Wilmington, Delaware, Sept. 12, 2023 (GLOBE NEWSWIRE) — Global Business Intelligence Platform Market was valued at US$ 25.1 billion in 2022 and is predicted to rise at a substantial CAGR of 7.6% between 2023 and 2030, according to the latest market report by RationalStat
Market Definition, Market Scope, and Report Overview
A business intelligence (BI) platform is a software solution or set of tools that allows businesses to collect, analyses, and visualize data from diverse sources in order to make educated business choices. Business intelligence solutions offer a unified, integrated environment for data discovery, reporting, dashboarding, and data mining. They assist organizations in transforming raw data into actionable insights, allowing users to better understand their business processes, market trends, and performance measures.
The volume, variety, and velocity of data generated by enterprises has increased exponentially. Data is collected by organizations from a variety of sources, including websites, social media, IoT devices, and internal processes. BI tools are critical for organizing and interpreting this massive amount of data. The desire for data-driven insights, digital transformation projects, the increase of data sources, and the continual improvement of BI technology to satisfy changing business expectations are driving the growth of the market for BI platforms. As organizations aim to gain a competitive advantage and drive innovation, BI platforms play a critical part in their data analytics and decision-making strategies.
- According to a deep-dive market assessment by RationalStat, the global Business Intelligence Platform market has been analyzed on the basis of market segments, including on type, business function, application and geography/regions (including North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, and Asia Pacific). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2030.
- Market intelligence for the global Business Intelligence Platform market covers market sizes on the basis of market value (US$/EUR Million) and volume (Units) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
- In addition, the long-term sector and products/services 10-year outlook and its implications on the global Business Intelligence Platform market. It also includes the industry’s current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.
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Global Business Intelligence Platform Market: Segmental and Market Share Analysis
- On the basis of business function, human resource segment is projected to register a higher CAGR during the forecast period because of the increased requirement for workforce management.
- On the basis of application, the BFSI segment is expected to hold the largest market share during the forecast period because of the sensitivity of financial data and the necessity to coordinate with several other industries.
|Base Year Market Size||US$ 25.1 billion|
|Market Size Forecast||US$ 45.2 billion|
|Key Market Drivers||
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Competition Analysis and Market Structure
These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the global business intelligence platform market include,
- In June 2020, IBM introduced Watson Works to address the problems of returning to work. Watson Works is a selected group of products that embed the Watson AI model and apps to assist enterprises in navigating many facets of the return-to-work difficulty caused by COVID-19 lockdowns.
Some of the prominent players and suppliers operating and contributing significantly to the global business intelligence platform market growth include Cloud9 Analytics, Google, IBM Corporation, Informatica, Microsoft Corporation, Oracle Corporation, SAP SE, SAS Institute, Inc., and Tableau Software, among others.
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RationalStat has segmented the global business intelligence platform market based on type, business function, application and region
- Global Business Intelligence Platform Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Type
- Global Business Intelligence Platform Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Business Function
- Human Resource
- Sales & Marketing
- Global Business Intelligence Platform Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Application
- IT & Telecom
- Media & Entertainment
- Global Business Intelligence Platform Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Region
- North America Business Intelligence Platform Market
- Latin America Business Intelligence Platform Market
- Rest of Latin America
- Western Europe Business Intelligence Platform Market
- Rest of Western Europe
- Eastern Europe Business Intelligence Platform Market
- Other CIS Countries
- Rest of Eastern Europe
- Asia Pacific Business Intelligence Platform Market
- South Korea
- Rest of ASEAN
- Rest of Asia Pacific
- Middle East & Africa Business Intelligence Platform Market
- Saudi Arabia (KSA)
- United Arab Emirates (UAE)
- Rest of the GCC
- South Africa
- Rest of the Middle East & Africa
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Key Questions Answered in the Business Intelligence Platform Report:
- What will be the market value of the global business intelligence platform market by 2030?
- What is the market size of the global business intelligence platform market?
- What are the market drivers of the global business intelligence platform market?
- What are the key trends in the global business intelligence platform market?
- Which is the leading region in the global business intelligence platform market?
- What are the major companies operating in the global business intelligence platform market?
- What are the market shares by key segments in the global business intelligence platform market?
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RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
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RationalStat is an end-to-end global market intelligence and consulting company that provides comprehensive market research reports, customized strategy, and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
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