Business Intelligence (BI) Market Size to Reach USD 27870 Million by 2026 at CAGR 5.4% | Valuates Reports
BANGALORE, India, March 15, 2021 /PRNewswire/ -- The Business Intelligence Market is Segmented Type (Unstructured Data, Semi-structured Data, Structured Data), Application (BFSI, Telecommunications and IT, Retail and consumer goods, Healthcare and life sciences, Manufacturing, Transportation and logistics, Others). The report covers global opportunity analysis and industry forecast from 2021 to 2026. It is published on Valuates Reports in the Software & Services Category.
The global Business Intelligence market size is projected to reach USD 27870 Million by 2026, from USD 18720 Million in 2019, at a CAGR of 5.4% during the forecast period 2021-2026.
Major factors driving the growth of Business Intelligence market size are:
- Rapid Increase in unstructured data generated by IoT devices, smart cities, sensors, cameras, etc.
- Growing demand for dashboards for data visualization to make informed decisions that dramatically impact business performance.
- Rising investments in analytics and increase in adoption of cloud based BI tools
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TRENDS INFLUENCING THE BUSINESS INTELLIGENCE MARKET SIZE
Unstructured data is growing rapidly due to the increase in machine-generated data from IoT devices, smart cities, sensors, cameras, etc. Since the bulk of data generated today is unstructured data, organizations must find ways to manage and analyze it so that they can act on the data and make important business decisions. BI tools can help in analyzing unstructured data. Thus, organizations' increasing adoption of BI to analyze unstructured data is expected to drive the business intelligence market size.
Rising demands for dashboards for data visualization to enhance the ability in taking business decisions is expected to drive the growth of the business intelligence market size. Dashboards and analytical tools reflect a significant degree of focus on measurements that are important for business decisions. It provides a visual representation of key performance indicators (KPIs) in the form of charts, graphs, and maps that allow businesses to make more informed decisions.
Furthermore, the increased adoption of data-driven business models by small, medium, and large enterprises, as well as the widespread use of e-commerce, is expected to fuel the business intelligence market size. The BI approach allows organizations to make strategic decisions in such a way that they result in a sustainable transition and high-quality customer support.
Another major factor that is propelling the growth of business intelligence market size is increasing adoption of cloud-based Business Intelligence tools. The implementation of cloud-based BI solutions is extremely rapid and it requires smaller budgets as compared to the traditional implementations of on premise BI solutions.
Integration is a major challenge facing the players in the business intelligence market. While there is a strong demand for cloud-based business intelligence solutions in the market due to the various benefits they offer, cloud implementations come with a number of drawbacks, including security and data integration problems with on-premises data. This, in turn, might hinder the growth of business intelligence market reports during the forecast period.
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BUSINESS INTELLIGENCE MARKET SHARE ANALYSIS
In 2018, BFSI was the most profitable end-user segment with a significant revenue share.
This dominance can be due to the increased use of business intelligence tools to provide safe transactions, and a better client experience. Financial companies use BI tools to analyze vast volumes of consumer data in order to gain insights into their clients and develop their products and services.
The healthcare and life sciences segment is projected to grow at the fastest pace.
The need for remote and real-time insights from unstructured clinical data is driving the adoption of business intelligence solutions in the healthcare and life sciences industries.
North America is expected to have the highest market share.
This is due to the involvement of major industry players in the region. Furthermore, factors such as increasing competition, intensive R&D activities in technology, and an emerging pattern of data proliferation are assisting the market's growth in North America.
On the other hand, due to rising demand in emerging economies such as China and India, the Asia Pacific is expected to be the fastest-growing region.
Some of the major highlights for the growth of the Asia Pacific regional market include significant adoption of BI software and resources, outsourcing activities for cloud deployment, and demand for customer insights.
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Business Intelligence (BI) Market Segmentation
Business Intelligence (BI) Market segment by Type, the product can be split into
- Unstructured Data
- Semi-structured Data
- Structured Data
Business Intelligence (BI) Market segment by Application, split into
- BFSI
- Telecommunications and IT
- Retail and consumer goods
- Healthcare and life sciences
- Manufacturing
- Transportation and logistics
- Others
The key players covered in this study
- IBM
- Microsoft
- Oracle
- SAP
- SAS Institute
- Actuate
- Alteryx
- Board International
- Brist
- Datawatch
- GoodData
- Infor
- Information Builders
- Logi Analytics
- MicroStrategy
- Panorama Software
- Pentaho
- Prognoz
- Pyramid Analytics
- Qlik
- Salient Management Company
- Tableau
- Targit
- Tibco Software
- Yellowfin
"We can also add the other companies as you want"
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