Business Intelligence Market
PUBLISHED: 2023 ID: SMRC22292
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Business Intelligence Market

Business Intelligence Market Forecasts to 2028 - Global Analysis By Component (Services, Solutions and Other Components), Deployment Mode (On- Premises and Cloud), Organization Size (Small and Medium-Sized Enterprises (SMEs), Large Enterprises), Data Type (Semi-Structured Data, Unstructured Data and Structured Data), Business Function (Finance, Human Resource and Others), Technology (Cloud BI, Mobile BI & Social BI), Application, End User and Geography

4.8 (90 reviews)
4.8 (90 reviews)
Published: 2023 ID: SMRC22292

This report covers the impact of COVID-19 on this global market
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Years Covered

2020-2028

Estimated Year Value (2022)

US $27.27 BN

Projected Year Value (2028)

US $50.20 BN

CAGR (2022 - 2028)

10.7%

Regions Covered

North America, Europe, Asia Pacific, South America, and Middle East & Africa

Countries Covered

US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa

Largest Market

Asia Pacific

Fastest Growing Market

North America

 

According to Stratistics MRC, the Global Business Intelligence Market is accounted for $27.27 billion in 2022 and is expected to reach $50.20 billion by 2028 growing at a CAGR of 10.7% during the forecast period. Business intelligence (BI) is a technique for analysing data and providing employees, managers, and leaders with useful information so they can make better business decisions. As part of the BI process, businesses gather data from a variety of IT systems, prepare it for analysis, run queries on the data, and create data visualisations, BI presentations, and reports to present the analytical findings to corporate clients for tactical and strategic decision-making.

According to NCRB Report, There have been 4,047 online banking fraud cases in 2021, which amounts to 1,384 trillion rupees.



 

Market Dynamics:

Driver:

Rising demand for dash boards for data visualization

The majority of businesses use a streamlined method that entails locating, gathering, keeping up with, and disseminating a lot of data. For this data, BI solutions are employed in order to have a quick and easy business decision-making process. In order to discover client preferences and tendencies, extract strategic insights, and help maintain a balance between the demand and supply of new and existing goods and services, the data should be made available with a standard visualisation capability. Businesses from all industries use data visualisation tools to easily analyse their data and gain valuable business insights. Cloud-based data visualisation tools give businesses a scalable and affordable approach to analyse their data. Through BI solutions, the data visualisation capabilities aids businesses in identifying business drivers and key performance indicators (KPIs). By removing extraneous data, it makes it easier to find patterns, insights, trends, and utilisation tactics that may be used to accelerate the market's growth.

Restraint:

Hard to justify the ROI of BI

Even though there are many advantages to deploying business intelligence, there are still significant upfront costs associated with finding the right business intelligence platform or software, putting it in place in organisations, and then maintaining it and teaching staff how to use it. Enterprise-wide business applications do not include embedded analytics, predictive analytics, or prescriptive analytics. BI tools won't become obsolete anytime soon because they are still in the early phases of their maturation cycle. Budget is the main factor taken into account when businesses invest in new tools and technologies. SMEs' top concern when using business intelligence is the cost. The exorbitant expenses of acquiring the necessary software deter SMEs. Additionally, a lack of resources makes it difficult and dangerous to hire experienced experts in data science, IT infrastructure, and consultancy analysis. Worries about the high infrastructure costs required for the deployment of business intelligence tools add to these barriers.

Opportunity:

Cloud computing and big data to have a greater impact on BI solutions

Rapid technical breakthroughs have led to the growth of big data analytics and cloud computing in recent years. Given that it acts as a storage facility for both structured and unstructured data, cloud computing is regarded as the ideal platform for BI applications. Similar to this, big data technology has made it possible for these tools to evaluate a significant quantity of data and provide organisations with actionable insights that aid them in understanding opportunities and enhancing marketing strategies.

Threat:

Data integration

Software's customers and users are defined by a number of factors, integration being one of them. Professionals may access all the data in an integrated system thanks to end-to-end integration. However, business intelligence and analytics companies confront a significant issue with integration. Due to the significant benefits offered, cloud-based business intelligence solutions are in high demand; however, cloud installations present a number of difficulties, including security and data integration problems with on-premises data. In this sector, it can be difficult to integrate different analytics software, business intelligence, Master Data Management (MDM), big data, and analytics tools.

Covid-19 Impact

Numerous industries have experienced difficulties as a result of the new corona virus’s proliferation. Economic downturns and supply chain disruptions brought on by the global health crisis have severely impacted business investments. But the crisis has given us a chance to use cutting-edge analytics to improve decision-making. Market participants are providing sophisticated visualisation dashboards to assist users in learning the current state of the Coronavirus. For instance, using Dundas BI, Dundas Data Visualization, Inc. created real-time dashboards. Similar to this, Microsoft's Power BI is collaborating with USA Facts to enable users to interact with and see the COVID-19 dataset. Consequently, it is anticipated that in the near future, demand for data visualisation dashboards will reach an all-time high.

The Cloud segment is expected to be the largest during the forecast period

The Cloud segment is estimated to have a lucrative growth. Businesses that have already implemented apps on-premises can increase their use of storage, networking, and tools as well as analytical capabilities by deploying them on the cloud. Cloud deployments give the company the option to manage its apps by outsourcing the BI infrastructure. This element aids the company in boosting output, streamlining implementation schedules, and lowering overhead expenses. Consequently, it is anticipated that cloud deployment would experience rapid expansion.

The human resource segment is expected to have the highest CAGR during the forecast period

The human resource segment is anticipated to witness the fastest CAGR growth during the forecast period, as a result of the expanding requirement for workforce management. Many businesses are implementing business intelligence tools to allow their HR managers to make decisions about their staff in real-time. It enables businesses to effectively comprehend and foresee talent availability, talent shortage, employee lifecycles, and attrition rates. Companies utilise analytics for hiring new employees to manage retention and retirement plans, monitor safety and learning, and evaluate performance. Business intelligence solutions also give HR managers immediate access to information about the cost, availability, effectiveness, and calibre of the world's labour force. To better understand employee engagement and attrition, anticipate the number of promotions based on experience, potential, skill set, and other important elements for promotion and appraisal activities, businesses are integrating business intelligence solutions with their existing HR software.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to of the IoT technology's commercialization and the rising use of cutting-edge technologies in nations like China, Japan, and India, which are boosting the need for business intelligence solutions and services. Additionally, the business intelligence industry now has a more precise and trustworthy advantage thanks to the growing market and need for IOT and big data.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, owing to the rapid development and adoption of new technologies and key players like Microsoft Corporation, IBM Corporation, Oracle Corporation, Tableau Software, LLC, and others will fuel regional growth. A company in North America with a focus on the creation of sophisticated analytics, data governance, and data intelligence software is called The Business Intelligence Institute, SC (Mexico). The company uses machine learning, AI, IoT, and cloud computing in a variety of sectors, including national security, banking, and retail, among others. It is predicted that these dynamic groups will raise awareness of these solutions.



Key players in the market

Some of the key players profiled in the Business Intelligence Market include Tableau Software, LLC, Oracle Corporation, Microsoft Corporation, Sisense Inc., SAP SE, Domo, Inc., Yellowfin International Pty Ltd, SAS Institute Inc., Infor, IBM Corporation, Alphabet Inc., International Business Machines Corp., Panorama Software Inc., TIBCO Software Inc., ScienceSoft USA Corp., Amazon.com Inc., QlikTech international AB and Alteryx Inc.

Key Developments:

In August 2022, Sisense, the leading AI-driven platform for infusing data analytics, partners with Gerimedica, a multi-disciplinary electronic medical record (EMR) company that serves the aged-care market, to transform patient care with the power of big data. After deploying Sisense, Gerimedica has seen an average decline of 6% in admission days per patient, resulting in €540 reduced cost per patient.

In May 2022, Alteryx Inc, the Analytics Automation Company, unveiled new advancements that empower enterprises to enable cloud analytics, democratize insights, and ensure data governance. Alteryx delivers on these needs by offering intelligent data transformation and insights in the cloud at scale.

In June 2020, Microsoft Corporation and SAS Institute Inc. partnered to accelerate the growth of SAS Analytics and Microsoft Azure cloud. The companies aim to integrate SAS analytics solutions with Microsoft’s complete cloud portfolio, including Dynamics 365Azure, Microsoft 365, and Power tool.

In October 2019, SAP SE announced enhancements to its business technology platform comprising SAP HANA Cloud, SAP Data Warehouse Cloud solution, and SAP analytics cloud. The new 4.3 release of SAP Business Objects Business Intelligence suite aims to support on-premise solutions by integrating SAP analytics cloud.

Components Covered:
• Services
• Solutions
• Other Components

Deployment Modes Covered:
• On- Premises
• Cloud

Organization Sizes Covered:
• Small and Medium-Sized Enterprises (SMEs)
• Large Enterprises

Data Types Covered:
• Semi-Structured Data
• Unstructured Data
• Structured Data

Business Functions Covered:
• Finance
• Human Resource
• Operations
• Sales and Marketing
Technologies Covered:
• Cloud BI
• Mobile BI
• Social BI

Applications Covered:
• CRM Analytic Operations
• Production Planning Analytic Operations
• Supply Chain Analytic Applications
• Financial Performance and Strategy Management
• Predictive Asset Maintenance
• Fraud Detection and Security Management
• Network Management and Optimization
• Workforce Management
• Sales and Marketing Management
• Operations Management
• Other Applications

End Users Covered:
• Government and Public Services
• Retail
• Media and Entertainment
• Telecom and IT
• Tourism and Hospitality
• Manufacturing
• Transportation and Logistics
• Healthcare and Life Sciences
• Banking, Financial Services and Insurance (BFSI)
• Other End Users

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
 

Table of Contents

1 Executive Summary

2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions

3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Technology Analysis
3.7 Application Analysis
3.8 End User Analysis
3.9 Emerging Markets
3.10 Impact of Covid-19

4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry

5 Global Business Intelligence Market, By Component
5.1 Introduction
5.2 Services
5.2.1 Consulting
5.2.2 Deployment and Integration
5.2.3 Support and Maintenance
5.3 Solutions
5.3.1 Data Integration and ETL
5.3.2 Dashboards and Scorecards
5.3.3 Query and Analysis
5.3.4 Reporting and Visualization
5.4 Other Components

6 Global Business Intelligence Market, By Deployment Mode
6.1 Introduction
6.2 On- Premises
6.3 Cloud

7 Global Business Intelligence Market, By Organization Size
7.1 Introduction
7.2 Small and Medium-Sized Enterprises (SMEs)
7.3 Large Enterprises

8 Global Business Intelligence Market, By Data Type
8.1 Introduction
8.2 Semi-Structured Data
8.3 Unstructured Data
8.4 Structured Data

9 Global Business Intelligence Market, By Business Function
9.1 Introduction
9.2 Finance
9.3 Human Resource
9.4 Operations
9.5 Sales and Marketing

10 Global Business Intelligence Market, By Technology
10.1 Introduction
10.2 Cloud BI
10.3 Mobile BI
10.4 Social BI

11 Global Business Intelligence Market, By Application
11.1 Introduction
11.2 CRM Analytic Operations
11.3 Production Planning Analytic Operations
11.4 Supply Chain Analytic Applications
11.5 Financial Performance and Strategy Management
11.6 Predictive Asset Maintenance
11.7 Fraud Detection and Security Management
11.8 Network Management and Optimization
11.9 Workforce Management
11.10 Sales and Marketing Management
11.11 Operations Management
11.12 Other Applications

12 Global Business Intelligence Market, By End User
12.1 Introduction
12.2 Government and Public Services
12.3 Retail
12.4 Media and Entertainment
12.5 Telecom and IT
12.6 Tourism and Hospitality
12.7 Manufacturing
12.8 Transportation and Logistics
12.9 Healthcare and Life Sciences
12.10 Banking, Financial Services and Insurance (BFSI)
12.12 Other End Users

13 Global Business Intelligence Market, By Geography
13.1 Introduction
13.2 North America
13.2.1 US
13.2.2 Canada
13.2.3 Mexico
13.3 Europe
13.3.1 Germany
13.3.2 UK
13.3.3 Italy
13.3.4 France
13.3.5 Spain
13.3.6 Rest of Europe
13.4 Asia Pacific
13.4.1 Japan
13.4.2 China
13.4.3 India
13.4.4 Australia
13.4.5 New Zealand
13.4.6 South Korea
13.4.7 Rest of Asia Pacific
13.5 South America
13.5.1 Argentina
13.5.2 Brazil
13.5.3 Chile
13.5.4 Rest of South America
13.6 Middle East & Africa
13.6.1 Saudi Arabia
13.6.2 UAE
13.6.3 Qatar
13.6.4 South Africa
13.6.5 Rest of Middle East & Africa

14 Key Developments
14.1 Agreements, Partnerships, Collaborations and Joint Ventures
14.2 Acquisitions & Mergers
14.3 New Product Launch
14.4 Expansions
14.5 Other Key Strategies

15 Company Profiling
15.1 Tableau Software, LLC
15.2 Oracle Corporation
15.3 Microsoft Corporation
15.4 Sisense Inc.
15.5 SAP SE
15.6 Domo, Inc.
15.7 Yellowfin International Pty Ltd
15.8 SAS Institute Inc.
15.9 Infor
15.10 IBM Corporation
15.11 Alphabet Inc.
15.12 International Business Machines Corp.
15.13 Panorama Software Inc.
15.14 TIBCO Software Inc.
15.15 ScienceSoft USA Corp.
15.16 Amazon.com Inc.
15.17 QlikTech international AB
15.18 Alteryx Inc

List of Tables
1 Global Business Intelligence Market Outlook, By Region (2020-2028) ($MN)
2 Global Business Intelligence Market Outlook, By Component (2020-2028) ($MN)
3 Global Business Intelligence Market Outlook, By Services (2020-2028) ($MN)
4 Global Business Intelligence Market Outlook, By Consulting (2020-2028) ($MN)
5 Global Business Intelligence Market Outlook, By Deployment and Integration (2020-2028) ($MN)
6 Global Business Intelligence Market Outlook, By Support and Maintenance (2020-2028) ($MN)
7 Global Business Intelligence Market Outlook, By Solutions (2020-2028) ($MN)
8 Global Business Intelligence Market Outlook, By Data Integration and ETL (2020-2028) ($MN)
9 Global Business Intelligence Market Outlook, By Dashboards and Scorecards (2020-2028) ($MN)
10 Global Business Intelligence Market Outlook, By Query and Analysis (2020-2028) ($MN)
11 Global Business Intelligence Market Outlook, By Reporting and Visualization (2020-2028) ($MN)
12 Global Business Intelligence Market Outlook, By Other Components (2020-2028) ($MN)
13 Global Business Intelligence Market Outlook, By Deployment Mode (2020-2028) ($MN)
14 Global Business Intelligence Market Outlook, By On- Premises (2020-2028) ($MN)
15 Global Business Intelligence Market Outlook, By Cloud (2020-2028) ($MN)
16 Global Business Intelligence Market Outlook, By Organization Size (2020-2028) ($MN)
17 Global Business Intelligence Market Outlook, By Small and Medium-Sized Enterprises (SMEs) (2020-2028) ($MN)
18 Global Business Intelligence Market Outlook, By Large Enterprises (2020-2028) ($MN)
19 Global Business Intelligence Market Outlook, By Data Type (2020-2028) ($MN)
20 Global Business Intelligence Market Outlook, By Semi-Structured Data (2020-2028) ($MN)
21 Global Business Intelligence Market Outlook, By Unstructured Data (2020-2028) ($MN)
22 Global Business Intelligence Market Outlook, By Structured Data (2020-2028) ($MN)
23 Global Business Intelligence Market Outlook, By Business Function (2020-2028) ($MN)
24 Global Business Intelligence Market Outlook, By Finance (2020-2028) ($MN)
25 Global Business Intelligence Market Outlook, By Human Resource (2020-2028) ($MN)
26 Global Business Intelligence Market Outlook, By Operations (2020-2028) ($MN)
27 Global Business Intelligence Market Outlook, By Sales and Marketing (2020-2028) ($MN)
28 Global Business Intelligence Market Outlook, By Technology (2020-2028) ($MN)
29 Global Business Intelligence Market Outlook, By Cloud BI (2020-2028) ($MN)
30 Global Business Intelligence Market Outlook, By Mobile BI (2020-2028) ($MN)
31 Global Business Intelligence Market Outlook, By Social BI (2020-2028) ($MN)
32 Global Business Intelligence Market Outlook, By Application (2020-2028) ($MN)
33 Global Business Intelligence Market Outlook, By CRM Analytic Operations (2020-2028) ($MN)
34 Global Business Intelligence Market Outlook, By Production Planning Analytic Operations (2020-2028) ($MN)
35 Global Business Intelligence Market Outlook, By Supply Chain Analytic Applications (2020-2028) ($MN)
36 Global Business Intelligence Market Outlook, By Financial Performance and Strategy Management (2020-2028) ($MN)
37 Global Business Intelligence Market Outlook, By Predictive Asset Maintenance (2020-2028) ($MN)
38 Global Business Intelligence Market Outlook, By Fraud Detection and Security Management (2020-2028) ($MN)
39 Global Business Intelligence Market Outlook, By Network Management and Optimization (2020-2028) ($MN)
40 Global Business Intelligence Market Outlook, By Workforce Management (2020-2028) ($MN)
41 Global Business Intelligence Market Outlook, By Sales and Marketing Management (2020-2028) ($MN)
42 Global Business Intelligence Market Outlook, By Operations Management (2020-2028) ($MN)
43 Global Business Intelligence Market Outlook, By Other Applications (2020-2028) ($MN)
44 Global Business Intelligence Market Outlook, By End User (2020-2028) ($MN)
45 Global Business Intelligence Market Outlook, By Government and Public Services (2020-2028) ($MN)
46 Global Business Intelligence Market Outlook, By Retail (2020-2028) ($MN)
47 Global Business Intelligence Market Outlook, By Media and Entertainment (2020-2028) ($MN)
48 Global Business Intelligence Market Outlook, By Telecom and IT (2020-2028) ($MN)
49 Global Business Intelligence Market Outlook, By Tourism and Hospitality (2020-2028) ($MN)
50 Global Business Intelligence Market Outlook, By Manufacturing (2020-2028) ($MN)
51 Global Business Intelligence Market Outlook, By Transportation and Logistics (2020-2028) ($MN)
52 Global Business Intelligence Market Outlook, By Healthcare and Life Sciences (2020-2028) ($MN)
53 Global Business Intelligence Market Outlook, By Banking, Financial Services and Insurance (BFSI) (2020-2028) ($MN)
54 Global Business Intelligence Market Outlook, By Other End Users (2020-2028) ($MN)

Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
 

List of Figures

RESEARCH METHODOLOGY


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.


Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.


For more details about research methodology, kindly write to us at info@strategymrc.com

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