The global Business Intelligence market reached a value of about USD 27.4 billion in 2021. The industry is projected to grow at a CAGR of around 13% in the forecast period of 2022-2027 to reach a value of about USD 57.2 billion by 2027.
The global Business Intelligence industry report gives a comprehensive analysis of the industry, including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. The market is witnessing growth due to the increasing rate of industrialisation and the growing number of businesses adopting the technology. North America is the highest category spender by region, driving the demand for the Business Intelligence industry.
Business intelligence (BI) is the technical and specialised infrastructure that compiles, conserves, and studies the data produced by a company's actions. It parses all company's data and displays it in easy-to-understand reports, metrics, and trends that help managers make better decisions. The Business Intelligence industry report comprises segments by type (Traditional BI, Cloud BI, Mobile BI, and Social BI) and region (North America, Europe, Asia Pacific, the Middle East, and Africa, and South America).
North America holds the largest share in the industry owing to its technological advancements in company management analytics for sales, production, and innovation. The region also has most of the essential participants in the evolution of business intelligence. Furthermore, factors such as rigorous technological R&D, increased competition, and an evolving trend of data proliferation are likely to further expand the market's development in the region.
The industry is being driven by the need to manage a massive amount of data using a more straightforward approach that involves identifying, collecting, preserving, and exchanging. Business intelligence technology aids businesses in improving their operations and surviving in an ever-increasingly competitive market, providing them with a competitive edge and boosting the market's expansion. Furthermore, Analytics data mining from devices such as tablets, smartphones, and laptops is growing exponentially. This has resulted in a massive quantity of data being mined and managed by BI vendors to recognise user behaviour and generate customised products for their clients to increase market share and value. Also, the emergence of several online firms and startups may boost BI use. Furthermore, market growth is likely fueled by the increased need for effective data management solutions.
The global Business Intelligence industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by major global Business Intelligence regions, such as engagement models, contract terms, and buyer and supplier negotiation levers.
For baseline data, BI applications have typically relied on data warehouses. A data warehouse consolidates data from numerous sources into a single system to assist corporate analytics and reporting. Business intelligence software queries the warehouse and displays the findings in reports, charts, and maps to the user. Data warehouses can contain an online analytical processing (OLAP) engine to facilitate multidimensional queries.
The industry is being aided by the factors such as the increased focus on digital transformation, increased investments in analytics, increased demand for data visualisation dashboards, increased cloud use, and increased data generation. Data visualisation tools in the cloud enable enterprises to conduct data analysis in a cost-effective and scalable manner furthering the industry's growth. In addition, the technology is gaining traction as cloud-based services become more widely used. Also, data analytics utilisation is increasing, data generation is growing, SMEs are adopting cloud business intelligence (BI), and BI products are becoming more efficient. Data dependency is expanding due to technologies like AI, ML, and IoT, which are driving up demand for BI tools. They assist in improving banking and financial sector operations by detecting, evaluating, addressing, and resolving issues in real-time.
The regional markets for the industry can be divided into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.
With numerous well-established competitors, the global business intelligence industry is competitive. To get a competitive edge over other market participants, business intelligence suppliers have used various organic and inorganic growth techniques such as new product launches, product upgrades, partnerships and agreements, business expansions, and mergers and acquisitions. The market's leading corporations use partnership strategies to expand their product portfolio and strengthen their brand image.
1. Executive Summary
2. Business Intelligence Market Snapshot
2.1. Business Intelligence Market Outlook
2.2. Business Intelligence Industry Analysis by Type
2.2.1. Traditional BI
2.2.2. Cloud BI
2.2.3. Mobile BI
2.2.4. Social BI
2.3. Region Overview
2.3.1. North America
2.3.2. Asia Pacific
2.3.4. Latin America
2.3.5. Middle East and Africa
3. Impact of Recent Events
4. Business Intelligence Value Chain Analysis
5. Business Intelligence Production Process
6. Trade Analysis
7. Major Risk Factors in Sourcing
8. Business Intelligence Cost Structure
9. Business Intelligence Price Analysis
10. Key Demand Indicator Analysis
11. Key Price Indicator Analysis
12. Business Intelligence Market Dynamics
12.1. Drivers & Constraints
12.2. Industry Events
12.3. Innovations & Trends
12.4. Swot Analysis
12.5. Porter’s Five Forces
12.5.1. Buyer Power
12.5.2. Supplier Power
12.5.3. Threat of New Entrants
12.5.4. Threat of Substitutes
12.5.5. Industry Rivalry
13. Industry Best Practices
13.1. Sourcing Strategy
13.2. Procurement Model
13.3. Contract Structure
13.4. Negotiation Levers
13.5. Pricing Model
13.6. Key Factors Influencing the Quotation
14. Key Supplier Analysis
14.1. QlikTech International AB
14.2. Tableau Software, LLC
14.3. Microsoft Corporation
14.4. Oracle Corporation
14.5. SAP SE
The global Business Intelligence market size was valued at USD 27.4 billion in 2021.
In the forecast period of 2022-2027, the market is projected to grow at a CAGR of 13%.
The significant demand for data visualisation is one of the essential drivers of the Business Intelligence market growth.
QlikTech International AB, Tableau Software, LLC, Microsoft Corporation, Oracle Corporation, and SAP SE are some of the key companies in the market.
The North American region of the Business Intelligence industry holds a significant share in the market.
The global Business Intelligence market attained a value of USD 27.4 billion in 2021, driven by the need to manage a vast amount of data using a more straightforward approach that involves identifying, collecting, preserving, and exchanging. Aided by the growing technological advancements like AI, ML, and IoT, the market is expected to witness further growth in the forecast period of 2022-2027, growing at a CAGR of 13%. The market is projected to reach USD 57.2 billion by 2027. Some of the leading players in the industry are QlikTech International AB, Tableau Software, LLC, Microsoft Corporation, Oracle Corporation, and SAP SE.
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