Ottawa, Dec. 06, 2022 (GLOBE NEWSWIRE) — The global business intelligence market size was valued at USD 29.22 billion in 2023. Corporative businesses and other industries are rapidly adopting advanced automation technology in their sector. Corporative business uses the business intelligence system to process and analyse data with the use of cloud and big data integration programs to make efficient real-time market decisions. Earlier, BI was used for resolving queries, reporting, and designing dashboards. The use of advanced technology in BI is increasing competition in the market and top players are adopting BI software.
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The business intelligence market is also driven by a wide use of E-commerce, small, medium, and large organizations, and various governments. For instance, according to the study made by Hewlett Packard Enterprise (HPE) in 2019, IT Trends for Government State and Local investment in technology will increase by 4% in the United States.
North America dominated the Business Intelligence market and accounted for the largest revenue share. The growth is credited to rapid development and emerging technology and the presence of major industry players in the region such as IBM Corporation, Microsoft Corporation, Tableau Software, Oracle Corporation and others are anticipated to drive the growth across the region.
Increasing research and development infrastructure and government initiatives in Europe driving the growth of the business intelligence market in this region. For instance, In February 2022, The European Commission announced the investment of €292 million in digital technologies.
The business intelligence market in Asia Pacific is predicted to have lucrative growth in the forecast period. Top key players in other regions focusing to expand their business in this region to increase their market share.
- By Deployment, the cloud segment in deployment mode is expected to hold a large market revenue share, owing to allowing businesses to handle business intelligence applications by outsourcing the BI infrastructure.
- By Components, the software segment in components is dominating the business intelligence market holding the largest revenue share during the forecast period. The growth of this segment is due to the increasing utilization of technological software in various industries is driving the market. The software provided by companies such as SAP, AI, Board 11, Yellowfin BI, Power BI, and Tableau is used by companies to analyse data processing by tracking historic and real-time performance.
- By Enterprise Size, Large size enterprises are driving the growth of the business intelligence market during the forecast period. The growth of large-sized enterprises is due to a substantial investment, and availability of IT infrastructure, telecom, retail and banking, corporate businesses, healthcare sector, and educational sectors.
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Scope of the Report
|Market Size in 2021||USD 27.24 Billion|
|Revenue Forecast by 2032||USD 54.9 Billion|
|CAGR||7.26% from 2023 to 2032|
|Forecast Year||2023 to 2032|
|Key Players||IBM Corporation, Microsoft Corporation, Tableau Software, LLC, Oracle Corporation, Sisense Inc., Yellowfin International PVT. LTD., Qlik, SAP, Board International, MicroStatergy and Others|
Market Dynamics for Business Intelligence Market:
Banking, Finance, Services, and Insurance (BFSI) is driving the Business Intelligence Market.
- The business intelligence sector is growing as a result of the banking, financial, services, and insurance (BFSI) sector’s rapid adoption of BI solutions. This adoption is due in part to the digitization and how quickly certain technical developments were adopted in previous years. The beginning of technologies and tools, like business intelligence, has always supported the banking sector and reflected all required regulations and stay competitive while attending to existing customers’ digital requirements. These solutions assist financial institutions in reaching more informed financial and operational decisions. According to a Goldman Sachs report, for instance, AI technology might save up to $44 billion in 2018, which could lead to revenue potential in the financial sector by 2026.
The High–Cost Software’s hampering the Business Intelligence Market
- The high cost of the solution system is expected to hamper the growth of the business intelligence market during the forecast period. The cost of installing business intelligence infrastructure is a major concern for various firms. Also, adequate factors such as consulting analysts, skilled IT experts, and professional data science experts are hindering the BI market growth. The high-cost software such as cloud computing, big data, tableau, SQL server express, QLIK, and Power BI are expensive to install and maintain in small and medium-sized businesses which impacts the BI market.
Technological Advancements create ample opportunities in Business Intelligence Market
- The technological advancements and developments in the Business Intelligence market create ample opportunities. Business intelligence is applicable in several industries such as corporate firms, IT, Government, manufacturing firms, and the healthcare sector as it helps to manage financial aspects as well as data processing.
- Furthermore, big data and Cloud computing having a better impact on the business intelligence market in recent years due to increasing advancements in technology. Cloud computing is referred to as an ideal platform to operate in BI. However, big data has attributed these tools to process a huge number of data to provide actionable results to companies that help them to understand growth and improve sales techniques. For instance, In, August 2019, IBM announced the launch of the IBM Cloud Multizone Region to deploy applications across cloud infrastructure. These factors are foreseen to drive the BI market.
COVID-19 impact on Business Intelligence Market
Although the introduction of the coronavirus had an effect on the business intelligence sector, it was for the better. There is an increasing need for solution finding and applications that make things easier for the customer, as there was no strong support system while working from home.
Covid-19 also hampered the supply chains through online and offline platforms. Business intelligence systems supported the industries to reach the dead-end of their marketing and sales pipe to carry on their businesses with the same strength. Additionally, new recovery program tactics are developed using BI systems to lessen the effects of novel coronaviruses.
Furthermore, the opportunities provided by the restrictions and lockdown, and new markets opening up because of market restrictions have also helped the BI market, pushing the sales and revenue of the business intelligence market. Additionally, during the COVID-19 issue, BI solutions have been of great assistance to businesses in looking at their income creation, operations, and sales. Using data visualisation gave a rough indication of a company’s performance.
Key Developments in the Marketplace:
- Microsoft and SAS worked together to create a large-scale technological and strategic platform in June 2020, which is projected to transfer SAS analytical products and drive sales of business intelligence tools.
- The introduction of IBM Watson in June 2020 has boosted the need for business intelligence platforms by assisting organisations in allowing employees to return to their places of employment and focusing on many other aspects of mitigating the effects of the coronavirus.
By Enterprise Size
- Small-Medium size
- Large Size
- Retail and Consumer goods
- Banking, Finance, Services, Insurance (BFSI)
- IT and Telecommunication
- North America
- Latin America
- Middle East & Africa (MEA)
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