Pune,India, Dec. 14, 2023 (GLOBE NEWSWIRE) -- The global business intelligence market size hit USD 27.11 billion in 2022. The market valuation is anticipated to rise from USD 29.42 billion in 2023 to USD 54.27 billion by 2030, recording a CAGR of 9.1% during the forecast period. Fortune Business Insights™ presents this information in a report titled, “Business Intelligence Market, 2024-2030."
Business Intelligence (BI) is a procedural and technical architecture that collects, saves, and analyses the data produced by an organization's operations. Process analysis, data mining, descriptive analysis, and performance benchmarking are all included in BI. The need for BI solutions in the market has increased due to businesses' growing emphasis on strategic decision-making, insightful data, quick and accurate reporting, and increased productivity.
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Key Industry Development-
September 2022: Qlik added SQL-based ingestion to Delta (Databricks Lakehouse) and Partner Connect Integration to its strategic collaboration with Databricks.
Key Takeaways:
- The business intelligence market growth can be attributed to increasing adoption of cloud-based, AI/ML services, and analytics across organizations.
- Integrated business applications are the rising demand for data culture, mobile insight, ETL, data mining, and analytics.
- Advancements of new applications in financial performance and strategy management are enhancing market growth.
- North America dominates the global market, with a market share of 30.9% in 2022.
Discover the Leading Players Featured in the Report-
“Microsoft Corporation (U.S.), Tableau Software, LLC (Salesforce) (U.S.), IBM Corporation (U.S.), QlikTech International AB (U.S.), SAP SE (Germany), Oracle Corporation (U.S.), Redash (Databricks) (Israel), Mode Analytics Inc. (U.S.), Looker (Google) (U.S.),Infor (U.S.)”
Report Scope
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 9.1% |
| 2030 Value Projection | USD 54.27 Billion |
| Base Year | 2022 |
| Business Intelligence Market Size in 2023 | USD 29.42 Billion |
| Historical Data | 2019 to 2021 |
| No. of Pages | 130 |
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Drivers and Restraints-
Enhanced and Optimized Workflows through BI Drive Market Development
For employing software designed for mobile devices, mobile BI enables firms to get insights through data analysis. On portable devices such as tablets and smartphones, it delivers real-time data for consumers to understand, empowering them to take wise decisions. The penetration of BI within businesses has increased, and assistance in the form of additional information is provided through the implementation of mobile BI features into operational business developments. As a result, decision-making abilities are accelerated while data is expanded and the time needed to find pertinent information is reduced. Thus, mobile BI offers greater information availability, quicker response times, more effective working, shorter workflows, and enhanced internal communication.
Segmentation-
By Component
- Solution
- Analytical Applications
- Corporate Performance Management (CPM) Suites
- BI Platform
- Services
By Deployment
- Cloud
- On-premise
By Enterprise Type
- Small and Medium-Sized Enterprises (SMEs)
- Large Enterprises
By Application
- Supply Chain Analytic Applications
- CRM Analytic Operations
- Financial Performance and Strategy Management
- Production Planning Analytic Operations
- Others (Workforce Analytic Operations, Services Operations)
By End-use Industry
- BFSI
- IT and Telecommunication
- Retail and Consumer Goods
- Manufacturing
- Healthcare
- Others (Government, Real Estate)
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Regional Insights-
North America Dominates the Market owing to Rising Technology Spending
With a market share of 30.9% in 2022, North America dominates the global BI market. The business intelligence market growth is expanding in this region owing to rapidly evolving automation and digitization technologies. The development of the region's BI is facilitated by fresh inventions and breakthroughs as well as partnerships and cooperation with important regional companies.
Asia Pacific is set to register the highest CAGR during the forecast period. Growing potential in Asia Pacific and many investments in BI solutions are driving the market's expansion in this region. A number of new start-ups in the region are helping to increase the usage of BI.
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Competitive Landscape-
Top Players Aim to Explore New BI Use-cases to Stay Ahead
The major players are enthusiastic about creating BI solutions for a variety of uses, including workforce analytics, supply chain analytics, and CRM analytic operations. One of the main business strategies is the development of new items and the improvement of existing products. Similar to this, market participants strategically acquire companies and work together globally for global expansion.
FAQs
How big is the business intelligence market?
The market is projected to grow from USD 29.42 billion in 2023 to 54.27 billion by 2030, exhibiting a CAGR of 9.1% during the forecast period.
How big is business intelligence market in North America?
The market in North America stood at USD 8.38 Billion in 2022 and is expected to gain a huge portion of the market share in the coming years.
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