64 billion by 2030, with a compound annual growth rate (CAGR) of 9.87% during the forecast period from 2023 to 2030, as reported by SNS Insider.
Business Intelligence (BI) software refers to a set of tools and applications designed to collect, analyze, and present data in a meaningful way to support business decision-making processes. These software solutions enable organizations to gather data from various sources, transform it into actionable insights, and make informed strategic choices.
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Major Key Players Included in the Report are:
- SAP
- Microsoft
- SAS
- Oracle
- IBM
- Qlik
- Tableau Software
- Information Builders
- Teradata
- MicroStrategy
- Yellowfin International
- Others
Market Analysis
The business intelligence (BI) software market is experiencing significant growth due to various factors, with the extensive utilization of e-commerce and the rising adoption of data-oriented business models by organizations of all sizes playing a crucial role. In particular, the restaurant industry is witnessing the noteworthy application of BI software to improve customer relationships, as demonstrated by popular chains like Wendy’s and Ruby Tuesday in the United States. In the restaurant sector, companies such as Wendy’s and Ruby Tuesday are leveraging BI software to enhance their customer relationships. By utilizing these tools, these chains can gather data on customer preferences, purchasing habits, and feedback.
Impact of Recession
Despite the potential challenges and shifts in the business intelligence (BI) software market during a recession, there can also be opportunities for innovative vendors. For example, companies that offer flexible pricing models, cloud-based solutions, or targeted industry-specific analytics may be better positioned to adapt to changing customer needs and capture market share.
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Segmentation Analysis
business intelligence (BI) software market is expected to witness substantial growth due to its advantages in terms of scalability, flexibility, and cost-efficiency. It will attract small to mid-sized businesses and organizations that value agility and quick access to real-time insights. Cloud BI providers will continue to innovate and enhance their offerings, providing advanced analytics capabilities, machine learning integration, and AI-driven insights. On the other hand, on-premise BI will maintain its dominance in industries with stringent security and compliance requirements. Large enterprises and organizations with significant investments in their own infrastructure will continue to leverage on-premise solutions to maintain control over their data and infrastructure.
Market Segmentation and Sub-Segmentation Included are:
On the basis of Technology
- Cloud Business Intelligence
- Mobile Business Intelligence
- Social Business Intelligence
- Traditional Business Intelligence
On the basis of Function
- Executive Management
- Finance
- Information and Deployment
- Sales and Marketing
On the basis of Deployment
On the basis of Enterprise Size
- Large Enterprises
- Small & Medium Enterprises
On the basis of End-use
- BFSI
- Government
- Healthcare
- IT & Telecom
- Manufacturing
- Media & Entertainment
- Others
Regional Status & Analysis
The business intelligence (BI) software market has witnessed significant growth in recent years, with North America emerging as a dominant force in this rapidly evolving industry. This regional leadership can be primarily attributed to the rising adoption of BI applications and digitalization across diverse domains. Furthermore, the high prevalence of cloud strategies has played a pivotal role in doubling the rate of usage for business intelligence tools. North America’s advantage is further bolstered by the presence of major players in cloud BI software, positioning the region for continued growth and innovation in the market.
Conclusion
The future prospects of the market are highly promising. The increasing volume of data, adoption of cloud-based solutions, advanced analytics capabilities, self-service BI, integration with AI, focus on data security and governance, and emergence of new technologies are driving the growth and adoption of BI software.
Frequently Asked Questions
- What is the projected outlook for business intelligence (BI) software market growth?
- The market is projected to exceed USD 60.64 billion by the year 2030.
- What are the major factors influencing the business intelligence (BI) software market?
- The market continues to evolve, with advancements in technology leading to more sophisticated and user-friendly solutions.
- Who are the leading players in the business intelligence (BI) software market?
- SAP, Microsoft, Teradata, MicroStrategy, Tableau Software, SAS, Oracle, IBM, Qlik, Information Builders, Yellowfin International.
Table of Contents – Major Key Points
- Introduction
- Research Methodology
- Market Dynamics
- Impact Analysis
- COVID-19 Impact Analysis
- Impact of Ukraine- Russia war
- Impact of ongoing Recession on Major Economies
- Value Chain Analysis
- Porter’s 5 Forces Model
- PEST Analysis
- Business Intelligence (BI) Software Market Segmentation, by Technology
- Business Intelligence (BI) Software Market Segmentation, by Function
- Business Intelligence (BI) Software Market Segmentation, by Deployment
- Business Intelligence (BI) Software Market Segmentation, by Enterprise Size
- Business Intelligence (BI) Software Market Segmentation, by End-use
- Regional Analysis
- Company Profiles
- Competitive Landscape
- Conclusion
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