Business Intelligence Market Size, Share, Trends, And Outlook 2032

Business Intelligence Market Size

Zion Market Research has published a report on the global Business Intelligence Market, estimating its value at USD 31.1 Billion in 2023, with projections indicating that it will reach USD 75.89 Billion by 2032. The market is expected to expand at a compound annual growth rate (CAGR) of 10.42% over the forecast period 2024-2032.

The report explores the factors fueling market growth, the hitches that could hamper this expansion, and the opportunities that may arise in the Business Intelligence Market industry. Additionally, it offers a detailed analysis of how these elements will affect market demand dynamics and market performance throughout the forecast period.

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Business Intelligence Market: Overview

Business Intelligence is a technology based process which analyses and transforms raw data into useful and actionable information for business analysis purposes. BI technologies handle the large amounts of organized and sometimes organized data to help identify, develop and create new strategic business opportunities. BI technologies help to provide historic, current and predictive views of business operations which helps executives, managers to take practical decisions. The main aim of implementing BI initiatives is to make improved business decisions, which in turn will result in revenue growth and also improve efficiency in business operations. BI allows easy interpretation of these large volumes of data, which benefits in implementing an effective strategy based on insights and can provide businesses with a competitive market advantage and long-term stability. BI comprises a combination of analytics, data management and reporting tools, various methodologies for managing and analyzing data.

COVID-19 Impact Analysis

The global Business Intelligence market has witnessed a slight decline in the growth for short term due to the lockdown enforcement placed by governments in order to contain COVID spreading. The restrictions imposed by various nations to contain COVID had stopped the production, resulting in a disruption across the whole supply chain. However, the global markets are slowly opening to their full potential and there's a surge in demand for Business Intelligence. The market would remain bullish in upcoming year.

The significant decrease in the global Business Intelligence market size in 2020 is estimated on the basis of the COVID-19 outbreak and its negative impact on the economies and industries across the globe. Various scenarios have been analyzed on the basis of inputs from various secondary sources and the current data available about the situation.

Business Intelligence Market: Growth Factors

Various sectors focusing on digital transformation, raising investments in analytics, increasing demand of dashboards for data visualization, increase in acceptance of cloud, and rise in data generation will drive the growth of the business intelligence market. Business intelligence is now being used by many enterprises to support a wide range of business decisions ranging from operational to strategic, which in turn making Business Intelligence market grow considerably. The benefits of implementing Business Intelligence are so many, but the data security is one of the major concern for the Business Intelligence vendors. Though, the Business Intelligence is in its early stages of growth, it will not become outdated because of the growing demand of data visualization. The initial cost for having a business intelligence tool or platform and its implementation in the organizations is very high. This will impact on the growth of Business Intelligence market as the budget is the main concern for many companies to spend on the newer technologies.

Business Intelligence Market: Segmentation

Technology Segment Analysis Preview

Business Intelligence market is segmented into two types: Technology and Deployment. Mobile BI is one of the important groups of Business Intelligence which held approximately 63.2% of the overall market in 2020. Mobile BI class is expected to be the largest segment in the market due to growing demand from pharmaceutical industry. Lower cost and easy availability of the products is expected to propel the growth of Mobile BI segment. Technology class of Business Intelligence market is further sub-segmented into Mobile BI, Cloud BI and Social BI.

Deployment Segment Analysis Preview

The market is segmented into two types: Cloud BI and On-Premises BI. On-premises applications may now take advantage of cloud-based storage, networking, and software, as well as analytical capabilities. Cloud deployment enable the organization to outsource the BI infrastructure to manage BI applications. This helps the organization to increase productivity, optimize implementation timelines, and reduce operational costs. Hence, cloud deployment is expected to show a remarkable growth rate.

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Business Intelligence Market: Report Scope

Business Intelligence Market: Regional Analysis

North America is expected to be the largest market for BI solutions due to major growth of data analytics in the market. Asia Pacific is expected to manifest high-growth over the foreseeable future due to rapid industrialization in the region and growing number of start-ups focusing on smartphone application development. Asia-Pacific is the fastest growing regional markets where the business intelligence market is estimated to grow by CAGR around 8.6 % in coming years.

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Business Intelligence Market: Competitive Players

Major market players of Business Intelligence market comprise:

• Microsoft
• IBM
• Oracle
• Microstrategy
• GoodData
• Targit
• SAS
• Tableau Software

The global Business Intelligence Market is segmented as follows:

By Technology

• Mobile BI
• Cloud BI
• Social BI

By Deployment

• Cloud BI
• On-Premises BI

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa