Business Intelligence (BI) market Soars to USD billion , witnessing a CAGR of 9.0 during the forecast period 2024-2032

Key Insights

The Business Intelligence (BI) market size was valued at USD 29.42 USD billion in 2023 and is projected to reach USD 53.78 USD billion by 2032, exhibiting a CAGR of 9.0 % during the forecast period. The increasing adoption of cloud-based BI solutions and the growing demand for data-driven insights to improve decision-making are the primary factors driving the market growth. Business intelligence (BI) is the software that feeds on the business data and then presents it in such user-friendly views as reports, dashboard, charts, and graphs. The businesses study the data to obtain actionable insights and inform themselves in decision-making. Business intelligence tools allow users to work with different types of data - historical and current, third-party and in-house, as well as semi-structured data and unstructured data like social media. Through this, users can discover valuable insights as to how the business is doing. Business intelligence is a general name that embraces data mining, process analysis, performance benchmarking, and descriptive analytics. BI not only processes all the business data but also offers reports, performance indicators, and trends that are easily understood by management hence helping to make decisions. 

Business Intelligence (BI) market Trends

• Growing Adoption of Cloud-based BI Solutions
• Increasing Demand for Data-driven Insights
• Integration of Artificial Intelligence (AI) and Machine Learning (ML)
• Rising Popularity of Self-service BI Tools

Driving Forces: What's Propelling the Business Intelligence (BI) market

• Surge in Data Volume and Complexity
• Escalating Need for Real-time Data Analysis
• Enhanced Focus on Customer Experience
• Growing Regulatory Compliance Requirements

Challenges and Restraints in Business Intelligence (BI) market

• Data Security and Privacy Concerns
• Skilled Workforce Shortage
• High Implementation and Maintenance Costs

Emerging Trends in Business Intelligence (BI) market

• Predictive Analytics and Prescriptive Analytics
• Visual Data Exploration and Discovery
• Integration with Business Applications
• Chatbot-based BI

Growth Catalysts in Business Intelligence (BI) market Industry

• Proliferation of Internet of Things (IoT) Devices
• Emergence of Big Data Analytics
• Advancements in Cloud Computing

Market Segmentation: Business Intelligence (BI) market Analysis

Component:

• Solution
• Services

Deployment:

• Cloud
• On-premise

Enterprise Type:

• Small and Medium-Sized Enterprises (SMEs)
• Large Enterprises

Application:

• Supply Chain Analytic Applications
• CRM Analytic Operations
• Financial Performance and Strategy Management
• Production Planning Analytic Operations
• Others

End-use Industry:

• BFSI
• IT and Telecommunication
• Retail and Consumer Goods
• Manufacturing
• Healthcare
• Others

Leading Players in the Business Intelligence (BI) market

• 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.) 

Significant developments in Business Intelligence (BI) market Sector

Acquisitions:

• In May 2023, Qlik acquired Talend to expand its capabilities for modern enterprises.
• In June 2023, ThoughtSpot acquired Mode Analytics to expand its presence in India and double its customer base.

Product Launches:

• In December 2022, Tableau launched Tableau 2022.4 for business users and analysts to explore insights.
• In January 2023, Microsoft announced Power BI in Microsoft Teams for improved experiences.

Comprehensive Coverage Business Intelligence (BI) market Report

• Regional Insights: The report provides a comprehensive analysis of the BI market across major regions, including North America, Europe, Asia-Pacific, and Rest of the World.
• Recent Mergers & Acquisitions: The report includes a detailed analysis of recent mergers and acquisitions in the BI market and their impact on industry dynamics.
• Regulation: The report provides an overview of regulatory frameworks and data privacy laws that impact the BI market.
• Patent Analysis: The report identifies key patents and intellectual property in the BI market.
• Analyst Comment: The report includes insights and commentary from industry analysts on the BI market outlook and future trends.