According to a new market research report “Business Intelligence Market by Component (Solutions and Services), Solution (Dashboards and Scorecards, Data Integration and ETL), Business Function (Finance, Operation), Industry Vertical (BFSI, Telecom and IT), and Region – Global Forecast to 2025″, published by MarketsandMarkets, the 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.
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Business Intelligence solutions and services providers are witnessing a slowdown in their growth owing to the lockdowns imposed worldwide. Healthcare and life sciences and BFSI verticals have been least impacted by the COVID-19 and are continuing the adoption of Business Intelligence solutions. The competition among key Business Intelligence solutions providers is expected to intensify as most upcoming projects have been put on hold owing to the pandemic. Businesses have already started making efforts to return to the normal and are facing multiple challenges at customer and operational levels. Meeting customer expectations in terms of optimization of processes, as well as an increase in security concerns for connected networks, rise in connectivity issues, and decline in industrial and manufacturing operations, are some of the key challenges faced by businesses. New practices, such as work-from-home and social distancing, have led to the requirement of remote health monitoring of patients and assets and smart payment technologies, as well as the development of digital infrastructures for large-scale technology deployments. Moreover, the imposition of lockdowns has led to an increased focus on cloud-based solutions. With an increased focus on health, there has been a rise in demand for health-related wearable devices.
The fianace business function to hold a larger market size during the forecast period
Finance business function segment is expected 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 segment is projected to register a higher CAGR during the forecast period due to the growing need of workforce management.
The BFSI vertical to hold the largest market size during the forecast period
The business intelligence market is segmented on the basis of vertical. The verticals include retail, 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). The BFSI vertical is expected to hold the largest market size during the forecast period owing to the sensitivity of financial data and needs to coordinate with numerous other sectors (stock exchanges, tax authorities, central banks, securities controlling authorities, revenue department, etc.). Improving marketing strategies & customer retention policies, developing new investment strategies, and reducing risks are some of the factors responsible for the adoption of business intelligence by the BFSI vertical. Healthcare and life sciences vertical is expected to register the highest CAGR during the forecast period.
Among services, the support and maintenance 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.
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North America to hold the largest market size during the forecast period
North America is expected to hold the largest market size in 2020 owing to its technical advancement in business management analytics for their sales, production, and innovation. Most of the major players involved in the advancement of business intelligence are headquartered in North America. 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.
Major vendors in the global business intelligence market include 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).
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