Business Intelligence and Analytics Software Market Size, Share, Growth Analysis, By Type(Big Data Analytics, Business Analytics, Customer Analytics, Risk Analytics), By Deployment(On-premises, and Clouds), By Enterprise Size(Large Enterprises, and Small & Medium Enterprises (SMEs)), By End-Use(BFSI, Government, Healthcare, IT & Telecom), By Region - Industry Forecast 2024-2031

Drivers

Increasing Adoption of Cloud-based Solutions for Business Decisions

• Organizations are gearing up with the enhanced benefits of business intelligence such as a total user experience that will allow organizations to inform their customer-centric decisions. Distributed technologies in the cloud have been adopted on a large scale by 25% of organizations worldwide. Factors like data scalability further attract organizations. Different options such as pay-as-you-go, or subscription options help organizations in the scalability of the data. Big data is exploring its applications in every sector and expanding new decision making. The adoption of such practices is expected to drive the global business intelligence and analytics software market to a significant market share.

Rise in Consumer Internet Applications

• The industry is primarily driven by the spread of e-commerce and the increase in data-driven business models used by small, medium and large businesses, for example restaurant chains such as Wendy’s and Ruby Tuesday in the US. makes extensive use of BI software to improve customer interactions. The BI approach enables businesses to implement strategic decisions in a way that drives positive change and superior customer service. Furthermore, increasing adoption of data and business analytics software supported by ongoing investments in business intelligence tools is fueling rapid revenue growth in the global business intelligence and analytics software market.

Restraints

Costs Associated with Installation and Licensing of BI Software

• The high cost of licensing and deploying BI software is projected to limit the growth of the global business intelligence software industry. License prices for BI software are more influenced by market conditions at the time of purchase than software development costs. Moreover, companies are already using traditional BI tools and are reluctant to acquire advanced BI software. Even if the benefits of BI software are substantial, the initial costs of purchasing a good BI platform or software, installing it in the company, and training employees on how to use it are substantial.

Data Privacy and Security Issues

• With the increasing use of data for research purposes, data privacy and security concerns are growing. Issues of data breaches and unauthorized access to sensitive information can hinder the adoption of BI and analytics software, especially in industries involving high-sensitivity data such as healthcare and financial services.