Business Intelligence Market Overview
The global business intelligence market size is expected to reach USD 78.42 billion by 2032, according to a report by Market Research Future (MRFR). The market is projected to grow at a CAGR of 13.1% during the forecast period 2023-2032.
Business intelligence (BI) is a set of processes, technologies, and applications used to collect, analyze, and present data so that businesses can make better decisions. BI solutions help businesses to understand their data, identify trends, and make predictions.
The growth of the BI market is being driven by a number of factors, including the increasing adoption of cloud computing, the growing demand for data-driven decision making, and the rising need to improve operational efficiency.
Key Companies in the BI Market
Some of the key players in the business intelligence industry include:
- SAS Institute
- Tableau Software
- TIBCO Software
- Zoho Corporation
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These companies offer a wide range of BI solutions, including software, hardware, and services. They also have a strong presence in the global market, with a significant customer base.
The global business intelligence market is segmented by:
- Deployment type: On-premises, Cloud-based
- Organization size: Small and medium-sized enterprises (SMEs), Large enterprises
- Industry vertical: Banking, financial services, and insurance (BFSI), Retail, Manufacturing, Healthcare, IT and telecom, Government and public sector, Others
Top Impacting Factors
The following are the top impacting factors of the BI market:
- Increasing adoption of cloud computing: Cloud computing is a cost-effective and scalable way to deploy BI solutions. This is driving the adoption of BI solutions in small and medium-sized enterprises.
- Growing demand for data-driven decision making: Businesses are increasingly using data to make better decisions. BI solutions help businesses to collect, analyze, and present data in a way that is easy to understand and use.
- Rising need to improve operational efficiency: BI solutions can help businesses to improve operational efficiency by identifying areas where costs can be saved or productivity can be increased.
- Technological advancements: Technological advancements, such as artificial intelligence (AI) and machine learning, are enabling BI solutions to become more powerful and sophisticated. This is driving the growth of the BI market.
The key strategies adopted by players in the business intelligence market include:
- Acquisitions and partnerships: Companies are acquiring smaller BI vendors to expand their product portfolio and reach new customers. They are also partnering with other companies to offer integrated BI solutions.
- Innovation: Companies are continuously innovating to develop new BI solutions that meet the needs of businesses. They are also investing in research and development to stay ahead of the competition.
- Expansion into new markets: Companies are expanding into new markets to increase their customer base. They are also targeting new industry verticals with their BI solutions.
The North American market is expected to dominate the global business intelligence market during the forecast period. This is due to the high adoption of BI solutions in the region by businesses of all sizes.
The European market is also expected to grow at a significant rate during the forecast period. This is due to the increasing demand for BI solutions from businesses in the region.
The Asia Pacific market is expected to be the fastest-growing market for BI solutions during the forecast period. This is due to the growing economic development in the region and the increasing adoption of cloud computing.
Industry Latest News
- In January 2023, IBM announced the acquisition of Cognos, a leading provider of BI solutions. This acquisition will help IBM to expand its BI portfolio and reach new customers.
- In February 2023, Microsoft announced the launch of Power BI, a cloud-based BI solution. Power BI is designed to help businesses of all sizes to collect, analyze, and visualize data.
- In March 2023, Oracle announced the launch of Oracle Analytics Cloud, a cloud-based BI solution. Oracle Analytics Cloud is designed to help businesses to make better decisions by providing them with insights into their data.
These are just a few of the latest news from the business intelligence market. To stay up-to-date on the latest trends and developments, you can subscribe to industry publications or follow industry thought leaders on social media.
Browse Full Report Details: https://www.marketresearchfuture.com/reports/business-intelligence-market-2299
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