Business Intelligence Market Forecasts to 2028 - Global Analysis By Component, Deployment Mode, Organization Size (Small and Medium-Sized Enterprises, Large Enterprises), Data Type, Business Function, Technology, Application, End User and Geography

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
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • 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
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances