What is the global market size of Business Intelligence (BI) Market?

Global Business Intelligence (BI) Market size was valued at USD 24.84 billion in 2021 and is poised to grow from USD 27.11 billion in 2022 to USD 54.27 billion by 2030, growing at a CAGR of 9.1% in the forecast period (2023-2030).

Business Intelligence (BI) Market Size, Share, Growth Analysis, By Component(Solution, Services), By Deployment(Cloud, On-Premise), By Application(Supply Chain Analytic Applications, Crm Analytic Operations, Financial Performance, Strategy Management), By End Use(IT, Telecommunication, Banking, Finance), By Region - Industry Forecast 2024-2031

Report ID: SQSG45D2013 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 127 | Figures: 77

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On the basis of application the business application (bi) market is segmented into Supply chain analytic applications, CRM analytic operations Financial performance and strategy management, Production planning analytic operations, and Others (workforce analytic operations, services operations).

Expensive IT Infrastructure Investments Is major challenge faced by the business intelligence (bi) market.

Business Intelligence (BI) Market size was valued at USD 24.84 billion in 2019 and is poised to grow from USD 27.11 billion in 2023 to USD 54.27 billion by 2031, growing at a CAGR of 9.1% in the forecast period (2024-2031).

To increase the Business Intelligence (BI) Market positioning, the business intelligence suppliers have adopted a variety of organic and inorganic growth tactics, including new product launches, product upgrades, partnerships and agreements, business expansions, mergers, and acquisitions. For instance, to hasten the expansion of SAS Analytics and Microsoft Azure cloud, Microsoft Corporation and SAS Institute Inc. collaborated. In order to fully utilise Microsoft's cloud offerings, including Dynamics 365Azure, Microsoft 365, and Power tool, the companies want to incorporate SAS analytical solutions. 'Microsoft Corporation', 'SAP SE', 'IBM Corporation', 'Oracle Corporation', 'SAS Institute Inc.', 'MicroStrategy Incorporated', 'Tableau Software LLC', 'Qlik Technologies Inc.', 'TIBCO Software Inc.', 'Information Builders Inc.', 'Pentaho Corporation', 'Dundas Data Visualization Inc.', 'Logi Analytics Inc.', 'Sisense Inc.', 'Yellowfin BI Pty Ltd.', 'Alteryx Inc.', 'BOARD International S.A.', 'Domo Inc.', 'Looker Data Sciences Inc.', 'Hitachi Vantara Corporation'

Need to have fast and correct decision making is driving the growth of market

The combination of business intelligence tools with cutting-edge technologies like artificial intelligence, machine learning, and the internet of things (IOT) is one the trends in the BI market and it facilitates higher level management in more precise decision making and also enhances user-experience.

Due to technological improvement in company management analytics for their sales, production, and innovation, North America holds the largest share of the business intelligence market. Due to the commercialization of IoT technology and the growing use of advanced technologies in nations like China, Japan, and India, which are boosting the need for business intelligence solutions and services, APAC is predicted to grow at the greatest CAGR throughout the projection period. Additionally, the business intelligence industry now has a more precise and trustworthy advantage thanks to the growing Business Intelligence (BI) Market and need for IOT and big data.

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How is the Business Intelligence (BI) market segmented on the basis of application?

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