Business Intelligence Market Worth $47.9 Billion by 2029

Meticulous Research®-a leading global market research company, published a research report titled, 'Business Intelligence Market by Component, Organization Size, Deployment Mode, Business Function, End-use Industry (BFSI, IT & Telecommunications, Retail, and Healthcare & Life Sciences), and Geography-Global Forecast to 2029.'

According to this latest publication from Meticulous Research®, the global business intelligence market is projected to reach $47.9 billion by 2029, at a CAGR of 8.2% from 2022 to 2029.The growth of this market is driven by the rising demand for data visualization dashboards for making informed business decisions and the surge in demand for cloud business intelligence applications. However, data privacy and security concerns may restrain the market's growth. The opportunities of human resource analytics and the increased proliferation of business intelligence solutions during the COVID-19 pandemic are expected to offer significant growth opportunities for the stakeholders in the business intelligence market. Furthermore, the integration of data from various source systems and the lack of quality data availability are expected to pose challenges to the growth of the business intelligence market. The latest trends in the global business intelligence market are AI-based business analytics solutions, data discovery and visualization, collaborative business intelligence, and embedded analytics.

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The global business intelligence market is segmented by component (solutions, services), organization size (large enterprises and small & medium-sized enterprises), deployment mode (on-premise deployment and cloud-based deployment), business function (human resource, finance, operations, and sales & marketing), and end-use industry (retail, manufacturing, BFSI, healthcare & life sciences, education, IT & telecommunications, energy & utilities, media & entertainment, transportation & logistics, and hospitality & tourism, and other end-use industries [FMCG, market research & consulting, construction, and government & public sectors]). The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on component, the global business intelligence market is segmented into solutions and services. In 2022, the solutions segment is expected to account for the largest share of the global business intelligence market. The large market share of this segment is attributed to the surge in demand for business intelligence dashboards, growing demand for advanced BI and analytics systems in businesses, increasing need for data visualization tools to present data effectively, and growing popularity for faster analysis and intuitive dashboards during the COVID-19 pandemic. However, the services segment is projected to register the highest CAGR during the forecast period due to the growing demand for deployment & integration services, increasing popularity of business intelligence support and maintenance services, increasing need to organize business data effectively, and increasing need for structured data-driven decision-making across the businesses.

Based on organization size, the global business intelligence market is segmented into large enterprises and small & medium-sized enterprises. In 2022, the large enterprises segment is expected to account for the largest share of the global business intelligence Market. The large market share of this segment is attributed to the rising demand for business intelligence solutions for quantitative analysis, measuring performance against business goals, gleaning customer insights, and sharing data to identify new opportunities. Furthermore, the rising demand for data analysis and visualization tools to increase productivity and efficiency, the growing need to publish, distribute, and share insights with clients or customers, and the growing availability of skilled IT personnel to manage business intelligence solutions are contributing to the growth of this segment. Large enterprises hold a competitive advantage over small & medium-sized enterprises in technology adoption with larger budgets and a keen focus on developing strategic IT initiatives. The scenario is the same concerning the business intelligence market.

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However, the small & medium-sized enterprises segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by factors such as the growing need for tools and processes to gather, organize, visualize, and interpret data across SMEs, the increasing need to analyze customer preferences and behavior, the growing need to track sales and marketing performance of small teams, and the rising need to identify issues and bottlenecks in small business operations. The digital transformation trend is not limited to large enterprises since small & medium-sized enterprises are also transitioning to digital technologies. Several SMEs have heavily deployed business intelligence solutions in the past few years.

Based on deployment mode, the global business intelligence market is segmented into on-premise deployment and cloud-based deployment. In 2022, the cloud-based deployment segment is expected to account for the largest share of the global business intelligence Market. The large market share of this segment is attributed to the growing need for deploying BI tools on cloud infrastructure that can be accessed using virtual networks and the growing need to manage a large amount of data, such as dashboards, KPIs, and other types of business analytics. Furthermore, the growing demand for benefits offered by cloud-enabled business intelligence tools, such as affordability, scalability of deployment, ease of data integration, and reliability, is improving the growth of this segment. In the past few years, enterprises are increasingly turning to cloud-based tools, like customer relationship management (CRM) applications (Salesforce), online file collaboration and storage (Dropbox, Box), and help desk software (UserVoice, Zendesk). This trend includes business intelligence tools embracing the agility and accessibility of the cloud. This trend is driving the growth of this segment.

Additionally, this segment is projected to register the highest CAGR during the forecast period.

Based on business function, the global business intelligence market is segmented into human resource, finance, operations, and sales & marketing. In 2022, the sales & marketing segment is expected to account for the largest share of the global business intelligence Market. The large market share of this segment is attributed to the surge in demand for business intelligence solutions to connect with customers, optimize workflow, and refine promotional campaigns, the growing need to identify and focus on higher-profit customers, and the rising demand to increase the accuracy of sales forecasts. Furthermore, with the help of business intelligence solutions, sales and marketing teams improve customer retention rates, gain higher revenues from up-sell/cross-sell campaigns, and enhance customer satisfaction. Business intelligence in sales can be used to increase order fulfillment, lower inventory costs, and bolster profits.

However, the operations segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by factors such as the increasing need to improve operational efficiency and increase revenue, growing demand by companies to evaluate their supply chains and cross-check data from multiple sources, and growing demand for data-driven analysis to improve the profitability and efficiency of the organization.

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Based on end-use industry, the global business intelligence market is segmented into retail, manufacturing, BFSI, healthcare & life sciences, education, IT & telecommunications, energy & utilities, media & entertainment, transportation & logistics, hospitality & tourism, and other end-use industries. In 2022, the BFSI segment is expected to account for the largest share of the global business intelligence market. The large market share of this segment is attributed to the increasing need to track customer, product, and branch profitability, the growing need for conducting 360-degree profiling of customers, and the rising need to provide insights into existing and potential customers across various loan portfolios. Furthermore, the growing demand for better customer retention policies, the increasing need to understand customer transaction patterns, and the rising demand for the identification of potential customers for various products have improved the demand for business intelligence solutions, which, in turn, promotes the growth of this segment.

However, the retail segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by factors such as the increasing demand for BI tools by retail industries for improved merchandising and inventory management and the growing need to track customer spending patterns and behaviors. Furthermore, the increasing need to deliver personalized shopping experiences and solutions for target marketing campaigns and measure their effectiveness and the rising need to understand customers' needs, wants, and desires are improving the demand for BI solutions, thereby driving the growth of the market.

Based on geography, the global business intelligence market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, North America is expected to account for the largest share of the global business intelligence market. North America's major market share is attributed to the rising demand for business intelligence software in the U.S., the growing adoption of cloud systems, BI software, and platforms in the U.S., and the increasing demand for visualization and reporting tools by the Canadian retail sector. North America is home to the majority of the key players advancing business intelligence solutions & services. The expansion of this market is boosted by improvements in digital infrastructure and a number of significant manufacturers, including Oracle Corporation (U.S.), IBM Corporation (U.S.), and Microsoft Corporation (U.S.).

However, Asia-Pacific is projected to register the highest CAGR during the forecast period due to the emerging markets for technology solutions and services, rising standards, innovation, and automation in emerging economies, increasing demand for predictive analytics solutions to understand consumer spending habits, and increasing availability of highly-skilled, diverse, innovation-focused workforce.

The key players operating in the global business intelligence market are Oracle Corporation (U.S.), IBM Corporation (U.S.), Microsoft Corporation (U.S.), SAP SE (Germany), Qlik Technologies Inc. (U.S.), SAS Institute Inc.(U.S.), TIBCO Software Inc. (U.S.), Amlgo Labs Pvt Ltd (India), Salesforce, Inc. (U.S.), Google LLC (U.S.), Cisco Systems, Inc. (U.S.), Element Data (U.S.), Board International SA (Switzerland), MicroStrategy Incorporated (U.S.), and Hitachi Vantara LLC (U.S.) (a subsidiary of Hitachi, Ltd. [U.S.]).

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Key questions answered in the report:

Which are the high-growth market segments in terms of component, organization size, deployment mode, business function, and end-use industry?
What is the historical market size for business intelligence across the globe?
What are the market forecasts and estimates for 2022-2029?
What are the major drivers, restraints, opportunities, challenges, and trends in the global business intelligence market?
Who are the major players in the global business intelligence market, and what are their market shares?
How is the competitive landscape?
What are the recent developments in the global business intelligence market?
What are the different strategies adopted by the major players in the market?
What are the geographic trends and high-growth countries?
Who are the local emerging players in the global business intelligence market, and how do they compete with other players?

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