Press release
Business Intelligence Market Set to Reach USD 78.62 Billion by 2034, Growing at a 9.3% CAGR
According to Polaris Market Research latest analysis, the global business intelligence market was valued at USD 32.41 billion in 2024 and is projected to reach USD 78.62 billion by 2034. It is projected to register a compound annual growth rate (CAGR) of 9.3% from 2025-2034.
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Market Scope
Business intelligence (BI) is a technology-driven data analytics procedure that assists a firm's managers, executives, and workers make informed business decisions. As a constituent of the BI procedure, pertinent data is gathered and devised for analysis. Questions are fed into the data, and the analytics outcomes are used to reinforce functional decision-making and strategic planning.
The ultimate objective of BI enterprises is to push superior business resolutions that enable firms to increase revenue, enhance functional productivity, and acquire competitive advantage over business opponents. BI embodies a blend of analytics, data visualisation, and reporting instruments plus several techniques for handling and inspecting data.
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Driving Factors
Rising Data Volume
The proportion of data created by businesses is growing swiftly due to rapid digital transformations, social media reach, IoT technology acquisition, and more. As per the World Economic Forum, 181 zettabytes of data are anticipated to be generated by 2025, which is thrice the data generated in 2020. This massive proportion of data is almost unfeasible to scrutinize without appropriate instruments propelling the business intelligence market forward.
Shift Towards Cloud Computing
Firms are moving to cloud computing for flexibility, ease of use, economy, safety, enhanced data access, and alliance. This shift supports superior BI framework handling. As per Eurostat, 42.5% of firms have acquired cloud-based BI solutions in Europe in 2023. Firms no longer need to invest in costly hardware or worry about handling on-premise data centers. Cloud computing has enhanced the approachability of data, making the business more effective and capable of making real-time decisions.
Competitive Landscape
Key players are focused on advancing BI solutions across various applications, including CRM analytics, supply chain analytics, and workforce analytics. Some of the prominent players in the market include:
AWS
DOMO
IBM
Information Builders
Microsoft
MicroStrategy
Oracle
Qlik
Salesforce
SAP
SAS
Sisense
Teradata
TIBCO
Yellowfin
Market Segmentation
The business intelligence market is categorized by component, deployment, organization size, business function, vertical, and region.
Based on component, the services segment is projected to witness significant growth due to the adoption of BI instruments to make superior decisions, enhance efficacy, and acquire a competitive edge.
Based on vertical, the BFSI segment led the market in 2024 owing to firms handling huge proportions of data and requiring progressive tools to handle probabilities and detect fraud.
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Regional Insights
The business intelligence (BI) market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America led the market in 2024, driven by the strong presence of major BI providers such as Microsoft, IBM, and AWS, along with the region's early adoption of advanced analytics technologies. Organizations across the U.S. and Canada are leveraging BI tools to enhance decision-making, foster innovation, and maintain competitive advantages.
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Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.
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