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Business Intelligence Management Software Market 2024 - By Industry Demand, Leading Players, Regional Overview And Forecast To 2033
Business Intelligence Management Software Market
According to The Business Research Company's, The business intelligence management software market size has grown rapidly in recent years. It will grow from $29.58 billion in 2023 to $32.60 billion in 2024 at a compound annual growth rate (CAGR) of 10.2%. The growth in the historic period can be attributed to the data explosion, spreadsheet limitations, complexity of data, regulatory compliance, and demand for self-service analytics.
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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Market Drivers and Trends:
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.
Major companies operating in the business process management market are focused on forming strategic partnerships to gain a competitive edge in the market. These partnerships play a crucial role in enhancing automation, ERP (enterprise resource planning) implementation, and digital transformation initiatives. For instance, in June 2023, Avec, an Australia-based specialist IT project delivery company, partnered with PRIME BPM, an Australia-based provider of end-to-end business process management organization, to enhance its project capabilities. Through this partnership, Avec aims to leverage PRIME BPM's software to enhance its project capabilities across various domains. This collaboration will result in the integration of PRIME BPM's end-to-end Business Process Management solutions into Avec service offerings, to deliver high-quality outcomes to its clients.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
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
Business Intelligence Management Software Market 2024 Key Insights:
• 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%.
• Cloud-Based Solutions Driving Growth Of Business Intelligence Management Software Market
• Technological Advancements With AI-Powered Business Intelligence Solutions
• North America was the largest region in the business intelligence management software market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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