The business intelligence market witnesses a constant revenue increase. Growing volumes of digital data generated by businesses and increasing numbers of enterprises are major factors substantiating the market growth. Many businesses worldwide are incorporating business intelligence platforms to understand their customers better and improve their business. Besides, the market growth attributes to the increasing capabilities of intelligence tools.
With growing developments in business intelligence solutions led by the advancements in AI and related technologies, the market is expected to perceive rapid developments during years to come. According to Market Research Future (MRFR), the global business intelligence market is projected to witness significant growth by 2030, registering a phenomenal CAGR during the forecast period (2020 – 2030).
Increasing Investments in Data Intelligence Development Boost Market Size
Rising demand for tools that can support the intelligence of real-time events and streaming data positively impacts the market rise. Penetration of smart data discovery capabilities, machine learning (ML), and automation of the entire intelligence workflow foster the market, making it easier to distribute the data intelligence workload at a much reduced period.
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Major Players:
Players leading in the global business intelligence market include Verizon wireless (US), SAS Institute (US), SAP SE (Germany), Juniper Networks (US), Cisco Systems (US), AT&T (US), Rackspace (US), IBM Corp. (US), VMware (US), and Microsoft Corp. (US), among others.
Lack of Awareness for Business Intelligence is a Major Hindrance for Market Growth
The lack of awareness about business intelligence benefits and reluctance in adopting business intelligence are major factors restraining the market growth. Growing inclination of enterprises to save data on-premise rather than on cloud is set to affect the business intelligence market in the short term. Nevertheless, the increase in the adoption of intelligence platforms for cloud deployment would support the market's growth over the forecast period.
Global Business Intelligence Market –Segments
The report is segmented into components, technologies, deployments, organization size, industries, and regions. The component segment is sub-segmented into hardware and software. The technology segment is sub-segmented into mobile BI, cloud BI, social BI, and others. The deployment segment is sub-segmented into on-cloud and on-premise. The organization segment is sub-segmented into SMEs and large-scale enterprises.
The industry segmented is sub-segmented into telecom & IT, retail, media & entertainment, manufacturing, healthcare, government, energy & power, education, manufacturing, retail, BFSI, and others. The region segment is sub-segmented into Asia Pacific, Americas, Europe, and rest-of-the-world.
Global Business Intelligence Market – Geographical Analysis
North America leads the global business intelligence market. Increasing digitization of business processes and the presence of several key players in the region are major growth drivers. Besides, the presence of key technology providers and state-of-the-art infrastructure influence the regional market growth, allowing the early uptake of advanced business intelligence solutions.
The US dominates the regional market with vast technological advances and adoption of business intelligence solutions by various organizations. Furthermore, high technical expertise in natural language processing and machine learning fosters the growth of the regional market.
Global Business Intelligence Market – Competitive Analysis
Fiercely competitive, the business intelligence market witnesses the presence of many key players. To gain a larger competitive advantage, market players incorporate strategies, such as acquisition, collaboration, expansion, and technology launch.
Major players invest substantially in R&D to develop unique solutions that are entirely on a different level compared to their competition.
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Industry/Innovation/Related News:
July 13, 2021 --- Zoho Corp launched new business intelligence (BI) platform infused with AI, including data preparation tools that organizations would otherwise have to acquire separately. The new BI platform combines Zoho's technologies, such as DataPrep, with an enhanced version of analytics and its existing Show presentation software and Sites portal builder tools in a single offering.
The offering makes it simpler for end-users to construct and share analytics via visual dashboards, letting them launch queries against data using either graphical tools or the conversational AI platform.
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