The increasing requirement for data-driven decision-making in numerous industries is driving the Business Intelligence Market. The Business Intelligence Market is estimated to be worth USD 99.99 Billion during the forecast period dominating around USD 36.89 Billion in 2024, according to the Market Research analyst.
Cloud-based BI solutions, and the integration of AI and machine learning algorithms, have paced up market growth by offering scalable, as well as advanced analytics capabilities. It allows the market to grow at a CAGR of 13.47% during 2024-2031.
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Which are the Drivers Driving the Adoption of Business Intelligence?
Technological advancement and growth are driving the growth of the Business Intelligence Market. Business intelligence has applications in many different sectors, such as corporate organizations, IT, government departments, manufacturing firms, and the health sector. It helps to manage both financial and data processing functions. Also, with an increasing number of platforms and devices being utilized in the healthcare industry, business intelligence in the healthcare industry is on the rise. In order to provide patients with the best treatment and care possible, business intelligence healthcare software and tools gather information and data. For instance, AREU monitored infected patients during the COVID-19 pandemic with a business intelligence tool named Daily Tracker.
In addition, due to the fast growth of technology, big data, and cloud computing have played a larger role in the Business Intelligence Market over the past few years. Cloud computing is one platform that is reportedly ideal for BI operations. Big data has enabled the tools to analyze massive volumes of data and provide companies with informative insights that improve growth and sales tactics. As an example, IBM made known that it will introduce the IBM Cloud Multizone Region, which will help in the deployment of apps to cloud infrastructure. The market of BI is predicted to be fuelled by the above.
What are the Challenges in Business Intelligence Market?
The enormous investment in IT infrastructure is expected to slow down the Business Intelligence Market growth. For most companies, the cost of implementing business intelligence infrastructure is a significant concern. This growth of the BI market is also being inhibited by adequate factors such as professional data science experts, skilled IT professionals, and consulting analysts. Expensive software that affects the Business Intelligence Market is hard to install and maintain in small and medium-sized businesses, like cloud computing, big data, tableau, SQL Server Express, QLIK, and Power BI.
In addition, business intelligence tools remain applicable in the future years since they are yet to reach the peak of their development. When companies invest in new technology, capital is the primary consideration. Financial and resource limitations impact companies, especially small and medium-sized enterprises. The cost of adopting BI is one of the primary concerns of small- to medium-sized enterprises. The exorbitant price of acquiring the right tool discourages SMEs, thereby constraining market growth.
Category-Wise Acumens
How do Small and Medium-sized Enterprises Drive the Market Growth?
The small and medium-sized enterprises segment is likely to have the highest CAGR in the market in the forecast period because of numerous factors, such as the requirement for low-cost BI tools that are user-friendly, particularly for small and medium-sized enterprises (SMEs). Historically, BI solutions were costly and intricate, available to only major corporations. The market, though, has reacted with affordable and easy-to-use tools that can be rapidly adopted by SMEs and integrated into current processes. SMEs are famous for being flexible and adaptable, and this enables them to adopt BI solutions more effectively and efficiently. This mass adoption has caused an expansion in the BI market and has allowed SMEs to analyze customer behavior, competitor performance, and market trends. These insights enable SMEs to make informed decisions that optimize their operations, target their marketing campaigns accurately, and eventually result in growth.
Additionally, the simplicity and affordability of implementing BI solutions, along with the flexibility of SMEs to implement them, have also spurred the growth of the BI market. This growth has enabled SMEs to analyze and make informed decisions based on data, resulting in greater competitiveness, market share, and growth.
Which are the drivers of growth of Human Resources in the Business Intelligence Market?
The human resource segment is projected to have the maximum growth in the market over the forecast period. HR has always relied on hearsay or guesswork. Organizations now seek more objective information to guide them in making critical HR decisions. Talent management is enabled by HR BI, which gives insights into issues such as employee performance, hiring effectiveness, and turnover. The wars of talent are intensifying. HR BI helps find top performers and potential risks (such as high-flight risk). This enables HR to create targeted recruitment strategies, optimize benefit plans, and build productive workplaces that attract and retain top performers.
Also, HR BI has become more easily accessible and affordable for companies of all sizes because of the advancement in cloud-based HR platforms as well as interactive analytics tools. These advancements make it quicker to collect, analyze, as well as present data, thus making HR insights readily available. It might be challenging to adhere to labor legislations and regulations. HR BI helps firms to analyze data and identify potential compliance issues so that proactive action can be taken to address them. Employee engagement and retention are crucially dependent on a good work experience. HR departments can apply HR BI to track employee satisfaction, detect issues, and introduce programs that improve the employee experience in general.
Competitive Landscape
The competitive landscape of the Business Intelligence Market is dynamic and changing, fueled by shifting customer needs, technological innovation, and market forces. Providers are constantly innovating and differentiating their products to remain competitive and gain market share in this fast-growing market.
Some of the key players in the Business Intelligence Market are
IBM Corporation, Microsoft Corporation, Tableau Software, LLC, Oracle Corporation, Sisense Inc., Yellowfin International PVT. LTD., Qlik, SAP, Board International, MicroStaterg.
Latest Developments
In July 2020, Rackspace Technology made an announcement regarding a Strategic Partnership Agreement (SCA) with Amazon Web Services (AWS), which enables customers to achieve greater value from AWS cloud services. The firms have co-operated in order to boost offerings across the world as part of the Rackspace Technology service block catalog. The modular offerings enable customers to leverage Rackspace Technology’s managed services expertise in order to fulfill their unique requirements, such as cloud strategy, cost governance, migration, security support, and advanced cloud operations.
In June 2020, Microsoft partnered with SAS to create a vast technology and strategic platform that is most likely to move SAS analytical products, driving the sale of business intelligence systems.
In June 2020, IBM launched Watson Works, which assists firms in allowing workers to return to offices, emphasizing the process of dealing with numerous dimensions that mitigate the effects of coronavirus, driving the sale of business intelligence platforms.
| Report Coverage | Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis |
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| Regions Covered |
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| Key Players | IBM Corporation, Microsoft Corporation, Tableau Software, LLC, Oracle Corporation, Sisense Inc., Yellowfin International PVT. LTD., Qlik,SAP,Board International, MicroStaterg. |
| Customization | Report customization along with purchase available upon request
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Business Intelligence Market, By Category
Organization Size
- Large Enterprises
- Small and Medium-Sized Enterprises (SMEs)
Deployment Mode
- Cloud
- On-Premises
Business Function
- Human Resource
- Finance
- Operations
- Sales and Marketing
Vertical
- Retail
- Manufacturing
- Government and Public Services
- Media and Entertainment
- Transportation and Logistics
- BFSI
- Telecom and IT
- Healthcare and Life Sciences
- Tourism and Hospitality
- Others
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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