Business Intelligence Market to Reach Valuation of USD 35.6 Billion by 2028 – Growth in the Adoption of Cloud and Big Data Drives the Market

In terms of revenue, the Global Business Intelligence Market is expected to reach USD 35.6 Billion by 2028, growing at a CAGR (Compound Annual Growth Rate) of 6.90% from 2022 to 2028.

The main market driver is the increased need for dashboards for information perception to improve the ability to make business decisions. Most Business Intelligence Market Trends organizations now receive a worked-on measure that entails locating, gathering, monitoring, and transmitting much information. The target market is anticipated to rise due to the rapid development of new technologies like stream mining, in-memory analytics, and in-database analytics, which offer real-time analytics for fraud detection and customer interactions. In addition, the installation of Internet of Things devices is becoming more and more popular among consumers, which is assisting the growth of the global industry. The increasing demand for performance optimization features by different firms is another factor anticipated to propel the expansion of the Business Intelligence market. Big data analytics and cloud computing will be used more frequently due to their improved technical capabilities, leading to growth in the Business Intelligence market.

Key Highlights from the Report

• Among Components, the Solutions market segment is anticipated to dominate the Business Intelligence market with the largest market share in the forecast period considering the variety of products industry players are offering.
• By Business Function, the Human Resource market segment accounted for the maximum CAGR during the forecast period because it is extensively utilized in talent management among organizations.
• In terms of region, North America held the major market share in 2021 and is likely to be the most gainful market in the future. Elements including strenuous technological R&D, greater competition, and an evolving trend of data proliferation are aiding this market expansion.

Market Dynamics

Cloud computing and big data analytics have recently gained popularity because of rapid technical breakthroughs. Given that it acts as a storage facility for both structured and unstructured data, cloud computing is regarded as the ideal platform for BI applications. Similarly, big data technology has made it possible for these tools to evaluate a significant quantity of data and provide organizations with actionable insights that aid them in understanding opportunities and enhancing marketing strategies. In addition, the operational strategy of firms has undergone a paradigm shift due to social media. It has caused a significant amount of data to be generated from various media outlets, necessitating the use of these technologies to analyze the data. Therefore, the market size is projected to increase due to the widespread usage of social media and other internet services, including over-the-top services and e-commerce that produce many heterogeneous data.

The banking sector is increasing due to digitization and the rate at which numerous technology improvements have been adopted in recent years. The development of technologies and tools, such as Business Intelligence and data analytics, has assisted banks in adhering to all necessary regulations, being competitive, and serving the digital needs of today's modern clients. Financial firms can make shrewd financial and operational decisions with the help of these technologies. Due to the size of its clientele and the sensitive nature of the economic data involved, the BFSI sector is one of the crucial infrastructure segments that experience frequent fraud detections. The market for such solutions is anticipated to increase because financial service companies have been four times more vulnerable to fraud detection than other sectors.

However, small and mid-sized businesses are primarily concerned about the expense of installing BI technology. The expansion of the Business Intelligence industry may also be constrained by a need for more resources, including qualified data scientists, consulting analysts, and IT professionals. Nevertheless, introducing self-service is anticipated to remove the issue of costly infrastructure.

North America Business Intelligence market is expected to witness a noteworthy development with a significant growth rate over the analysis period. Notable industry participants like Tableau Software, LLC, Oracle Corporation, IBM Corporation, and Microsoft Corporation are anticipated to accelerate market growth in the area. Additionally, many businesses in this region are forming alliances and partnerships to boost efficiency and streamline operations by integrating BI technologies. With a drive toward automation in these areas in recent years, the healthcare and retail sectors are also anticipated to be crucial in the North American region. The transformation of the healthcare and retail industries and the creation of supportive conditions have enabled these industries to embrace digitization fully. As a result, the demand for Business Intelligence solutions is anticipated to increase tremendously in the upcoming years as analytics becomes a core component of these businesses.

The Global Business Intelligence Market is Segmented as follows

• Components
  • Solutions
  • Services
• Deployment Modes
  • Cloud
  • On-Premises
• Organization Sizes
  • Large Enterprises
  • Small & Medium-sized Enterprises (SMEs)
• Business Functions
  • Human Resources
  • Finance
  • Operations
  • Sales
  • Marketing
• Verticals
  • Retail
  • Manufacturing
  • Government & Public Services
  • Media & Entertainment
  • Transportation & Logistics
  • BFSI
  • Telecom & IT
  • Healthcare & Life Sciences
  • Tourism & Hospitality
  • Other Verticals (Real Estate, Education, Energy, and Utilities)
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

List of the Key Players of the Global Business Intelligence Market is

Cisco Systems Inc. (U.S.), Information Builders (U.S.), Microsoft Corporation (U.S.), Tableau Software LLC (U.S.), IBM Corporation (U.S.), SAS Institute Inc. (U.S.), SAP SE (Germany), Oracle Corporation (U.S.), Sisense Inc. (U.S.), Domo Inc. (U.S.), Yellowfin International Pty Ltd (Australia), Infor (U.S.)

The Global Business Intelligence Market Scope can be Tabulated as below