Global Business Intelligence (BI) Market Size, Share and Forecast 2028

Global business intelligence (BI) market was valued at USD 24.90 billion in 2021, and it is expected to reach a value of USD 42.13 billion by 2028, at a CAGR of 7.6 % over the forecast period (2022-2028).

 

Global business intelligence (BI) market was valued at USD 24.90 billion in 2021, and it is expected to reach a value of USD 42.13 billion by 2028, at a CAGR of 7.6 % over the forecast period (2022-2028).

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Business intelligence (BI) is a technology-driven process for analysing data and presenting information that may be used to make business decisions by managers, corporate end users, and executives. BI includes a wide range of techniques, instruments, and software programmes that enable administrations to collect data from external sources and internal systems, analyse it, enhance and monitor queries, and produce reports, dashboards, and data visualisations for use by operational staff and corporate decision-makers. The primary purpose of business intelligence (BI) is to help businesses grow by enhancing data collection and utilising 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, boost revenue, and quicken growth.

Businesses must use BI tools to make data-driven decisions for effective business operations in the quickly expanding technological environment. To develop new business models, the firm's balance their physical and digital competencies. Enterprise need for data analytics software is anticipated to increase as real-time data from smart devices and the internet of things (IoT) are integrated with historical data, big data analytics, and artificial intelligence.

Global Business Intelligence (BI) Market Segmental Analysis

The Global Business Intelligence (BI) Market segmentation is based on component, deployment, application, end Use and regions. Based on the component, the market is segmented into Solutions and Services. On the basis of deployment, the market can be further bifurcated into Cloud and On-premises segments. On the basis of application, the Business Intelligence (BI) Market is segmented into Supply chain analytic applications, CRM analytic operations, financial performance and strategy management, Production planning analytic operations and other (workforce analytic operations, services operations). Based on end use the Business Intelligence (BI) Market is segmented into IT and telecommunication, banking, finance, security and insurance (BFSI), retail and consumer goods, manufacturing, healthcare, and other sub-segments. Based on region the global Business Intelligence (BI) market is segmented into North America, Europe, Asia-Pacific, South America, and Middle East and Africa.

Analysis by Application

The application for managing financial performance and strategy has the largest Business Intelligence (BI) Market share, and throughout the projection period, it is anticipated to grow at the fastest rate. Planning, budgeting, strategy management and other activities fall under financial performance and management. Using BI, a user can evaluate various business scenarios and determine the financial repercussions before acting. Additionally, it improves the organization's forecasting precision. The demand for these solutions in financial operations is driven by these elements.

The integration of BI in CRM analytic solutions is probably driven by customer data analysis, contact centre data, and website analytics. Some of the use cases in supply chain applications include manufacturing, inventory management, logistics, and procurement. Due to the emergence of Industry 4.0, Blockchain, among other technologies, analytic applications in supply chain and production planning are predicted to experience unprecedented growth.

Analysis by End Use

Due to the sensitivity of financial data and the requirement to coordinate with several other industries, the BFSI vertical is anticipated to hold the biggest Business Intelligence (BI) Market size during the projection period (stock exchanges, tax authorities, central banks, securities controlling authorities, revenue department, etc.). Some of the reasons for the BFSI vertical's adoption of business intelligence include establishing new investment plans, lowering risks, and improving marketing strategies and client retention policies. The vertical for healthcare and life sciences is anticipated to have the highest CAGR over the projection period. The use of business intelligence solutions in the healthcare and life sciences industry is driven by the increasing complexity of the healthcare industry vertical and the demand for remote and real-time insights from unstructured clinical data.

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Top Players Company Profiles

  • Google (US)
  • SAP SE (Germany)
  • Cisco Systems Inc. (US)
  • Information Builders (US)
  • Qlik Technologies Inc. (US)
  • SAS Institute Inc. (US)

 

Recent Development

In September 2021, Domo, Inc. unveiled Sandbox, a brand-new tool for the Domo platform, in September 2021. It helps clients create content and promote it for production across multiple sectors.

Global Business Intelligence (Bi) Key Market Trends

The combination of business intelligence tools with cutting-edge technologies like artificial intelligence, machine learning, and the internet of things (IOT) is one the trends in the BI market and it facilitates higher level management in more precise decision making and also enhances user-experience.

The most recent development in the business analytics market is the usage of augmented analytics as well as its use in data-testing operations without any IT support. The business process management Business Intelligence (BI) Market is seeing a rise in the use of artificial intelligence and business process management tools.

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SkyQuest Technology Group is a Global Market Intelligence, Innovation Management Commercialization organization that connects innovation to new markets, networks collaborators for achieving Sustainable Development Goals.

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USA (+1) 617-230-0741

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