Global Business Intelligence Market Insights Forecasts to 2033

• The Global Business Intelligence Market Size was Valued at USD 29.38 Billion in 2023
• The Market Size is Growing at a CAGR of 8.93% from 2023 to 2033
• The Worldwide Business Intelligence Market Size is Expected to Reach USD 69.10 Billion by 2033
• Asia Pacific is Expected to Grow the fastest during the forecast period.

The Global Business Intelligence Market Size is Anticipated to Exceed USD 69.10 Billion by 2033, Growing at a CAGR of 8.93% from 2023 to 2033.

Market Overview

Business intelligence (BI) is a technology-driven process for offering legal information and analyzing data that aids managers, corporate end users, and administrators in making business decisions. Business intelligence includes an extensive diversity of methods, tools, and applications that license administrations to collect data from external sources. Furthermore, internal systems, make it for analysis, improvement, and track queries that generate reports, dashboards, and data visualizations to make the analytical solutions present to corporate decision-makers, and operational workers. The key role of business intelligence is to advance a company by improving gather to the firm's data and then consuming that data powerfully to increase effectiveness. Companies that service business intelligence practices have translated their collected new data into insights into their business procedures. The insights are utilized to make strategic business decisions that progress productivity, increase revenue, and accelerate growth. With the rise of big data and the increasing need to make significant business decisions quickly, business intelligence (BI) and analytics solutions have increased a sizeable market share. The past few years have seen a noteworthy growth in the market share for business intelligence and analytics solutions owing to the rise of big data and the increasing need to make important business decisions rapidly. Advancing from business intelligence and data visualizations, the growing need to arise insightful information from unused data, and surrounded business intelligence are additional elements estimated to persist as technology advances and the economy increases.

Report Coverage

This research report categorizes the market for the global business intelligence market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global business intelligence market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global business intelligence market.

Driving Factors

To appropriately analyze and extract insights from big datasets, industries are creating data at an exponential rate, requiring the use of business intelligence (BI) software. Consequently businesses’ increasing dependence on data-driven insights to guide their decisions, there is a rising need for business intelligence (BI) software that provides useful analytics and insights. Business intelligence software that delivers real-time dashboarding, reporting, and analytical competencies is being adopted owing to the demand for real-time access to data and analytics. The shift towards self-service business intelligence allows corporate users to create their reports, queries, and visualizations without IT intervention, growing quickness, and user adoption of business intelligence software. Administrations looking to protect data security and privacy are utilizing business intelligence software because it has strong data governance and obedience capabilities that are essential to regulations like GDPR, CCPA, and HIPAA. Corporations use business intelligence software to discover market trends, client preferences, and business possibilities ahead of rivals in a determination to obtain a competitive edge. Business intelligence software can examine and extract insights from vast and varied datasets stored in remote locations by mixing with big data platforms like Hadoop and Spark.

Restraining Factors

The administration’s capacity to find specific and important insights from business intelligence software is hindered by issues with data quality, scrappy data sources, and integration complexity. The effective deployment and use of business intelligence software within enterprises is hindered by the lack of qualified experts in data analysis, business intelligence tools, and data visualization. The efficient adoption and uptake of business intelligence software through the business might be hindered by opposition from stakeholders and employees to new business intelligence procedures, tools, and techniques. Purchasing, setting up, and modifying business intelligence (BI) software, as well as staff training, can come with a heavy initial cost, especially for small and medium-sized enterprises (SMBs) with constrained budgets.

Market Segmentation

The global business intelligence market share is classified into component, deployment, and application.

• The software segment is expected to hold the largest share of the global business intelligence market during the forecast period.   

Based on the component, the global business intelligence market is divided into software and services. Among these, the software segment is expected to hold the largest share of the global business intelligence market during the forecast period. This is attributed to the growing use of technological software in numerous industries is propelling the market. The software delivered by companies such as SAP, AI, Board 11, Yellowfin BI, Power BI, and Tableau is utilized by companies to examine data processing by tracking historical and real-time presentations. In addition, business intelligence software is also utilized in the healthcare sector for clinical analysis, financial analysis, and operational analysis. The software of healthcare business intelligence usages data analytics for exact solutions.

• The cloud segment is expected to hold the largest share of the global business intelligence market during the forecast period.   

Based on the deployment, the global business intelligence market is divided into on-premises and cloud. Among these, the cloud segment is expected to hold the largest share of the global business intelligence market during the forecast period. This is attributed to it enabling a business to manage business intelligence applications by outsourcing the business intelligence infrastructure. This aids the business in growing reducing operating costs, and productivity, and enhancing operation timeframes. Consequently, the cloud deployment segment is anticipated to dominating segment in the global business intelligence market.

• The financial performance segment is expected to hold the largest share of the global business intelligence market during the forecast period.   

Based on the application, the global business intelligence market is divided into supply chain analytic applications, CRM analytic operations, financial performance, and strategy management. Among these, the financial performance segment is expected to hold the largest share of the global business intelligence market during the forecast period. The development of the segment is attributed to the sensitivity of financial data and necessitates harmonization with several other sectors such as tax authorities, stock exchanges, securities controlling authorities, central banks, revenue departments, emerging new investment strategies, educating marketing strategies, and customer retaining policies, and reducing risks are some of the important factors responsible for pouring the growth of the segment. This technology in financial performance and strategy aids in monitoring and handling an administration's presentation and financial requirements. With the higher return on investments (ROI), income, overhead, and operational costs, it has been implemented across several enterprises as a component of business intelligence.

Regional Segment Analysis of the Global Business Intelligence Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

North America is anticipated to hold the largest share of the global business intelligence market over the predicted timeframe.

North America is anticipated to hold the largest share of the global business intelligence market over the predicted timeframe. The growth is attributed to swift development and developing technology and the occurrence of major industry players in the region such as IBM Corporation, Microsoft Corporation, Tableau Software, Oracle Corporation, and others are estimated to propel the growth across the region. The restrictions of ERP solutions have powered the growth of business intelligence tools across regions. This growth might continue to sustain, as business intelligence enters new verticals across sectors.

Asia Pacific is expected to grow at the fastest pace in the global business intelligence market during the forecast period. The market's development in the Asia Pacific region is attributed to rising opportunities in Asia Pacific and several investments in business intelligence solutions. The region has numerous emerging start-ups contributing to the growth of business intelligence adoption in the region. Owing to the commercialization of IoT technology and the growing adoption of advanced technologies in countries such as China, Japan, and India, are driving the demand for business intelligence solutions and services. Also, the growing demand and market for IOT and big data have offered a more accurate and reliable lead to the business intelligence market.  

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global business intelligence market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• IBM Corporation
• Microsoft Corporation
• Tableau Software, LLC
• Oracle Corporation
• Sisense Inc. 
• Yellowfin International PVT. LTD.
• Qlik
• SAP
• Board International
• MicroStrategy
• Rackspace
• SAP SE 
• Juniper Networks
• Verizon Wireless
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• Microsoft unveiled Power BI improved experiences in Microsoft Teams in January 2023. The three new topographies proclaimed are rich broadcasting cards for discussion in Microsoft Teams and advancement for old Power BI tabs for taking notes and learning from experiences and needs.

• ThoughtSpot, an AI-powered analytics firm, attained Mode Analytics, a business intelligence company, to increase ThoughtSpot’s presence in India and dual the client base.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global business intelligence market based on the below-mentioned segments: 

Global Business Intelligence Market, By Component

• Software
• Services

Global Business Intelligence Market, By Deployment

• On-premises
• Cloud

Global Business Intelligence Market, By Application

• Supply Chian Analytic Application
• CRM Analytic Operations
• Financial Performance
• Strategy Management

Global Business Intelligence Market, Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa