The Global Business Intelligence Market to Reap $38487.13 Million by 2028

A recent study by Triton Market Research titled 'Global Business Intelligence Market,' covers the Global Analysis and Forecasts By Enterprise Size (Small and Medium Enterprise, Large Enterprise), By Delivery Mode (Cloud, On-premises), By Functions (Predictive Asset Maintenance, Sales and Marketing Management, Supply Chain Optimization, Fraud Detection and Security Management, Operations Management, Network Management and Optimization, Workforce Management, Other Functions), By Verticals (IT & Telecom, BFSI, Retail, Healthcare, Manufacturing, Government, Media & Entertainment, Energy and Power, Automotive and Logistics, Other Verticals), and Geography (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa).

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Triton's report predicts the global business intelligence market to chart a CAGR of 11.11% during the forecast years 2021-2028, and generate a revenue of $38487.13 million by the year 2028.
Cloud adoption has surged significantly in the past couple of years. And with the latest advancements and boom in the cloud industry, several organizations are increasing their cloud expenditure. This will also enhance the adoption of business intelligence platforms, as they also work over cloud systems, and aid market growth.

These days, open-source BI tools are gaining prominence, and they are usually available for free. Many SMEs can be seen opting for such solutions, instead of buying business intelligence solution platforms. This is majorly impeding the growth of the market studied.

The market for business intelligence is segmented mainly into enterprise size, delivery mode, functions, and verticals. On the basis of enterprise size, it is divided into small and medium enterprise and large enterprise. Whereas, according to delivery mode, the industry is categorized into cloud and on-premises.

According to functions, it is segmented into predictive asset maintenance, sales and marketing management, supply chain optimization, fraud detection and security management, operations management, network management and optimization, workforce management, and other functions. And lastly, as per verticals, it is classified into IT & Telecom, BFSI, retail, healthcare, manufacturing, government, media & entertainment, energy and power, automotive and logistics, and other verticals.

The business intelligence market in the Asia-Pacific region is expected to exhibit the fastest growth worldwide, over the forecasted period. The presence of emerging economies like India and China is projected to drive the market in this region. There is a high rate of IT adoption in these countries, and they are majorly preferred for outsourcing.

Also, as per sources, the world's leading technology experts are now seeing Southeast Asia as the next technology hub, owing to factors such as the relatively young population here and the rapid adoption of technology. Also, the e-commerce sector growth is one of the many factors fuelling this tech hub, which will further enable the growth of the business intelligence market in the APAC.

Teradata Corporation, Domo Inc, SAS Institute Inc, SAP SE, Tableau Software Inc, Cisco Systems Inc, Informatica, Oracle Corporation, Tibco Software Inc, Targit AS, International Business Machines Corporation, MicroStrategy Incorporated, Microsoft Corporation, VMware Inc, and GoodData Corporation are the established players in this market.

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Question & Answer: Business Intelligence Market
Question 1: What factor is expected to aid the business intelligence market growth?
Answer: Cloud adoption has surged significantly in the past couple of years. And with the latest advancements and boom in the cloud industry, several organizations are increasing their cloud expenditure. This will also enhance the adoption of business intelligence platforms, as they also work over cloud systems, and aid market growth.

Question 2: What is majorly impeding the growth of the market?
Answer: These days, open-source BI tools are gaining prominence, and they are usually available for free. Many SMEs can be seen opting for such solutions, instead of buying business intelligence solution platforms. This is majorly impeding the growth of the market studied.

Question 3: How is the Asia-Pacific region influencing the growth of the business intelligence market?
Answer: The business intelligence market in the Asia-Pacific region is expected to exhibit the fastest growth worldwide, over the forecasted period. The presence of emerging economies like India and China is projected to drive the market in this region. There is a high rate of IT adoption in these countries, and they are majorly preferred for outsourcing.

Also, as per sources, the world's leading technology experts are now seeing Southeast Asia as the next technology hub, owing to factors such as the relatively young population here and the rapid adoption of technology. Also, the e-commerce sector growth is one of the many factors fuelling this tech hub, which will further enable the growth of the business intelligence market in the APAC.

Question 4: Which are the established players in the business intelligence market?
Answer: Teradata Corporation, Domo Inc, SAS Institute Inc, SAP SE, Tableau Software Inc, Cisco Systems Inc, Informatica, Oracle Corporation, Tibco Software Inc, Targit AS, International Business Machines Corporation, MicroStrategy Incorporated, Microsoft Corporation, VMware Inc, and GoodData Corporation are the established players in this market.

Related Report:
Global Enterprise Resource Planning Market - https://www.tritonmarketresearch.com/reports/enterprise-resource-planning-market

The global enterprise resource planning market is set to exhibit growth in the forecasting years from 2019 to 2027. It is expected to grow at a CAGR of 7.43% in terms of revenue, generating $66.69 billion by 2027.

The adoption of ERP software helps enterprises in developing new competitive strategies. It transforms the raw marketing and customer data into useful information, in turn supporting competitive strategies. It also helps automate decision-making processes that eliminate the delays presented in human decision-making.

Thus, organizations that have adopted this software have improved decision-making and better market response, compared to their competitors. The increasing need for developing competitive strategies is driving the growth of the studied market. However, the initial investment required for acquiring and implementing an ERP system is substantial. It also requires frequent upgrades, renewals, maintenance, and support, which is significantly hampering the growth of this industry.

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