BI Software Global Market Report 2024 - By Size, Report, Share, Demand, Forecast To 2033

The bi software market size has grown strongly in recent years. It will grow from $47.27 billion in 2023 to $51.85 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period can be attributed to data explosion, data integration, competitive advantage, regulatory compliance.

The bi software market size is expected to see rapid growth in the next few years. It will grow to $107.16 billion in 2028 at a compound annual growth rate (CAGR) of 19.9%. The growth in the forecast period can be attributed to advanced analytics and ai, self-service bi, cloud-based bi, real-time analytics. Major trends in the forecast period include data visualization, mobile bi, embedded bi, big data integration.

Market Overview -
Business Intelligence (BI) software is a combination of tools designed to find, organize, consolidate, analyze, and present complex data in understandable reports for insights.

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Rise In Data-Driven Projects Fuels Growth In Business Intelligence (BI) Software Market
An increase in data-driven projects aids business intelligence (BI) software market growth due to a substantial rise in the demand for real-time analytics. According to the International Data Group (IDG) prediction, 69% of the businesses are planning or implementing data-driven projects in order to enhance production and sales, better decision making, strategic planning of business, and others. Companies in the industry are using nosiness intelligence software in order to predict consumer behavior and engagement with their products and services. For instance, Starbucks started using business intelligence software along with CRM software for predicting the purchasing behavior of customers.

Competitive Landscape -
Major companies operating in the bi software market include SAP SE, Oracle Corp., JDA Software Group Inc., Infor Global Solutions, Manhattan Associates Inc., Infor Nexus, Descartes Systems Group, IBM Corporation, Kinaxis Inc., High Jump Software, Epicor Software Corporation, Kewill Systems Plc, BluJay Solutions, Indian Foreign Service, Verizon Connect Inc., SPS Commerce Inc., Dassault Systemes, Coupa Software Inc., Basware, WiseTech Global Ltd., e2open Software Co., Jaggaer, GEP Software Co., Zycus Software Co., Plex Manufacturing Cloud, QAD Inc., Sage US, Vanguard Software, Quintiq, Unit4, Rackspace US Inc., Microsoft Corporation, Cisco Systems Inc., GoodData Corporation, Targit AS, VMware Inc., Tableau Software Inc., Google LLC, Open Text Corporation, MicroStrategy Incorporated, QlikTech International AB, Information Builders Inc., Tibco Software Inc., Salesforce.com Inc.

Rising Adoption Of Cloud-Based Business Intelligence Tools In End-User Industries For Enhanced Security And Efficiency
Companies in the end-user industries are increasingly adopting cloud-based business intelligence tools in order to enhance security, access from anywhere online, and benefit from the advantages of economies of scale. The cloud-based BI software is a virtual network that can be accessed via the internet hosted on the vendor's servers to aid efficient connectivity of devices. Cloud-based BI software benefit the companies with its cost-effectiveness and low investment as no additional hardware costs are involved, short implementation time and others. According to study published by Flexera, the USA-based computer software company, in August 2021, more than 50% of enterprises are spending between $1.2 million and $2.4 million, and 38% of enterprises are spending more than $2.4 million on cloud technologies.

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Key Segments -
The bi software market covered in this report is segmented -
1) By Type: Unstructured Data, Semi Structured Data, Structured Data
2) By Deployment: On-Premise, On-Cloud 
3) By Application: BFSI, Telecomm, IT, Retail and Consumer Goods, Healthcare and Life sciences, Manufacturing

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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