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Explosive Growth Projected for Business Intelligence Market: Valuation Set to Surge to US$ 56.2 Bill

Author : Rohit palan | Published On : 29 Mar 2024

The global business intelligence market size is predicted to surpass a valuation of US$ 28,216.8 million in 2023. It is anticipated to hit a valuation of US$ 56,200.9 million by 2033. The market is projected to thrive at a CAGR of 7.1% from 2023 to 2033.

The capabilities of business intelligence systems have been considerably improved by ongoing technological breakthroughs. Such as in cloud computing, big data analytics, artificial intelligence, and machine learning. Scalability, flexibility, and affordability are all features of cloud-based BI solutions that enable BI to be used by businesses of various sizes.

More advanced data analysis and predictive modeling are possible by AI-powered analytics tools and machine learning algorithms, enabling firms to find important patterns and insights.

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Organizations are aware that successfully utilizing data may provide them with a competitive advantage. Businesses may acquire a greater knowledge of their customers, markets, and operations by utilizing business intelligence tools to find hidden patterns, trends, and correlations in their data. These insights may be utilized to improve consumer experiences, find new market possibilities, optimize corporate strategy, and spur innovation.

Self-service analytics are now supported by business intelligence platforms, enabling users to access and evaluate data without relying heavily on IT or data analysts. Self-service BI technologies allow non-technical people to independently examine data, produce reports, and develop insights due to their easy user interfaces, drag-and-drop capabilities, and visualizations. Within enterprises, this movement has democratized data analytics and increased the user base of business intelligence.

The business intelligence system’s more up-to-date sophisticated analytics and improved statistical support are also contributing to the market’s expansion. Business intelligence technologies and machine learning aid corporate settings in problem-solving strategies and forecasting potential outcomes.

Additionally, this aids in streamlining internal corporate operations, boosting revenue development, and connecting technology. To improve processing, giving businesses an advantage over rival brands, thereby surging Business Intelligence market growth consistently.

Key Takeaways:

  • The global business intelligence market size expanded at a CAGR of 5.0% from 2018 to 2022.
  • In 2018, the global market size stood at US$ 21,962.1 million.
  • The market size stood at US$ 26,745.8 million in 2022.
  • In 2022, the solution segment captured 68.9% of market shares.
  • The sales and marketing segment captured 42.3% shares in the global market.
  • In 2022, the United States captured 19.4% shares in the global market.
  • China held 8.3% shares in the global business intelligence industry in 2022.
  • In 2022, the United Kingdom captured 6.7% shares in the global market.

Key Players:

  • IBM
  • Oracle
  • Microsoft
  • SAP
  • Google

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Recent Developments Observed:

  • Ramp announced its ambitions to provide new artificial intelligence technologies in May 2023. The business plans to introduce the new tools with a function that might ascertain whether a firm has overpaid for its software contracts.
  • SoftLedger debuted a business intelligence dashboard with real-time data in December 2022. The purpose of this publication is to assist Chief Financial Officers (CFOs) in making tactical decisions for their company.

Market Segmentation:

By Component:

  • Solution
  • Dashboards and Scorecards
  • Data Integration and ETL
  • Reporting and Visualization
  • Query and Analysis
  • Service
  • Consulting Services
  • Deployment and Integration Services
  • Support and Maintenance Services

By Organization Size:

  • Large Enterprises
  • SMEs

By Business Function:

  • Human Resources
  • Finance
  • Operations
  • Sales and Marketing

By Vertical:

  • Retail
  • Manufacturing
  • Government and Public Services
  • Media Entertainment
  • Transportation and Logistics
  • BFSI
  • Telecom and IT
  • Healthcare and Hospitality

By Deployment:

  • On-premise
  • Cloud

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • The Middle East & Africa (MEA)
  •