Business Intelligence Market Research Report - Global Forecast to 2030

Business Intelligence Market by Component (Platform, Software, and Services), by Data Type (Unstructured, Semi-structured, and Structured), by Application (Predictive asset maintenance, Fraud detection and security management, Supply chain optimization, Network management and optimization, Workforce management, Sales and marketing management, Operations management, and Others), by Organization Size (Small and medium-sized enterprises, and Large enterprises), by Deployment Model (On-premises, and On-demand), by Industry Vertical (Banking, Fi

ID: MRFR/ICT/1692-HCR | January 2023 | Region: Global | 100 Pages         

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Business Intelligence Market

The business intelligence industry occupies a market value of USD 73.57 billion at CAGR 13.1% during the business intelligence market forecast 2020-2030
Market Size
CAGR
Dominating Region
Forecast Period
$73.57 Billion
13.1%
North America
2020-2030
Segmentation
By Technology
By Service
By Deployment
By Component
  • Mobile BI
  • Cloud BI
  • Social BI
  • Hosted
  • Managed
  • On Premises
  • On Cloud
  • Hardware
  • Software
Companies Profiled
Key Players
Rackspace (U.S.)
SAP SE (Germany)
Microsoft Corp (U.S)
Juniper Networks (U.S.)
Verizon wireless (U.S.)
Cisco Systems (U.S.)
SAS Institute (U.S)
AT&T (U.S)
IBM Corp. (U.S.)
VMware (U.S.)
Market Driving Forces
Drivers
The major market driver is Raising requests for dashboards for information perception to upgrade the capacity in making business choices.
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Global Business Intelligence Market Research (MRFR Insights)


The business intelligence market size is projected to reach approximately USD 73.57 billion by 2030, at a CAGR of 13.1% from 2021 to 2030. Business intelligence (BI) is a process of evaluating data and delivering actionable information to leaders, managers, and employees in order for them to make better business decisions. As part of the BI procedure, organizations collect information from various IT systems, prepare it for analysis, run queries on the data, and generate data visualizations, BI displays, and reports to make the analytical results available to corporate customers for operational decision-making and strategic planning. BI combines analytics, data management, and reporting technologies, as well as numerous data management and analysis techniques, to achieve this goal. A business intelligence architecture includes more than just BI software. Business intelligence data is typically stored in an enterprise data warehouse or smaller data marts that contain subsets of business information for specific departments and business units, often with links to the enterprise data warehouse. For instance, according to the Information Technology and Innovation Foundation, the number of technology-based startups increased by 47% over the last decade. To capitalize on and penetrate the market for maximum revenue, new entrants rely on business intelligence market size tools for detailed, informative data on market behavior, product pricing, competitive topography, and emerging trends. Despite accounting for a relatively small proportion of all businesses, these firms have a significant impact on economic growth.


COVID-19 Impact Analysis


COVID had a significant impact on both client practices and the business sector by the end of 2021. The pandemic outbreak has had an impact on both business revenue and social norms. Workplaces, educational institutions, and assembly offices were all shut down for a period of time. The implementation of telecommuting and social elimination measures has been hampered, and several important games and events have been disrupted. Some business intelligence units have made extreme attempts at innovation, which has stifled the market's expansion. Experts and several skilled professionals have been contacted to assist the chief head in providing helpful suggestions regarding COVID. A protracted bottleneck characterized the business intelligence market growth.


Business Intelligence Market Dynamics


The primary market driver is an increase in the demand for dashboards for information perception in order to improve business decision-making capacity. Most business intelligence market research trends organizations are getting a worked-out measure that includes identifying, gathering, keeping up with, and exchanging a large amount of information. Furthermore, the target market's growth is expected to be fuelled by the rapid development of new technologies such as stream mining in-database analytics and in-memory analytics, which provide real-time analytics for fraud detection and consumer interactions. Furthermore, rising consumer desire for the installation of Internet of Things devices to generate a significant amount of real-time data is supporting the market's growth. For instance, in April 2019, M3, Inc. launched Insight, a new business intelligence platform. M3, Inc. is a hospitality-focused cloud-based business platform. Insight is a self-service, fully integrated platform with mobile support, robust analytics, ad hoc reporting, and powerful user-driven interactive dashboards.


Market Drivers



  • Big data and cloud computing


In recent years, rapid technological advances have fuelled the growth of big data analytics and cloud computing. Cloud computing is regarded as the ideal platform for BI applications because it serves as a storage facility for both structured and unstructured data. Similarly, big data technology has enabled this tool to evaluate a large amount of data and provide businesses with useful insights that will help them recognize opportunities and improve their marketing strategies. This will drive market growth during the evaluation period. For instance, Google Company announced the acquisition of Looker, a unified platform for BI, data applications, and embedded analytics, for US$ 2.6 billion in June 2019. Looker will join Google Cloud after the acquisition is completed.



  • Rising demand for performance optimization features


Market Restraints:



  • High setup costs


The high cost of BI infrastructure setup, a scarcity of qualified specialists, and growing data security concerns may continue to be market restraints during the assessment period. Small and mid-sized businesses are most concerned about the expense of installing BI technology. Additionally, a lack of qualified data scientists, consulting analysts, and IT professionals may impede the development of the business intelligence sector. However, the introduction of self-service is anticipated to remove the issue of costly infrastructure.



  • Growing data security concerns


Market Opportunities:



  • Multiple benefits to offer robust opportunities


The primary benefits of using business intelligence tools include improving internal corporate processes, speeding up and improving decision-making, stimulating revenue growth, gaining a competitive advantage, and increasing operational effectiveness. Furthermore, BI systems help businesses identify pressing business issues and industry trends. This will provide the market with numerous opportunities over the forecast period.


Business Intelligence Market Segmentation


Component Insights


The business intelligence market segmentation, based on component, is platform, software, and services. The software segment held the largest market share in the BI market in 2021. Administrators use business intelligence software to track key performance indicators, which analyses, manages, and assists organizations in adapting their performance based on accurate data and analytics-based insights. The segment's growth is fuelled by the continuous evolution of these applications, a focus on improving patient outcomes, and real-time sharing of customer data. It also aids in the identification of financial patterns and provides Insight that aids in decision-making. Over the forecast period, the services segment is expected to grow at a steady rate. By extracting data from the core system and organizing it in a high-performance data warehouse, the services enable structured data-driven decision-making.


Data Type Insights


The business intelligence market segmentation, based on data type, is unstructured, semi-structured, and structured. The structured category dominated the market in 2021. Businesses all over the world are investing a significant amount of money on structured business intelligence. Many people are, however, unsure as to whether these expenditures on business intelligence solutions actually result in more manageable businesses.


Application Insights


The business intelligence market research segmentation, based on application, is predictive asset maintenance, fraud detection and security management, supply chain optimisation, network management and optimisation, workforce management, sales and marketing management, operations management, and others. Supply chain optimization category accounted for the largest share of total revenue in 2021 and is anticipated to rise at the highest CAGR in the forecast period. It has many features, including cost management, cash flow management, claims management, and sales and profitability management. The increased adoption of financial analytic software among providers for revenue cycle management, risk assessment, and claims processing drives the market growth. According to a McKinsey Institute study, healthcare organizations in the United States that use business intelligence and big data are capable of saving between USD 300 and USD 450 billion annually.


Organization Size Insights


The business intelligence market segmentation, based on organization size, is large enterprises and small and medium-sized enterprises (SMEs). Through targeted marketing campaigns and advertisements, small and medium-sized enterprises category dominated the market in 2021 as a result of using business intelligence tools to increase market share and rise at the highest CAGR in the forecast period. And. Aside from that, resource optimization, customer satisfaction and continuous productivity evaluation are two factors that drive small and medium-sized enterprises (SMEs) demand for advanced business intelligence market solutions in the forecast period. SMEs also have the highest market share in the year 2021.


Deployment Model Insights


The business intelligence market report segmentation, based on deployment model, is on-demand and on-premises. In 2021, the on-demand segment had the largest market share. On-demand segment deployments enable a business to manage BI applications by outsourcing BI infrastructure. This helps the company increase productivity, lower operating costs, and optimize implementation timelines. As a result, on-demand segment deployment in the business intelligence market is expected to accelerate at the highest CAGR in the forecast period.


Industry Vertical Insights


The business intelligence market segmentation, based on industry vertical, is industry vertical into banking, financial services, and insurance (BFSI), telecommunications and IT, retail and consumer goods, healthcare and life sciences, manufacturing, government and defence, energy and utilities, media and entertainment, transportation and logistics, and others. In 2021, the BFSI category had the most market share. Considerations such as improving marketing tactics and client retention policies, establishing new investment plans, and minimizing risks drive the BFSI vertical's use of business intelligence. Over the forecast period, the healthcare and life sciences sector are anticipated to rise at the highest CAGR. Due to the increasing complexity of the healthcare sector vertical, the demand for remote and real-time insights from unorganized clinical data is boosting the use of business intelligence solutions in the healthcare and life sciences industries.


Global Business Intelligence Market Share by Region, 2021 (%)
Business Intelligence Market Share by Region, 2021
Business Intelligence Market Overview, by Region


By Region, the  business intelligence market report has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America region accounted for the most extensive market share. The Asia-Pacific region is projected to exhibit the highest CAGR during the review period.


North America


In 2021, North America dominated the  business intelligence market due to an expanding trend, such as data proliferation, escalating rivalry, cloud deployment, and the growing acceptance of BI services and digitalization across many domains, as well as its technological advancement in business management analytics for their sales, manufacturing, and innovation. The widespread use of cloud strategies has accelerated the adoption of business intelligence. Intensified technological R&D efforts, rising competition, and an evolving trend of data proliferation are additional drivers driving market growth in North America.


Asia-Pacific


Asia-Pacific will grow at the fastest CAGR during the forecast period due to the commercialization of IoT technology and the increasing use of advanced technologies in countries such as China, Japan, and India, which is increasing the demand for business intelligence solutions and services. As a result of the expanding market and demand for these technologies, the IoT and big data industries now have a more precise and reliable advantage. Manufacturers' increasing company growth in Asia-Pacific could support market growth.


Business Intelligence Market Competitive Landscape


The market includes tier-1, tier-2, and local players. The tier-1 and tier-2 players have reach with diverse product portfolios. Companies such as Microsoft Corporation, International Business Machines Corporation, SAP SE, Oracle, Corporation, Tableau Software, and SAS Institute dominate the business intelligence market due to product differentiation, financial stability, strategic developments, and diversified regional presence. Curtain wall manufacturers focus on creating personalized solutions and standard products to cater to a customer base. Curtain wall manufacturers prioritize investment in advanced materials, robust R&D projects, and strategic partnerships. Furthermore, companies are focusing on aggressive marketing, promotion, and participation in trade shows to strengthen their market positioning.  Several major players in the business intelligence platform market are focusing on diversifying and improving their services. This has enabled companies to provide more detailed insights to clients and marketers about product sales, allowing them to make data-driven decisions. For instance, Sinsense expanded its operations throughout Australia in February 2020 to meet the demand for corporate data and analytics.


Prominent players in the business intelligence market include Microsoft Corporation, International Business Machines Corporation, SAP SE, Oracle, Corporation, Tableau Software, SAS Institute, Pentaho (A Hitachi Company), Qlik Technologies, MicroStrategy, Inc., Information Builders, Tibco Software, Google LLC, Yellowfin International Pty Ltd, Sisense Inc., Panorama, Actuate, Alteryx, Board International, Datawatch, Good Data, Pyramid Analytics, Salient Management Company, and among others.


Scope of the Business Intelligence Market Report


Component Outlook



  • Platform

  • Software

  • Services


Data Type Outlook



  • Unstructured

  • Semi-structured

  • Structuredby Application

  • Predictive asset maintenance

  • Fraud detection and security management

  • Supply chain optimization

  • Network management and optimization

  • Workforce management

  • Sales and marketing management

  • Operations management

  • Others


Organization Size Outlook 



  • Small and medium-sized enterprises

  • Large enterprises


Deployment Model Outlook        



  • On-premises

  • On-demand


Industry Vertical Outlook



  • Banking, Financial Services, and Insurance (BFSI)

  • Telecommunications and IT

  • Retail and consumer goods

  • Healthcare and life sciences

  • Manufacturing

  • Government and defense

  • Energy and utilities

  • Media and entertainment

  • Transportation and logistics

  • Others


By Region




  • North America

    • US

    • Canada

    • Mexico




  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

    • Rest of Europe




  • Asia-Pacific

    • China

    • India

    • Japan

    • Australia and New Zealand

    • Rest of Asia-Pacific




  • Rest of the World

    • South America

    • Middle East

    • Africa




Objectives of the Study


The objectives of the study are summarized in 5 stages. They are as mentioned below:


Business Intelligence Market Forecast & Size:


To identify and estimate the market size for the business intelligence market segmented by form, routes of administration, product, Application, end-user, and source by value (in U.S. dollars). Also, to understand the consumption/ demand created by consumers of business intelligence between 2021 and 2030


Market Landscape and Trends:


To identify and infer the drivers, restraints, opportunities, and challenges for the business intelligence market


Market Influencing Factors:


To find out the factors which are affecting the sales of business intelligence among consumers


Impact of COVID-19:


To identify and understand the various factors involved in the business intelligence market affected by the pandemic


Company Profiling:


To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company's past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.


Intended Audience



  • Business Intelligence SaaS and Service providers

  • Software Developers

  • Business Intelligence Key Players

  • Startups and SMEs Application and Platform Developers



Report Scope:

Report Attribute/Metric Details
  Market Size   USD 73.57 billion
  CAGR   13.1%
  Base Year   2019
  Forecast Period   2020-2030
  Historical Data   2018
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Component, Data Type, Application, Organization Size, and Industry Vertical
  Geographies Covered   North America, Europe, Asia-Pacific, and the Rest of the World (RoW)
  Key Vendors   Microsoft Corporation, International Business Machines Corporation, SAP SE, Oracle, Corporation, Tableau Software, SAS Institute, Pentaho (A Hitachi Company), Qlik Technologies, MicroStrategy, Inc., Information Builders, Tibco Software, Google LLC, Yellowfin International Pty Ltd, Sisense Inc., Panorama, Actuate, Alteryx, Board International, Datawatch, GoodData, Pyramid Analytics, Salient Management Company
  Key Market Opportunities   Multiple Benefits to offer Robust Opportunities
  Key Market Drivers   Big Data and Cloud Computing to Boost Market Growth


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Frequently Asked Questions (FAQ) :

The study period of the business intelligence market is 2021 - 2030

The business intelligence market is growing at a CAGR of 13.1% over the next ten years.

Asia-Pacific is expected to register the highest CAGR during 2021 - 2030

Microsoft Corporation, International Business Machines Corporation, SAP SE, Oracle, Corporation, Tableau Software, SAS Institute, Pentaho (A Hitachi Company), Qlik Technologies, MicroStrategy, Inc., Information Builders, Tibco Software, Google LLC, Yellowfin International Pty Ltd, Sisense Inc., Panorama, Actuate, Alteryx, Board International, Datawatch, GoodData, Pyramid Analytics, Salient Management Company, and others are the major players operating in the business intelligence market.