The global business intelligence market is forecasted to register a CAGR of 10.23% across the estimated period of 2021 to 2028. The market growth is predominantly attributed to key factors, including the impact of globalization on businesses, the increasing need for real-time information and decision making, and the growing customer-centric business approach.
Business intelligence (BI) leverages services and software to transform data into actionable insights, thereby facilitating organizations’ tactical and strategic business decisions. BI tools examine and assess data sets, presenting analytical findings in dashboards, reports, graphs, summaries, charts, and maps. As a result, the solution provides users with detailed and in-depth intelligence associated with the business’ state. Business intelligence also refers to a diverse range of tools delivering easy-to-digest and quick access to insights about the current state of the organization on the basis of available data.
Since business conditions change frequently, old and outdated information cannot be relied upon. Hence, real-time data is necessary in order to make critical business decisions. For instance, real-time information is provided through data dashboards for better visualization of data. A data dashboard is characterized as an information management tool that can visually track, analyze, and display key performance indicators (KPI), as well as crucial data points to monitor the health of a department, business, or specific processes.
The global business intelligence market growth is assessed through the analysis of Europe, North America, the Asia-Pacific, and the Rest of World. North America dominated the global market in 2020. The region’s market growth is supplemented by drivers such as the rising demand for business intelligence platforms, the high adoption of cloud strategy, and the presence of well-established players.
Since the global market observes intense competition among existing players, leading companies attempt to enhance and improve their current product portfolio through substantial investments. Therefore, the market position among competitors is strengthened. Although more prominent companies continue to acquire and merge SMEs, their diversified product portfolios do not work well in the market. Hence, industrial rivalry is expected to remain high.
Some of the major companies operating in the market are Oracle Corporation, Cisco Systems Inc, Microsoft Corporation, etc.
Our report offerings include:
- Explore key findings of the overall market
- Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
- Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
- Market Segmentation cater to a thorough assessment of key segments with their market estimations
- Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
- Key analytics: Porter’s Five Forces Analysis, Vendor Landscape, Opportunity Matrix, Key Buying Criteria, etc.
- Competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.
- Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments