Business Intelligence market size is USD 16.9 million in 2023 and will grow at a CAGR of 9.50% from 2023-2030: Cognitive Market Research

Introduction of?Business Intelligence tool

Business intelligence (BI) tools refer to a set of technologies, processes, and tools that enable organizations to collect, analyze, and present business data to support decision-making. One of the main areas of interest for both suppliers and consumers is the application of business intelligence (BI) to big data processing. One of the main drivers of cloud computing's use for BI and analytics access is the development of IoT and big data. Likewise, as more work continues to be done outside the traditional office, the worldwide demand for mobile business intelligence capabilities continues to expand, as most surveys suggest.

In June 2020, IBM introduced Watson Works to solve the difficulties associated with going back to work. In order to assist businesses in navigating various facets of the return-to-workplace challenge resulting from lockdowns implemented to halt the spread of COVID-19, Watson Works is a carefully selected collection of products that embed the Watson Al model and applications.

Key Insights from Business Intelligence Tools Market Report

The Global Business Intelligence market size is USD 16.9 million in 2023 and will grow at a CAGR of 9.50% from 2023 to 2030.

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Growing Emphasis on Data-Driven Decision-Making to Provide Viable Market Output

In the Business Intelligence Tools market, the increasing recognition of the strategic importance of data-driven decision-making serves as a primary driver. Organizations across various industries are realizing the transformative power of insights derived from BI tools. As the volume of data generated continues to soar, businesses seek sophisticated tools that can efficiently analyze and interpret this information. The ability of BI tools to convert raw data into actionable insights empowers decision-makers to formulate informed strategies, enhance operational efficiency, and gain a competitive edge in a data-centric business landscape.

In June 2020, SAS and Microsoft established a comprehensive technology and go-to-market strategic alliance. As part of the collaboration, SAS's industry solutions and analytical products will be moved to Microsoft Azure, SAS Cloud's preferred cloud provider.

• Rise in Adoption of Advanced Analytics and Artificial Intelligence to Propel Market Growth

Another significant driver in the Business Intelligence Tools market is the escalating adoption of advanced analytics and artificial intelligence (AI) capabilities. Modern BI tools are incorporating AI-driven functionalities such as machine learning algorithms, natural language processing, and predictive analytics. These technologies enable users to uncover deeper insights, identify patterns, and predict future trends. The integration of AI not only enhances the analytical capabilities of BI tools but also automates processes, reducing manual efforts and improving the overall efficiency of data analysis. This trend aligns with the industry's pursuit of more intelligent and automated BI solutions to derive maximum value from data assets.

In March 2020, IBM created a new, dynamic global dashboard to display the global spread of COVID-19 with the assistance of IBM Cognos Analytics. The World Health Organization (WHO) and state and municipal governments provide the COVID-19 data displayed in this dashboard.

Market Dynamics of the?Business Intelligence tool Market

• Data Security and Privacy Concerns to Restrict Market Growth

One of the key restraints in the Business Intelligence Tools market revolves around persistent concerns regarding data security and privacy. As organizations increasingly rely on BI tools to process and analyze sensitive business information, the risk of data breaches and unauthorized access becomes a prominent challenge. Heightened awareness of regulatory requirements, such as GDPR, has intensified the focus on protecting sensitive data. Businesses face the challenge of implementing robust security measures within BI tools to ensure compliance with regulations and safeguard against potential data vulnerabilities, thereby slowing down the adoption pace.

Impact of COVID-19 on the Business Intelligence market

The COVID-19 pandemic has had a profound impact on the Business Intelligence (BI) market. As organizations grappled with unprecedented disruptions, the need for timely and accurate insights became paramount. The pandemic accelerated the adoption of BI tools as businesses sought to navigate uncertainties and make data-driven decisions. Remote work became a norm, prompting increased demand for BI solutions that support virtual collaboration and enable users to access analytics from anywhere. Moreover, there was a notable shift towards cloud-based BI platforms, providing scalability and flexibility to adapt to changing business dynamics. The crisis highlighted the strategic importance of BI in enhancing resilience, agility, and the ability to extract valuable insights from diverse and rapidly changing datasets, driving a sustained evolution in the BI market landscape.

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Competitive Landscape Of the Business Intelligence (BI) Market

The competitive landscape of the Business Intelligence (BI) market is marked by intense rivalry and strategic manoeuvres among key players. As of the latest market analysis, major companies such as Tableau, Microsoft, SAP, IBM, and Oracle are at the forefront, leveraging their technological prowess to innovate and dominate.

Business Intelligence (BI) Industry News

In August 2019, Salesforce has successfully acquired Tableau, a prominent provider of analytics platforms. Salesforce would be able to provide individuals of all skill levels with strong Al-driven insights across all sorts of data and use cases thanks to the purchase.

Top Companies Market Share in Business Intelligence Tools Industry:

• Microsoft Corporation (U.S.)
• Google LLC (Alphabet Inc.) (U.S.)
• Zebra Technologies Corporation (U.S.)
• Esri (U.S.)
• Hexagon AB (Sweden)
• Here Technologies (Netherlands)
• Precisely (US)
• SAP SE (Germany)
• TomTom (Netherlands)
• SAS Institute Inc. (U.S.)

Business Intelligence Tools Market Analysis

Component Segment Analysis

According to Cognitive Market Research, the dominant category is the comprehensive suite of Business Intelligence Platforms. These platforms serve as the backbone, offering a cohesive and integrated environment for organizations to manage their BI initiatives. Business Intelligence Platforms encompass a wide array of functionalities, including data integration, ETL (Extract, Transform, Load), reporting, visualization, query and analysis, and corporate performance management (CPM) suites. Organizations opt for these platforms as they provide end-to-end solutions for collecting, processing, and analysing data, offering a centralized hub for decision making.

The fastest-growing category in the Business Intelligence Tools market is Dashboards and Scoreboards. These tools focus on providing intuitive and visually appealing interfaces that enable users to monitor key performance indicators (KPIs) and metrics in real-time. The demand for Dashboards and Scoreboards is rapidly increasing as organizations seek user-friendly solutions for quick insights and data-driven decision-making. These tools empower users at various levels within an organization to access summarized and visually rich information, enhancing overall business intelligence accessibility and usability. The agility and immediacy offered by Dashboards and Scoreboards contribute to their rapid adoption and growth in the market.

Data Type Segment Analysis

According to Cognitive Market Research, the dominant category is Structured Data. Structured data refers to organized and highly formatted information that fits neatly into relational databases. This category represents traditional, tabular data with clear and predefined fields. Business Intelligence Tools predominantly focus on structured data due to its consistency and ease of analysis. Organizations heavily rely on structured data sources, such as databases and spreadsheets, to derive actionable insights and support informed decision-making processes. The dominance of structured data underscores its foundational role in business intelligence, providing a stable foundation for analytics and reporting.

The fastest-growing category in the Business Intelligence Tools market is Unstructured Data. This category encompasses information that lacks a predefined data model, making it more challenging to analyze using traditional methods. Unstructured data includes text, images, videos, and social media content. The rapid growth of unstructured data arises from the increasing recognition of its potential value in revealing insights and trends. Business Intelligence Tools are evolving to incorporate advanced analytics and natural language processing capabilities to unlock the hidden value within unstructured data. As organizations seek a holistic view of their data landscape, the agility to harness insights from unstructured sources propels this category's accelerated growth.

• Structured Data
• Unstructured Data
• Semi-Structured Data

Function Segment Analysis

According to Cognitive Market Research, the dominant category is Finance. Finance functions within organizations are crucial for data-driven decision-making, budgeting, forecasting, and financial performance analysis. Business Intelligence Tools tailored for finance empower professionals to access real-time financial data, perform intricate financial analyses, and generate comprehensive reports. The finance category dominates due to the critical role of data analytics in optimizing financial processes, ensuring compliance, and providing executives with insights into the financial health of the organization.

The fastest-growing category in the Business Intelligence Tools market is Sales and Marketing. This category addresses the increasing demand for analytics solutions that enhance sales and marketing strategies. Business Intelligence Tools designed for sales and marketing enable organizations to gain actionable insights into customer behavior, optimize marketing campaigns, and enhance sales performance. With the growing emphasis on customer-centric approaches, organizations are investing in tools that harness data to improve customer targeting, lead generation, and overall sales and marketing effectiveness. The rapid growth of this category reflects the evolving landscape of customer relationship management and the pivotal role of data in driving sales and marketing success.

• Human Resource
• Finance
• Operations
• Sales and marketing

Technology Segment Analysis

According to Cognitive Market Research, the dominant category is Cloud Technology. Cloud-based solutions have become integral to business intelligence, offering scalability, flexibility, and accessibility. The dominance of cloud technology signifies the industry's shift towards scalable and cost-effective solutions. Cloud-based Business Intelligence Tools facilitate real-time collaboration, data storage, and analysis, enabling organizations to efficiently manage and leverage their data resources. As businesses prioritize agility and remote accessibility, the cloud has emerged as the dominant technological foundation for modern BI solutions.

The fastest-growing category in the Business Intelligence Tools market is Mobile Technology. The proliferation of mobile devices has transformed the way professionals access and interact with business intelligence insights. Mobile BI solutions empower users to retrieve critical data on the go, enhancing decision-making processes and fostering a mobile workforce. The increasing demand for mobile accessibility reflects the need for real-time insights anytime, anywhere. As mobile technology continues to evolve, organizations are investing in Business Intelligence Tools that prioritize responsive and intuitive mobile interfaces to cater to the dynamic and fast-paced nature of modern business environments.

• Mobile
• Cloud
• Social
• Others

Deployment Mode Segment Analysis

According to Cognitive Market Research, the dominant category is unequivocally Cloud Deployment. Cloud-based solutions have redefined the BI ecosystem, offering unparalleled flexibility, scalability, and cost-efficiency. Organizations are increasingly adopting cloud deployment models to streamline data management, enhance collaboration, and achieve rapid scalability. The dominance of cloud solutions reflects the industry's commitment to harnessing the power of remote accessibility, real-time analytics, and seamless integration, making it a foundational choice for businesses aiming to stay competitive in the rapidly evolving data-driven landscape.

The fastest-growing category in the Business Intelligence Tools market is On-Demand Deployment. Businesses are gravitating towards on-demand solutions due to their agility and immediacy. On-demand BI tools enable organizations to access critical insights and analytics precisely when needed, without the need for extensive infrastructure investments. This category's rapid growth is indicative of the industry's inclination towards solutions that provide instant access to intelligence without compromising on functionality. As the demand for real-time decision-making intensifies, on-demand deployment models are emerging as the go-to choice for organizations seeking swift and efficient BI implementations.

• Cloud
• On-Demand
• On-Premises

In terms of revenue, the North America?Business Intelligence Market share was 40% of the total market

According to Cognitive Market Research, the global Business Intelligence Tools market size was estimated at USD XX Million out of which North America held the major market of more than 40% of the global revenue with a market size of USD XX million in 2023 and will grow at a compound annual growth rate (CAGR) of 7.7% from 2023 to 2030. The region's overview is marked by a cutting-edge technological landscape, a mature business environment, and widespread digital integration, establishing it as a key hub for BI tool deployment. A thorough regional analysis emphasizes North America's strategic importance, propelled by an unwavering commitment to data-driven decision-making across diverse industries. The segmentation analysis illuminates the adaptability of BI tools, catering to a spectrum of business needs and sectors within the North American market. In conclusion, North America's significant 40% market share and substantial market size underscore its pivotal role in shaping the global Business Intelligence Tools landscape, positioning it as a critical epicentre for industry leaders and investors seeking substantial growth opportunities.

According to Cognitive Market Research, the global Business Intelligence Tools market size was estimated at USD XX Million out of which Asia-Pacific held the fastest growing market of more than 23% of the global revenue with a market size of USD XX million in 2023 and will grow at a compound annual growth rate (CAGR) of 11.5% from 2023 to 2030. The region's overview is characterized by a dynamic technological landscape, rapid digitalization, and a burgeoning market for BI tool adoption, establishing it as a key driver of growth. A comprehensive regional analysis underscores Asia-Pacific's strategic significance, fueled by the increasing recognition of data-driven decision-making across diverse industries. The segmentation analysis reveals the versatility of BI tools, catering to various business needs and sectors within the Asia-Pacific market. In conclusion, Asia-Pacific's impressive 23% market share and substantial market size highlight its pivotal role in the global Business Intelligence Tools landscape, positioning it as a lucrative region for industry players and investors seeking rapid expansion and innovation.

Frequently Asked Questions (FAQs)

What is the market size for the Business Intelligence market in 2023?

• The global market size for Business Intelligence in 2023 was XX USD million.

What is the growth rate for the Business intelligence market over the forecast period?

• The global business Intelligence market is expected to grow with a CAGR of 9.50% over the projected period.

Which is the leading region of the market for Business Intelligence?

• North America held a significant global Business Intelligence market revenue share in 2023.

Which region is projected to detect the fastest growth in the Business Intelligence market over the forecast period?

• Asia-Pacific will witness the fastest growth of the global Business Intelligence market over the coming years.

Which country is leading in the Business intelligence market in 2023?

• The US had the most significant global Business Intelligence market revenue share in 2023.

What are the key drivers for the growth of the Business Intelligence market?

• The main drivers of the growth of the Business Intelligence market are the increasing data complexity and rising focus on data-driven decision-making.

Which is the significant Business intelligence market segment by Data Type?

• The Structured Data segment had the largest share in the global Business Intelligence market by Data Type.

Which is the significant segment in the Business Intelligence market by type?

• In 2023, the Business intelligence platform segment had a significant revenue share in the global Business Intelligence market in terms of type.

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