Industry Overview
The Global Business Intelligence Market size was valued at USD 22.8 billion in 2023. It is likely to grow up to USD 33.6 billion by 2030 at a CAGR of 8.2% during the forecast period ranging between 2025 and 2030.
The rising adoption and demand for cloud-based business intelligence solutions are primary factors that accelerate the growth of the market. This is a crucial factor because it helps businesses make decisions that help them to be more flexible, scalable, and cost-effective. Most businesses prefer this specific form of business intelligence because it does not need additional investments in infrastructure, is easy to integrate into the current systems, and allows better collaboration across the distribution teams.
Business intelligence is the process of collecting, analyzing, and visualizing data by using sophisticated technology like Python, SQL, and data visualization that aids in making data-driven decisions regarding business operations. There are different tools and software used as well for this process which include data mining, dashboards, reporting, Tableau, Power BI, and more. All these tools help in collecting raw data and converting it into actionable insights to support strategic planning, improve operational efficiency, enhance customer satisfaction, and uncover different market trends. Business intelligence is used extensively in areas like healthcare, finance, retail, and marketing sectors to anticipate and comprehend industry trends and stay competitive.
Global Business Intelligence Market Report Coverage
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Report Metric
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Details
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Historical Period
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2018 - 2023
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Base Year Considered
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2024
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Forecast Period
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2025 - 2030
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Market Size in 2023
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U.S.D. 22.8 Billion
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Revenue Forecast in 2030
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U.S.D. 33.6 Billion
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Growth Rate
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8.2%
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Segments Covered in the Report
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By Component, By Technology, By Business Function, and By Service Type
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Report Scope
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Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling
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Regions Covered in the Report
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North America, Europe, Asia Pacific, Latin America and The Middle East and Africa
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Global Business Intelligence Industry Dynamics
Global Business Intelligence Market Trends/ Growth Drivers:
Help in real-time analysis and data-driven decision making
The global business intelligence market is growing at a rapid rate mainly due to its ability to empower businesses to analyze data in real time and make data-driven decisions for better outcomes. Therefore, more and more businesses are adopting business intelligence to cater to the demand and stay competitive based on the prevailing market trends and anticipate the upcoming ones to be ready to make amendments accordingly.
Another important factor for the growth of the market is the large number of business data produced every day on a global scale. It needs reliable business intelligence solutions for accurate analysis of data in a quick time. This helps them to take necessary actions to respond to any changes in their business operation according to the changes in the market situations and demands. This improves business agility, competitiveness, and efficiency, which is crucial in the finance and healthcare sectors apart from retail, which needs to use prescriptive and predictive analysis to optimize market trends with timely and strategic planning.
Other significant business intelligence market growth drivers and trends include developments in technologies like machine learning and artificial intelligence that support automated insights based on predictive analysis. This helps even non-technical users to interpret data independently. Furthermore, higher adoption and use of data visualization, mobile and self-service business intelligence tools, higher emphasis on data security, stricter data regulations, higher compliance requirements, rising investments by organizations in data security and privacy measures, and growing adoption by the manufacturing, logistics, and e-commerce sectors to improve their supply chains and customer satisfaction.
Global Business Intelligence Market Challenges
Higher concerns over data security and privacy
The growing concern over data privacy and the need for data security is the most significant factor that is hindering the growth of the global business intelligence market. This is mainly because businesses all over the world generate a large amount of sensitive and personal data that needs to be protected from breaches and leaks. In addition, the growing concerns over compliance with strict regulations like GDPR are also a significant hindrance to the widespread adoption of business intelligence globally among organizations. They are specifically worried about implementing cloud-based business intelligence solutions, fearing potential data leaks and apprehension of unauthorized access to sensitive data. In addition, the high cost of implementation, data quality concerns, inherent complexity in integrating business intelligence solutions with existing systems, limited effectiveness in handling unstructured data to generate precise insights, and shortage of skilled personnel to use and manage BI tools effectively also limits the market growth.
Global Business Intelligence Market Opportunities
Rising demand for advanced analytics
Despite the significant challenges, the global business intelligence market has huge potential for growth during the forecast period due to the growing demand for advanced analytics, especially among small and medium-sized enterprises (SMEs). This is mainly attributed to the fact that business intelligence tools are more accessible and affordable today, enabling SMEs to stay competitive and make better decisions to improve their operational efficiency. Furthermore, expansion into developing markets, acceleration and growing need for digital transformation, adoption of artificial intelligence and machine learning, rising emphasis on tailored customer experiences, and higher investments, especially in the retail and healthcare sectors, are offering novel growth opportunities to the market.
Recent Developments by the Key Players
Nov 8, 2024 - IBM has collaborated with Scuderia Ferrari HP, for Fan Engagement and Data Analytics. This partnership brings IBM’s advanced analytics and digital technology expertise to Ferrari’s world-renowned motorsport brand, focusing to take fan interaction and data-driven insights to the next level.
Sep 17, 2024 - Sisense has partnered with Funraise to revolutionize fundraising with cutting-edge data analytics
Global Business Intelligence Market Segmentation
VynZ Research provides an analysis of the key trends in each segment of the Global Business Intelligence Market report, along with forecasts at the regional and country levels from 2025-2030. Our report has categorized the market based on Component, Technology, Business Function and Service Type.
Market Segmentation
Insight by Component
Software segment dominates due to higher market share
The global business intelligence market is divided by components into Software and Services, where the former dominates due to higher market share. It is also expected to grow at a higher CAGR during the forecast period. This is mainly attributed to the rising demand for data visualization, advanced analytics, and reporting tools across a wide range of industries to ensure data security and higher competence.
Insight by Technology
- Cloud Computing
- Artificial Intelligence (AI)
- Big Data Analytics
- Data Mining
- Machine Learning (ML)
- Internet of Things (IoT)
Cloud computing segment is most dominant due to higher flexibility
According to technology, the global business intelligence market is categorized into Cloud Computing, Artificial Intelligence (AI), Big Data Analytics, Data Mining, Machine Learning (ML), and the Internet of Things (IoT). Out of all these segments, the cloud computing segment is the most dominant and will grow at a higher rate due to higher flexibility, scalability, and cost-effectiveness.
Insight by Business Function
- Finance
- Human Resources
- Operations
- Customer Service
- Sales and Marketing
- Supply Chain Management
The finance segment is more dominant due to higher need
The global business intelligence market is divided by business functions into such as Finance, Human Resources, Operations, Customer Service, Sales and Marketing, and Supply Chain Management segments. Among them all, the finance segment is more dominant. It will continue to grow more during the study period due to the higher need for financial forecasting, risk management, and fraud detection.
Insight by Service Type
- Managed Services
- Professional Services
The managed services segment dominates due to higher preference by businesses
Different service types segregate the global business intelligence market into Managed Services and Professional Services segments with several respective subsegments. Out of the two major segments, the managed services segment dominates and will witness substantial growth during the forecast period due to higher preference by businesses to outsource business intelligence infrastructure and the need to lower operational costs, smooth data processing and system maintenance.
The global business intelligence market is also divided by organization size into SMEs and Large Enterprises, with the latter dominating due to large-scale adoption, also by application into Supply Chain Analytics, Performance and Risk Management, Customer Analytics, Sales and Marketing Analytics, Compliance Management with supply chain analytics dominating to ensure better service and uninterrupted service, and by industry verticals into BFSI, retail, e-commerce, healthcare, life sciences, manufacturing, IT and telecommunications, government and public sector, media and entertainment with BFSI leading the market due to higher generation of sensitive data and information and need to protect them from breaches.
Global Business Intelligence Market: Geographic Overview
- North America
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia-Pacific (APAC)
- China
- Japan
- India
- South Korea
- Vietnam
- Thailand
- Malaysia
- Rest of Asia-Pacific
- Rest of the World (RoW)
- Brazil
- Saudi Arabia
- South Africa
- U.A.E.
- Other Countries
North America dominates the global business intelligence market due to higher digital adoption and demand for data analytics, improved IT infrastructure, and heavy investments made by major sectors such as finance and retail.
Europe shows higher growth prospects due to strict regulatory compliance, higher digital transformation in manufacturing and finance sectors, and higher demand for analytical solutions in major countries like Germany and the UK.
The Asia Pacific region is quite promising due to rapid digitalization drives, a fast-growing e-commerce sector, and higher investments in AI and IoT in manufacturing and retail in developing countries like India and China.
Latin America and The Middle East and Africa regions will grow steadily during the study period due to rising investments in analytics and cloud business intelligence, digital transformation drives in banking and telecom sectors, and economic shifts.
Competitive Insights of Global Business Intelligence Market:
PRIMARY RESEARCH INTERVIEWS - BREAKDOWN
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