Business Intelligence Market Size to Reach $35.6 Billion at a CAGR of 7.2% by 2028
Business Intelligence Market is projected to reach a USD 35.6 billion value by 2028 at a CAGR (Compound Annual Growth Rate) of 7.2% over the forecast period.
The Global Business Intelligence Market is valued at USD 23.5 Billion in 2021 and business intelligence industry is projected to reach a value of USD 35.6 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 7.2% over the forecast period.
Increasing demand for data-driven decision-making: As businesses become more data-driven, there is a growing need for tools that can help organizations make sense of the vast amounts of data they are collecting.
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Advancements in big data technologies: The growth of big data has created a need for advanced analytics tools that can handle large datasets and extract insights from them.
Top Companies in Global Business Intelligence Market
- Microsoft Corporation (U.S.)
- IBM Corporation (U.S.)
- SAS Institute Inc. (U.S.)
- Tableau Software LLC (U.S.)
- SAP SE (Germany)
- Sisense Inc. (U.S.)
- Domo Inc. (U.S.)
- Oracle Corporation (U.S.)
- Yellowfin International Pty Ltd. (Australia)
- Infor (U.S.)
Business Intelligence Market Dynamics:
Business Intelligence Market is a technology-driven process for analyzing data and presenting information that managers, corporate end users, and executives may use to make business decisions. BI includes a wide range of techniques, instruments, and software programs that enable administrations to collect data from external sources and internal systems, analyze it, enhance and monitor queries, and produce reports, dashboards, and data visualizations for use by operational staff and corporate decision-makers. The primary goal of Business Intelligence Market is to help businesses grow by enhancing data collection and utilizing that data effectively to increase productivity. Businesses that use BI techniques have converted their newly created data into insights about their operational procedures. Strategic company decisions are made using the information to boost output and revenue and quicken growth.
The Business Intelligence Market industry is driven by rising demand for cloud-based business solutions in the SME sector. Raising awareness of the benefits of BI software, such as data scalability and tracking key performance indicators (KPIs), helps enterprises improve user experience. However, the high cost of licensing and implementing BI software is projected to limit the growth of the Business Intelligence Market. Furthermore, the global Business Intelligence Market will benefit from integrating advanced analytics for Big Data with BI systems. Numerous constraints and obstacles will impede overall market growth considerations. Growing data security concerns and a need for more competent specialists limit the market's progress.
Additionally, vendors of business information and analytics have significant integration challenges. This industry confronts challenges in integrating various analytics software, Master Data Management (MDM), Business Intelligence Market, big data, and analytics solutions. These are the primary restraints to the global Business Intelligence Market's overall growth.
Due to rapid technological breakthroughs, cloud computing and big data analytics have recently gained popularity. Advanced analytics and Business Intelligence Market are extremely complementary since advanced analytics can provide a more in-depth and exploratory view of the data. On the other hand, BI solutions give a more structured user experience in terms of dashboard visualization, reporting, performance management measures, and so on. In addition, there is a significant increase in the need for data analytics and data visualization technologies. According to IBM Quant Crunch, up to 2.72 million positions requiring data science skills are expected to be advertised by the end of 2022, making it one of the most in-demand roles across industries.
Overview on Business Intelligence
Business Intelligence (BI) refers to the use of technologies, applications, and practices to collect, integrate, analyze, and present business data and information. The goal of BI is to provide business users with timely and actionable insights that can help them make better decisions, optimize their operations, and gain a competitive advantage.
BI encompasses a wide range of activities and tools, including data mining, data warehousing, reporting, dashboards, scorecards, and analytics. These tools help organizations to identify trends, patterns, and relationships in their data, and to uncover insights that might otherwise be difficult to see.
BI can be used in many different areas of a business, including finance, marketing, operations, and human resources. For example, a company might use BI to:
- Monitor sales and revenue trends
- Analyze customer behavior and preferences
- Identify operational inefficiencies and opportunities for improvement
- Monitor and manage supply chain and inventory levels
- Analyze workforce demographics and performance
Overall, BI is an important tool for organizations that want to improve their decision-making processes, gain a deeper understanding of their operations and customers, and stay ahead of the competition. With the growth of big data and the increasing importance of data-driven decision-making, the use of BI is likely to continue to grow in the coming years.
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Business Intelligence Market Challenges
Data Quality and Integration: One of the biggest challenges facing the business intelligence market is ensuring that the data used for analysis is accurate and reliable. Data needs to be cleaned, integrated, and transformed into a consistent format before it can be analyzed. This process can be time-consuming and complex, requiring specialized skills and expertise.
Data Privacy and Security: As the amount of data being collected and analyzed continues to grow, so do concerns around data privacy and security. Businesses must comply with data protection regulations and ensure that sensitive information is kept secure. This can be challenging, particularly when dealing with large volumes of data from multiple sources.
Integration with Legacy Systems: Many organizations have legacy systems that are difficult to integrate with modern business intelligence tools. This can create a barrier to entry for businesses that want to adopt new technologies or upgrade their existing systems.
Cost and ROI: Implementing a business intelligence system can be expensive, requiring significant investment in hardware, software, and personnel. Measuring the ROI of these investments can also be challenging, as the benefits of business intelligence can be difficult to quantify.
User Adoption and Training: To realize the benefits of business intelligence, users must be trained to use the system effectively. This can be a significant challenge, particularly for organizations with large numbers of employees or complex reporting requirements.
Data Governance: Effective data governance is critical for ensuring that data is accurate, reliable, and secure. However, implementing and maintaining data governance policies and procedures can be complex and time-consuming.
Overall, the business intelligence market faces significant challenges, but there are also significant opportunities for growth and development. By addressing these challenges head-on and developing innovative solutions, businesses can leverage the power of business intelligence to make better decisions and drive growth.
Business Intelligence Market Key Developments:
- In August 2022, the partnership of Information Resources Inc (IRI) with NPD resulted in a global technology, analytics, and data provider that can give more than 7000 clients a thorough, accurate understanding of consumer behavior and overall retail purchase and consumption trends across a variety of industries. According to the vendors, the combined organization will enable brands and retailers to work together, provide better customer service, address trends, and use more potent data to spur growth.
- In January 2022, the acquisition of Neal Analytics, a cloud, data, engineering, and AI Microsoft Gold consulting partner by Fractal, a global provider of advanced analytics and AI to Fortune 500 enterprises, will grow AI and drive AI decision-making. Additionally, it boosts the influence of fractals in the Pacific Northwest, Canada, and India.
Business Intelligence Market Regional Analysis
North America dominated the market and is accounted for a 43.9% share of the global revenue in 2021. The presence of major industry players such as Tableau Software, LLC, Oracle Corporation, IBM Corporation, and Microsoft Corporation are projected to drive market growth in this region. Furthermore, factors such as rigorous R&D in technology, increased competition, and an evolving trend of data proliferation are assisting market expansion in North America. Many organizations in this region are forming alliances and collaborations to boost efficiency and optimize operations by using BI technologies in their processes. On the other side, Asia-Pacific is predicted to grow fastest over the projection period, driving demand for Business Intelligence Market products and services. The market is projected to proliferate due to the commercialization of IoT technology and the increased use of advanced technologies in nations like China, Japan, and India.
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