Global Business Intelligence (BI) Market Size, Share and Forecast 2028
Global business intelligence (BI) market was valued at
USD 24.90 billion in 2021, and it is expected to reach a value of USD 42.13
billion by 2028, at a CAGR of 7.6 % over the forecast period (2022-2028).
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Business intelligence (BI) is a technology-driven process for
analysing data and presenting information that may be used to make business
decisions by managers, corporate end users, and executives. BI includes a wide
range of techniques, instruments, and software programmes that enable
administrations to collect data from external sources and internal systems,
analyse it, enhance and monitor queries, and produce reports, dashboards, and
data visualisations for use by operational staff and corporate decision-makers.
The primary purpose of business intelligence (BI) is to help businesses grow by
enhancing data collection and utilising that data effectively to increase
productivity. Businesses that use BI techniques have converted their newly
created data into insights about their operational procedures. Strategic
company decisions are made using the information to boost output, boost
revenue, and quicken growth.
Businesses must use BI tools to make data-driven decisions
for effective business operations in the quickly expanding technological
environment. To develop new business models, the firm's balance their physical
and digital competencies. Enterprise need for data analytics software is
anticipated to increase as real-time data from smart devices and the internet
of things (IoT) are integrated with historical data, big data analytics, and
artificial intelligence.
Global
Business Intelligence (BI) Market Segmental Analysis
The Global Business Intelligence (BI) Market
segmentation is based on component, deployment, application, end Use and
regions. Based on the component, the market is segmented into Solutions and
Services. On the basis of deployment, the market can be further bifurcated into
Cloud and On-premises segments. On the basis of application, the Business
Intelligence (BI) Market is segmented into Supply chain analytic applications,
CRM analytic operations, financial performance and strategy management,
Production planning analytic operations and other (workforce analytic
operations, services operations). Based on end use the Business Intelligence
(BI) Market is segmented into IT and telecommunication, banking, finance,
security and insurance (BFSI), retail and consumer goods, manufacturing,
healthcare, and other sub-segments. Based on region the global Business Intelligence
(BI) market is segmented into North America, Europe, Asia-Pacific, South
America, and Middle East and Africa.
Analysis by Application
The application for managing financial performance
and strategy has the largest Business Intelligence (BI) Market share, and
throughout the projection period, it is anticipated to grow at the fastest
rate. Planning, budgeting, strategy management and other activities fall under
financial performance and management. Using BI, a user can evaluate various
business scenarios and determine the financial repercussions before acting.
Additionally, it improves the organization's forecasting precision. The demand
for these solutions in financial operations is driven by these elements.
The integration of BI in CRM analytic solutions is
probably driven by customer data analysis, contact centre data, and website
analytics. Some of the use cases in supply chain applications include
manufacturing, inventory management, logistics, and procurement. Due to the
emergence of Industry 4.0, Blockchain, among other technologies, analytic
applications in supply chain and production planning are predicted to
experience unprecedented growth.
Analysis by End Use
Due to the sensitivity of financial data and the
requirement to coordinate with several other industries, the BFSI vertical is
anticipated to hold the biggest Business Intelligence (BI) Market size during
the projection period (stock exchanges, tax authorities, central banks,
securities controlling authorities, revenue department, etc.). Some of the
reasons for the BFSI vertical's adoption of business intelligence include
establishing new investment plans, lowering risks, and improving marketing
strategies and client retention policies. The vertical for healthcare and life
sciences is anticipated to have the highest CAGR over the projection period.
The use of business intelligence solutions in the healthcare and life sciences
industry is driven by the increasing complexity of the healthcare industry
vertical and the demand for remote and real-time insights from unstructured
clinical data.
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Top
Players Company Profiles
Google
(US)
SAP SE
(Germany)
Cisco
Systems Inc. (US)
Information
Builders (US)
Qlik
Technologies Inc. (US)
SAS
Institute Inc. (US)
Recent Development
In September 2021, Domo, Inc. unveiled Sandbox, a
brand-new tool for the Domo platform, in September 2021. It helps clients
create content and promote it for production across multiple sectors.
Global
Business Intelligence (Bi) Key Market Trends
The combination of business intelligence tools with
cutting-edge technologies like artificial intelligence, machine learning, and
the internet of things (IOT) is one the trends in the BI market and it
facilitates higher level management in more precise decision making and also
enhances user-experience.
The most recent development in the business
analytics market is the usage of augmented analytics as well as its use in
data-testing operations without any IT support. The business process management
Business Intelligence (BI) Market is seeing a rise in the use of artificial
intelligence and business process management tools.
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