Business Intelligence Market Size By Organization Size (Large Enterprises and Small & Medium Sized Enterprises (SMEs)), By Deployment Mode (Cloud and On-Premises), By Business Function (Human Resource, Finance, Operations, and Sales & Marketing), By Vertical (Retail, Manufacturing, Government and Public Services, Media and Entertainment, Transportation and Logistics, BFSI, Telecom and IT, Healthcare and Life Sciences, Tourism and Hospitality, and Others), Regions, Segmentation, and forecast till 2029.
Pune India, Dec. 15, 2022 (GLOBE NEWSWIRE) — The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, As the ia, South America, and Middle East and Africa. These are the key regions where the Business Intelligence market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the Business Intelligence market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the organization size, deployment mode, business function, vertical, and region. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global Business Intelligence market are Alphabet Inc, Alteryx Inc, Amazon.com Inc, Hitachi Ltd, Idera Inc, International Business Machines Corp, Microsoft Corp, MicroStrategy Inc, Oracle Corp, Palantir Technologies Inc, Panorama Software Inc among others. To achieve a substantial market share in the worldwide business intelligence market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
Business intelligence (BI) is a process for analyzing data and disseminating useful knowledge to staff members, managers, and executives to help them make better business decisions. In order to deliver the analytical findings to corporate clients for tactical and strategic decision-making, businesses collect data from a range of IT systems, prepare it for analysis, perform queries on the data, and build data visualizations, BI presentations, and reports. Business intelligence projects’ main objective is to help organizations make smarter business decisions that will boost their operational efficiency, generate income, and offer them an advantage over rivals. To do this, BI combines analytics, data management, reporting, and a number of data management and analytical techniques. A business intelligence infrastructure consists of more components than only BI software. An enterprise data warehouse or smaller data marts, which frequently have connections to an enterprise data warehouse and contain subsets of business information for certain departments and business units, are frequently used to store business intelligence data. As warehouses or landing strips for BI and analytics data, notably log files, sensor data, text, and other types of data, data lakes built on Hadoop clusters or other big data platforms are also commonly used. semi-structured or unstructured data Since BI data can comprise both historical and real-time data that is gathered as it is produced from source systems, BI solutions may aid both strategic and tactical decision-making processes.
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Scope of Business Intelligence market report
Market Share Unit
Organization Type, Deployment Mode, Business Function, Vertical and Regions
North America, Europe, Asia-Pacific, South America, and Middle-East and Africa
Alphabet Inc, Alteryx Inc, Amazon.com Inc, Hitachi Ltd, Idera Inc, International Business Machines Corp, Microsoft Corp, MicroStrategy Inc, Oracle Corp, Palantir Technologies Inc, Panorama Software Inc among others
The SMEs segment is expected to be the fastest-growing segment in 2021.
The Organization Size segment includes Large Enterprises and Small & Medium-sized Enterprises (SMEs). The SMEs segment is expected to witness the highest growth rate during the forecast period. SMEs are urged to employ business intelligence solutions to increase market share and customer satisfaction through targeted marketing campaigns and promotions. The efficient use of resources and constant productivity analysis are two more factors that influence SMEs’ demand for advanced BI solutions.
The cloud segment is expected to be the fastest-growing segment in 2021.
The Deployment Mode segment includes Cloud and On-premises. The cloud segment is expected to witness the highest growth rate during the forecast period. The cloud segment is predicted to dominate the market for the entire forecast period. A company can manage BI applications with cloud deployments by entering into a contract with a BI infrastructure provider. This benefits the company by increasing productivity, decreasing operational costs, and speeding up implementation. It is expected that cloud adoption would increase quickly as a result.
The human resource segment is expected to be the fastest-growing segment in 2021.
The Business Function segment includes Human Resource, Finance, Operations and Sales & Marketing. The human resource segment is expected to witness the highest growth rate during the forecast period. The demand for workforce management is growing, which will drive the HR business function industry to expand more quickly over the forecast period. Many businesses are implementing business intelligence tools to give HR managers the capacity to make personnel choices in real-time.
The passenger segment is expected to be the fastest-growing segment in 2021.
The Vertical segment includes Retail, Manufacturing, Government and Public Services, Media and Entertainment, Transportation and Logistics, BFSI, Telecom and IT, Healthcare and Life Sciences, Tourism and Hospitality, and Others. The passenger segment is expected to witness the highest growth rate during the forecast period. The BFSI industry is predicted to hold the largest market share during the forecast period. Applications of business intelligence in the BFSI sector are driven by a variety of causes, such as improving marketing tactics and client retention policies, developing new investment plans, and lowering risks. Over the forecast period, the healthcare and life sciences industry is anticipated to have the largest market. The need for distant and real-time insights from jumbled clinical data in the healthcare and life sciences industries is expanding as a result of the healthcare sector vertical’s increasing complexity.
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the Business Intelligence market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The Asia Pacific region witnessed a major share. Disposable Business Intelligence market are now being used more frequently in the area as a result of rising health awareness and income, which is helping the market as a whole flourish. Disposable medical Business Intelligence market are the best means of avoiding infections while performing surgery and receiving medical treatment.
Germany Business Intelligence market size was valued at USD 16.38 billion in 2021 and is expected to reach USD 24.29 billion by 2029, at a CAGR of 5.3% from 2022 to 2029.
The German market for business intelligence and analytics applications is one of the emerging markets for technology goods and services. The platform’s key advantage is that it raises the standard of business research and reporting as well as decision-making as a whole.
China Business Intelligence’s market size was valued at USD 29.78 billion in 2021 and is expected to reach USD 43.50 billion by 2029, at a CAGR of 5.1% from 2022 to 2029.
In this regard, it is projected that during the coming years, the market in the country will continue to grow quickly. In the healthcare sector, China is also working to develop business intelligence. For instance, the Beijing-based company Beijing Keya Medical said that in January 2020, the CFDA authorized their imaging system for heart treatment. As a result, it has emerged as China’s first artificial intelligence (AI) medical device.
India’s Business Intelligence market size was valued at USD 5.96 billion in 2021 and is expected to reach USD 9.32 billion by 2029, at a CAGR of 6.0% from 2022 to 2029. The Native Indian enterprises migrating from conventional corporate reporting to augmented analytics solutions, which accelerate data preparation and purification, may be responsible for the majority of the market growth in India. Additionally, for many initiatives, the national government lays a great emphasis on better technology-enabled delivery systems. The domestic market for software services is expected to grow dramatically with the implementation of initiatives like Startup India and Digital India.
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven by the increasing need for real-time data analysis is one of the major factors propelling the growth of the business intelligence market.
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