The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The global Business Intelligence market size to grow from USD 23.1 billion in 2020 to USD 33.3 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 7.6% during the forecast period. Various factors such as the growing focus on digital transformation, rising investments in analytics, rising demand for dashboards for data visualization, increase in adoption of cloud, and increase in data generation are expected to drive the growth of the business intelligence market. The objective of the report is to define, describe, and forecast the business intelligence market size based on component, organization size, deployment mode, business function, vertical, and region.
The COVID-19 outbreak has affected all markets, as well as the behaviors of customers. It has a substantial impact on economies and societies. With offices, educational institutions, and manufacturing facilities being shut down for an indefinite period, major sports and events being postponed, and work-from-home and social distancing policies being implemented globally, businesses are increasingly making efforts to deploy technologies that assist them through this difficult time. Analytics professionals, BI professionals, and advanced analytics experts have been called to help executives make business decisions to respond to new challenges posed by the COVID-19 spread.
The support and maintenance service segment to grow at a higher CAGR during the forecast period
The support and maintenance service segment is projected to grow at higher during the forecast period. The growth of the support and maintenance services segment can be attributed to the complexities of business intelligence solutions and existing skill gaps, resulting in the need for continuous support post deployment.
The finance business function segment to grow at the highest CAGR during the forecast period
The business intelligence market by business function has been segmented into finance, operations, sales and marketing, and human resources.Finance business function segment is estimated to hold a larger market share during the forecast period. The growth is attributed to the increased need of financial organizations to analyze vast amounts of customer data to gain insights about the customers regarding banking, which can be used to improve products and services. HR business regment is projected to register a higher CAGR during the forecast period due to the growing need of workforce management.
The healthcare and life sciences segment to grow at the highest CAGR during the forecast period
The business intelligence market by industry vertical has been segmented intoretail, manufacturing, government and public services, media and entertainment, transportation and logistics, BFSI, telecom and IT, healthcare and life sciences, tourism and hospitality, and others (real estate, education, and energy and utilities). Healthcare and life sciences vertical is expected to register the highest CAGR during the forecast period as the industry vertical generates significant volumes of data comprising clinical, administrative, and financial data on a regular basis. This has increased the need for data insights, improved data quality, and accurate data consolidated in a single document.
Among regions, Asia Pacific (APAC) to grow at the highest CAGR during the forecast period
APAC is projected to grow at the highest CAGR during the forecast period due to the commercialization of IoT technology and the increasing adoption of advanced technologies in countries such as China, Japan, and India, which are fueling the demand for business intelligence solutions and services. Also, the increasing demand and market for IOT and big data have also provided a more accurate and reliable advantage to the business intelligence market.
Breakdown of primaries
In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in business intelligence market.
- By Company: Tier I: 19%, Tier II: 35%, and Tier III: 46%
- By Designation: C-Level Executives: 33%, Directors: 26%, and Others: 41%
- By Region: North America: 38%, APAC: 35%, Europe: 11%, Rest of the World: 16%
The report includes the study of key players offering business intelligence solutions and services. It profiles major vendors in the global business intelligence market. The major vendors in the global business intelligence market are IBM (US), Oracle (US), Microsoft (US), SAP (Germany), SAS (US), Google (US), AWS (US), Salesforce (US), MicroStrategy (US), Teradata (US), DOMO (US), TIBCO (US), Information Builders (US), Sisense (US), Yellofin (Australia), Qlik (US), Board International (Switzerland), Infor (US), Dundas (Canada), Targit (Denmark), Zoho (India), Vphrase (India), dotdata (US), Amlgo Labs (India), Pentation Analytics (India), Hitachi Vantara (US), Outlier (US), ConverSight AI (US), Element Data(US), Alteryx (US), and ThpughtSpot (US).
The market study covers the business intelligence market across segments. It aims at estimating the market size and the growth potential of this market across different segments, such as components, deployment modes, organization size, business function, industry vertical, and regions. It includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
- The report would provide the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall business intelligence market and its subsegments.
- It would help stakeholders understand the competitive landscape and gain more insights to better position their business and plan suitable go-to-market strategies.
- It also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.