Business Intelligence (BI) Market Overview
Business Intelligence (BI) refers to technologies, applications, and practices for the collection, integration, analysis, and presentation of business information. The BI market includes various software, hardware, and services that help organizations make better decisions based on data-driven insights.
Key Statistics
- The global BI market size was valued at USD 30.8 Bn in 2023. The market is expected to reach USD 80.7 Bn in 2033 growing at a CAGR of 10.1% from 2023 to 2033.
- North America held the largest share of the BI market in 2020, accounting for over 40% of the total revenue.
Demand Analysis
The demand for BI is increasing due to the growing need for data-driven decision-making, rising adoption of cloud-based BI solutions, and the increasing use of data analytics tools in various industries such as healthcare, retail, and finance. The COVID-19 pandemic has also accelerated the demand for BI, as organizations have realized the importance of data in making quick and informed decisions during a crisis.
Largest and Fastest Growing Region
North America is the largest market for BI, with the United States being the major contributor to the region’s growth. The Asia Pacific region is expected to grow at the fastest rate during the forecast period, owing to the increasing adoption of BI technologies in countries such as China, India, and Japan.
Top Key Trends
- Cloud-based BI solutions
- AI and machine learning in BI
- Self-service BI
- Mobile BI
- Collaborative BI
Top Impacting Factors
- Increasing demand for data-driven decision-making
- Rising adoption of cloud-based BI solutions
- Growing need for real-time data analytics
- Increasing use of data analytics tools in various industries
- The growing trend of self-service BI
Key Benefits for Stakeholders
- Better decision-making based on data-driven insights
- Increased operational efficiency and productivity
- Improved customer experience
- Better risk management
- Enhanced competitive advantage
Market Dynamics
Drivers
- Growing need for data-driven decision-making
- Increasing adoption of cloud-based BI solutions
- Rising demand for real-time data analytics
- The growing trend of self-service BI
- Increasing use of data analytics tools in various industries
Restraints
- High implementation and maintenance costs
- Data security and privacy concerns
- Lack of skilled workforce
- Integration issues with legacy systems
- The complexity of BI solutions
Opportunities
- Growing adoption of AI and machine learning in BI
- Increasing demand for mobile BI solutions
- Emerging markets in Asia Pacific and Latin America
- The growing trend of collaborative BI
- Increasing adoption of BI in the healthcare industry
Challenges
- The complexity of data management and integration
- Data quality and accuracy issues
- Lack of standardization in BI solutions
- Integration issues with other enterprise systems
- Limited availability of skilled BI professionals
Key Market Segments
Type
On-premises
Application
SMEs
Large Enterprises
Government Organizations
Key Market Players included in the report
Oracle
SAP
SAS Institute
Adobe Systems
Attensity Group
Beevolve
Clarabridge
Crimson Hexagon
Evolve24
HP
Kapow Software/ Kofax
Lithium Technologies
NetBase Solutions
Radian6/Salesforce
Sysomos
Cision
Recent Developments
- In February 2021, Microsoft announced the launch of Azure Synapse Analytics, an integrated analytics service that combines big data and data warehousing.
- In January 2021, Salesforce announced the acquisition of Slack, a collaboration platform, to enhance its BI and analytics capabilities.
- In October 2020, IBM announced the launch of Cloud Pak for Data 3.5, an integrated data and AI platform that enables organizations to automate data management and governance.
Discuss Your Needs With Our Analyst
Please share your requirements with more details so our analyst can check if they can solve your problem(s)
