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Business Intelligence Management Software Global Market Report 2024 by The Business Research Company | Google LLC, Microsoft Corporation, International Business Machines Corporation, Oracle Corporation, SAP SE, Salesforce.com Inc., Adobe Inc., SAS Institu
Business Intelligence Management Software Market Size
The business intelligence management software market size is expected to see rapid growth in the next few years. It will grow to $48.63 billion in 2028 at a compound annual growth rate (CAGR) of 10.5%. The growth in the forecast period can be attributed to the increasing number of organizations, cloud adoption and SaaS models, data governance and privacy concerns, demand for data analytics, and real-time analytics. Major trends in the forecast period include embedded AI and ML, augmented analytics, data democratization, real-time analytics, natural language processing, and vertical-specific solutions.
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Business Intelligence Management Software Market Major Segments
The business intelligence management software market covered in this report is segmented -
1) By Type: Development Of Business Smart Software, Cloud-Hosted Business Smart Software
2) By Application: Small Business, Medium-Sized Business, Large Business
3) By End-User Industry: Banking, Financial Services, And Insurance, Information Technology And Telecommunication, Retail, Healthcare, Other End-User Industries
Key Driver - Cloud-Based Solutions Driving Growth Of Business Intelligence Management Software Market
The rising adoption of cloud-based solutions is expected to propel the growth of the business intelligence management software market going forward. Cloud-based solutions refer to software applications, services, or platforms hosted and accessed over the Internet instead of installed and operated on local computers or servers. The increasing adoption of cloud-based solutions due to the need for cost savings, demand for flexibility, and accessibility and security concerns. Business intelligence management software is deployed as cloud-based solutions to allow organizations to access critical data and analytics tools from anywhere with Internet connectivity. For instance, in December 2023, according to Eurostat, a Luxembourg-based government agency, around 45.2% of European Union (EU) enterprises opted for cloud computing services in 2023, representing a 4.2% rise from 2021. Therefore, the rising adoption of cloud-based solutions is driving the growth of the business intelligence management software market.
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Prominent Trend - Technological Advancements With AI-Powered Business Intelligence Solutions
The major companies operating in the business intelligence management software market are focusing on developing technologically advanced solutions, such as AI-based Business Intelligence (BI) platforms, to empower businesses with advanced capabilities for data analysis. An AI-based BI platform is a business intelligence software solution incorporating artificial intelligence (AI) technologies to enhance data analysis, decision-making, and automation capabilities. For instance, in July 2021, Zoho Ltd., an India-based software company, launched Zia AI, a business intelligence platform infused with artificial intelligence and data analytics capabilities for providing customers with highly accurate insights for marketing and business strategy. Zia AI is an artificial intelligence-powered assistant for business applications, and it is integrated into various Zoho products, such as Zoho Customer Relationship Management (CRM) and Zoho Analytics, to provide conversational assistance, predictive analytics, anomaly detection, automation of tasks, and more. Zia AI understands commands and queries issued over text and voice, enabling users to interact with it through chat or voice commands to perform various tasks, from fetching information to predicting sales outcomes and automating routine processes.
Business Intelligence Management Software Market Players
Major companies operating in the business intelligence management software market are Google LLC, Microsoft Corporation, International Business Machines Corporation, Oracle Corporation, SAP SE, Salesforce.com Inc., Adobe Inc., SAS Institute Inc., Databricks Inc., Teradata Corporation, Informatica LLC, Tableau Software LLC, Tibco Software Inc., Cloudera Inc., Qlik Technologies Inc., MicroStrategy Incorporated, Domo Inc., Sisense Ltd, BOARD International SA, ThoughtSpot Inc., GoodData Corporation, Information Builders Inc., Yellowfin International Pty Ltd, Panorama Software Ltd., ClearStory Data
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Largest And Fastest Growing Region In The Market
North America was the largest region in the business intelligence management software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the business intelligence management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Business Intelligence Management Software Market Report Structure
3. Business Intelligence Management Software Market Trends And Strategies
4. Business Intelligence Management Software Market - Macro Economic Scenario
5. Business Intelligence Management Software Market Size And Growth
…..
27. Business Intelligence Management Software Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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