Business Intelligence Market to Grow at an Estimated CAGR of 9.5% By 2029

Global business intelligence market is expected to grow at a CAGR of 9.5% during the forecast period of 2021-2029. The market is primarily driven by exponential growth in data generation. The increasing amount of data offers new opportunities for business development. Connecting analytics has resulted in new approaches of customer engagement that is the capability to amplify the skills and intelligence among employees, new services and products, and more opportunities to explore the models of business.

Business Intelligence Market Press Release: http://www.mobilecomputingtoday.co.uk/16260/global-business-intelligence-market-grow-estimated-cagr-9-5-forecast-period-2021-2029/

Global business intelligence market has been segmented on the basis of application, component, organization size, data type, deployment, verticals. The industry vertical segment is further sub-segmented into manufacturing, healthcare, energy and utility, BFSI, transportation & distribution, IT & telecom, retail, media and entertainment, government, and others. The retail industry market leads the industry vertical segment in terms of revenue in the global business intelligence market with around 17.02 % in 2020. Retailers gather data from their operational and external systems that include financial systems, POS systems, and E-commerce initiatives.

The manufacturing market is anticipated to be the fastest-growing market with a CAGR of 9.9% during the forecast period. The entire manufacturing industry is undergoing a radical change. The adoption of Industry 4.0 initiative that emphasizes on the use of automated machines and use of IOT to efficiently predict failures and autonomously trigger maintenance processes, has given boost to the growth of BI market in the manufacturing sector. Further, adoption of new advanced technologies that include IoT and robotics, efficiency within supply chain network, operational efficiency, and costs are the factors driving the changes.

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Manufacturing, retail, healthcare, energy & utilities, and BFSI are amongst the emerging applications within global business intelligence market. Healthcare business intelligence market accounts for 11.02% of the market share in 2020, with projected growth at CAGR 9.4% during the forecast period. Healthcare sector specifically pharmaceutical, biopharmaceutical and medical device industry is undergoing change. The change is a result of patent expiry of key drugs, competition from generic drug versions, stringent regulatory compliance rules, low returns on current product pipelines and increasing drug R&D costs.

Geographically, global business intelligence market has been segmented into North America, Europe, Asia Pacific, and Rest of the world (ROW). North America leads the global business intelligence market by capturing largest market share in terms of revenue of 42.5% in 2020. Growth is majorly driven by the presence of technologically sound infrastructure and key players based in this region such as Microsoft (U.S), Oracle (U.S), SAS (U.S) and others. Also, owing to the presence of the highly-developed and technologically-advanced services sector and wide adoption of business intelligence in the service sector, government organizations, BFSI and others have positively influenced the business intelligence market. Furthermore, Asia Pacific is anticipated to grow with the highest CAGR 11.1% during the forecast period, owing to exponential growth in big data generation in the region is also boosting the growth in the market.

Merger and Acquisition (M&A) is the primary strategy adopted by the companies in the global business intelligence market. The companies to increase their dominance and market share acquire other companies that can increase their product portfolio. Top companies in this market includes SAP, SAS Institute, IBM Corp, Microsoft Corp, Oracle Inc. among others.

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KEY MARKET MOVEMENTS

Global business intelligence market is expected to grow at a CAGR of 9.5 % during the forecast period of 2021-2029.
The market is primarily driven by exponential growth in data generation.
Retail industry market leads the industry vertical segment in terms of revenue in the global business intelligence market with around 17.02 % in 2020.
Manufacturing market is anticipated to be the fastest-growing market with a CAGR of 9.9% during the forecast period.
Healthcare business intelligence market accounts for 11.02% of market share in 2020, with a projected growth at CAGR 9.4% during the forecast period.
North America leads the global business intelligence market by capturing largest market share in terms of revenue of 42.5% in 2020.
Asia Pacific is anticipated to grow with the highest CAGR 11.1% during the forecast period, owing to exponential growth in big data generation in the region is also boosting the growth in the market.
Merger and Acquisition (M&A) is the primary strategy adopted by the companies in global business intelligence market.
Top companies in this market includes SAP, SAS Institute, IBM Corp, Microsoft Corp, Oracle Inc. among others.

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