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
- IBM Corporation (US)
- Oracle Corporation (US)
- Microsoft Corporation (US)
- 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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Global Healthcare Business Intelligence (BI) Market is expected to reach US$ 10.89 Bn by 2024 from US$ 3.6 Bn in 2016 at CAGR of 14.85%Global healthcare business intelligence (BI) market is segmented by function, technology, application, end user, and geography.
Function segment is classified as query & reporting tools, OLAP and visualization tools and performance management/ monitoring & alerts.
The market on the basis of geography is segmented by North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
Healthcare Business Intelligence (BI) assists in handling and analyzing large amounts of data generated in healthcare for effective decision making and enable healthcare organizations to build applications that help them understand their processes and use technology to help ensure health care quality and reduce cost.
North America is followed by the Asia Pacific in terms of growth attributed to growth in BI adoption by China, India, Singapore, Malaysia, among others.
The European market is anticipated to grow at the lowest CAGR mainly due to an economic crisis, cultural barriers to IT adoption, and lack of initiatives for implementing BI systems.
According to a new market research report " Business Intelligence Market by Type (Platform, Software, Service), Data type (Unstructured, Semi-Structured, Structured), Business Application, Organization Size, Deployment Model, Industry Vertical, and Region - Global Forecast to 2021", published by MarketsandMarkets™, The global Business Intelligence (BI) market is estimated to grow from USD 17.09 Billion in 2016 to USD 26.88 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 9.5%.BI helps business users access business data and perform queries to generate insights.
It equips business users with easy-to-use data exploration, data preparation, appropriate analytics, and data visualization tools & techniques.Browse and in-depth TOC on “Business Intelligence Market”89 - Tables46 - Figures167 - Pages Ask for PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1048Business Intelligence (BI) tools enable enterprises realize crucial benefits, such as cutting losses, creating new opportunities, saving costs, and increasing efficiency by analyzing and acting on any business issue.
The major growth drivers of the Business Intelligence market include increasing adoption of cloud, growth of advanced analytics, adoption of data driven decision-making, and emergence of Internet of Things (IoT)-enabled technologies.Many organizations across various verticals have been utilizing BI tools to enhance their decision-making abilities.
First, the growing market pressures, such as global rivalry, regulations, slender margins, and quickened design cycles, which compel organizations to have the capacity to take quick decisions based on business data.
Second, owing to rapid digitization, more data is being generated by the systems, devices, equipment, automation, and products than ever before, which requires the use of robust BI tools for real-time analysis.
Hence, organizations are adopting BI tools to gather valuable insights that would simplify and streamline the decision-making process in real-time.BI solutions are used widely by major verticals globally, such as Banking, Financial Services, and Insurance (BFSI); telecommunications & IT; retail & consumer goods; healthcare & life sciences; government & defense; manufacturing; energy & utilities; media & entertainment; transportation & logistics; and others, for various business needs.
The Global Business Intelligence (BI) Market is anticipated to cross USD 23.763 Billion in 2027, registering a CAGR of 14% during forecast period 2021- 2027.Business intelligence (BI) refers to the procedural and technical infrastructure that collects, stores, and analyzes the info made by a company's activities.
moreover, the introduction of lockdowns has resulted during a larger stress on cloud-based solutions.
There has been a rise in demand for health-related wearable devices as a result of the exaggerated stress on health.The key market players for the global Business Intelligence market are listed below:IBM, Oracle, SAP, SAS Institute, Adobe Systems, Attensity Group, Beevolve, Clarabridge, Crimson Hexagon, Evolve24, Google, HP, Kapow Software/ Kofax, Lithium Technologies, NetBase Solutions, Radian6/Salesforce, Sysomos, CisionFor Right Perspective & Competitive Insights, Request a Sample @:https://introspectivemarketresearch.com/request/14723Market segmentationThe Business Intelligence (BI) market is segmented by type and application.
Growth between segments over the period 2021-2027 provides accurate calculations and forecasts of revenue by type and application in terms of volume and value.
This analysis can help you expand your business by targeting eligible niches.Regional Segmentation of the Business Intelligence Market:North AmericaAsia PacificEuropeMiddle East & AfricaLatin AmericaProduct Segment Analysis:On-premises, CloudThe analysis also divides the Business Intelligence Market on the Applications:Manufacturing, BFSI,IT & Telecom, Retail, Healthcare, Logistics ,EducationThe market research report also discusses the numerous development strategies and plans that the Business Intelligence (BI) industry follows to expand to a global level.
Details related to the dynamic change in the segment are provided in the research report.
