The business intelligence market witnesses a constant revenue increase. Growing volumes of digital data generated by businesses and increasing numbers of enterprises are major factors substantiating the market growth. Many businesses worldwide are incorporating business intelligence platforms to understand their customers better and improve their business. Besides, the market growth attributes to the increasing capabilities of intelligence tools.
With growing developments in business intelligence solutions led by the advancements in AI and related technologies, the market is expected to perceive rapid developments during years to come. According to Market Research Future (MRFR), the global business intelligence market is projected to witness significant growth by 2030, registering a phenomenal CAGR during the forecast period (2020 – 2030).
Increasing Investments in Data Intelligence Development Boost Market Size
Rising demand for tools that can support the intelligence of real-time events and streaming data positively impacts the market rise. Penetration of smart data discovery capabilities, machine learning (ML), and automation of the entire intelligence workflow foster the market, making it easier to distribute the data intelligence workload at a much reduced period.
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Lack of Awareness for Business Intelligence is a Major Hindrance for Market Growth
The lack of awareness about business intelligence benefits and reluctance in adopting business intelligence are major factors restraining the market growth. Growing inclination of enterprises to save data on-premise rather than on cloud is set to affect the business intelligence market in the short term. Nevertheless, the increase in the adoption of intelligence platforms for cloud deployment would support the market’s growth over the forecast period.
Global Business Intelligence Market –Segments
The global business intelligence market has been segmented based on technology, service, component, deployment, organization, and industry. By technology, the market has been segmented into mobile BI, cloud BI, social BI, and others. By service, the market has been segmented into managed service, hosted service and others. By deployment, the market has been segmented into on-cloud and on-premises. By organization, the market has been segmented into telecom & IT, education, manufacturing, retail, banking and others.
Global Business Intelligence Market – Geographical Analysis
North America leads the market for business intelligence. Presence of major industry players in the region, intense R&D activities in the field of technology, increasing competition, and evolving trend of data proliferation aids the growth of the market in North America. Asia-Pacific holds potential growth opportunities and is estimated to manifest high growth during the forecast period owing to ongoing industrialization and advancements in the field of technology in the region.
Global Business Intelligence Market – Competitive Analysis
The global business intelligence market is highly competitive and organized with few well-established players leading the market. Some significant players include Rackspace (U.S.), SAP SE (Germany), Microsoft Corp (U.S), Juniper Networks (U.S.), Verizon wireless (U.S.), Cisco Systems (U.S.), SAS Institute (U.S), AT&T (U.S), IBM Corp. (U.S.), and VMware (U.S.) among others. These major players are adopting various strategies such as acquisitions, collaborations, mergers, partnerships, product launches, product updates to gain a substantial competitive edge over business rivals.
Players leading in the global business intelligence market include Verizon wireless (US), SAS Institute (US), SAP SE (Germany), Juniper Networks (US), Cisco Systems (US), AT&T (US), Rackspace (US), IBM Corp. (US), VMware (US), and Microsoft Corp. (US), among others.
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July 13, 2021 — Zoho Corp launched new business intelligence (BI) platform infused with AI, including data preparation tools that organizations would otherwise have to acquire separately. The new BI platform combines Zoho’s technologies, such as DataPrep, with an enhanced version of analytics and its existing Show presentation software and Sites portal builder tools in a single offering.
The offering makes it simpler for end-users to construct and share analytics via visual dashboards, letting them launch queries against data using either graphical tools or the conversational AI platform.
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