Business Intelligence (BI) Market Is Booming Worldwide At A CAGR of 6.4 %, To Hit US$ 36.79 Billion by 2028 | Rapid Growth of Industry Demand, Business Performance and SWOT Analysis Till 2028
Business Intelligence Market size is projected to reach USD 36.79 Billion by 2028 from an estimated USD 23.83 Billion in 2021, growing at a CAGR of 6.4% globally.
Business intelligence (BI) is a set of tools and techniques that combine business analytics, data mining, data visualization, data infrastructure and tools, and best practices. to help businesses make better data-driven decisions. Business intelligence can help businesses make better decisions by providing historical and current data in the context of their business. Analysts can use business intelligence to deliver performance and competitive benchmarks, allowing the organization to run more smoothly and efficiently. Analysts will be better able to spot market trends, thereby helping them increase sales or revenue. When used appropriately, the right data can help with everything from compliance to recruitment initiatives.
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Fast and Accurate Reporting
Employees can track key performance indicators (KPIs) using multiple data sources, including financial, operational and sales data, using custom templates or reports. These reports are generated in real time and use the latest data, allowing organizations to make quick decisions. Graphs, tables, and charts are often used in reports to make them easier to understand. Some of the BI software reports are interactive allowing users to experiment with different factors or get data faster, thus supporting the growth of the business intelligence market during the analysis phase.
BFSI Industry is Anticipated to Drive the Market Growth
The BFSI sector is one of the key infrastructure segments that has been repeatedly detected for fraud, due to the large customer base served and the financial information at stake. Financial services institutions are four times more susceptible to fraud detection than other industries, the need for such solutions. For example, according to the NCRB report, there are 4,047 cases of online banking fraud in 2021, amounting to Rs 1.384 trillion. Using business intelligence tools like Power BI can help banks detect fraud early and prevent it from happening.
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Segmentation Analysis of Business Intelligence Market:
By Component, the solution segment is anticipated to lead the growth of the business intelligence market over the forecasted timeframe. Solutions play an important role for businesses to derive actionable insights by tracking real-time and historical business performance.
By Deployment, the cloud segment is anticipated to have the highest share of the business intelligence market over the projected timeframe During the projected period, cloud deployment is expected to rise at the fastest rate.
By Enterprise Size, the SEMs are expected to develop at the highest CAGR over the projected timeframe attributed to the growing inclination towards automation for smooth functioning.
By Application, the financial performance & strategy management segment is forecasted to have a lion's share of the business intelligence market. Business intelligence tools assist clients in inputting data into action and thus reduce risks.
By Enterprise Size
• Large Enterprises
• Supply Chain Analytic Applications
• CRM Analytic Applications
• Financial Performance
• Strategy Management
• Production Planning Analytic Operations
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Regional Analysis of Business Intelligence Market:
The North American region is anticipated to have the highest share of the business intelligence market over the forecast period owing to its technological advancement in business management analytics for their sales, production, and innovation. The rapid development of advanced technologies and the adoption of emerging technologies by businesses are supporting the growth of the market. Moreover, most of the prominent service providers such as IBM, Microsoft, Oracle, and Tableau are headquartered in this region thus, supporting the growth of the business intelligence market in this region.
Geographic Segment Covered in the Report
• North America (U.S., Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
• Asia-Pacific (China, India, Japan, Southeast Asia, Rest of APAC)
• Middle East & Africa (GCC Countries, South Africa, Rest of MEA)
• South America (Brazil, Argentina, Rest of South America)
Players Covered In Business Intelligence Market are:
• Information Builders
• Board International
Recent Industry Developments In Business Intelligence Market
In January 2022, Idera Inc announced the acquisition of Yellowfin International Pty Ltd, an industry-leading, turnkey analytics, and BI solution platform provider. This acquisition will enable Idera's customers to integrate Yellowfin's product into proprietary applications and gather data without disrupting the end-user experience, unlocking immediate ROI.
In July 2021, through self-service data preparation and augmented analytics, Zoho Corporation has introduced its new Business Intelligence (BI) Platform, an AI-driven data analytics solution that enables enterprises to surface precise and actionable insights. Pre-built visual dashboards, complete data connectors, data preparation, augmented and embedded BI, security and privacy capabilities, multiple deployment models (cloud or on-premise), and scalability are all included in Zoho's BI Platform.
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Table of Content:
Chapter 1: Introduction
1.1 Research Objectives
1.2 Research Methodology
1.3 Research Process
1.4 Scope and Coverage
1.4.1 Market Definition
1.4.2 Key Questions Answered
1.5 Market Segmentation
Chapter 2:Executive Summary
Chapter 3:Growth Opportunities By Segment
3.1 By Component
3.2 By Deployment
3.3 By Enterprise Size
3.4 By Application
3.5 By Industry
Chapter 4: Market Landscape
To Be Continue…
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