The market of business intelligence is anticipated to grow remarkably between 2023 and 2033. According to the recent research report published by the FMI (future market insights), the global business intelligence market is expected to reach USD 28,216.8 million in 2023. It is expected to be valued at USD 56,200.9 million by 2033. The BI (business intelligence) market is expected to grow with CAGR of 7.1% from 2023 to 2033.
The business intelligence industry thrives on the growing digitization of corporate spaces that need data processing and analytical software support and solutions. Along with increased use of cloud and big data in business integration programs.
As the data visualization dashboard and integrated business modeling take place in the new corporate practices, the use of business intelligence platforms along with data analytics software provide helps the data generation. The adoption of advanced cutting-edge technology is increasing competition in the market space leading companies to adopt business intelligence platforms.
| Attributes | Details |
|---|---|
| Business Intelligence Market Share (2022) | USD 26,745.8 million |
| Business Intelligence Market Share (2023) | USD 28,216.8 million |
| Business Intelligence Market Share (2033) | USD 56,200.9 million |
| Business Intelligence Market CAGR (2023 to 2033) | 7.1% |
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
The business intelligence market size expanded globally at a CAGR of 5.0% from 2018 to 2022. In the year 2018, the business intelligence market size stood globally at USD 21,962.1 million. In the following years, the BI (business intelligence) market has experienced worldwide significant growth, accounting for USD 26,745.8 million in 2022.
The spread of the digital technologies, Vendors in the business intelligence market are producing and gathering massive amounts of data from several sources such as social media, supply chains, transactions of sales, and other databases.
The gaining and managing valued insights from the data is difficult due to the complexity of the data, which is growing. To assist enterprises to make sense of complicated data and get insightful knowledge, business intelligence technologies offer the required skills to collect, clean, and analyse huge datasets.
With the ongoing trends in businesses and frequently rising competition, the role of business intelligence platforms is increasing. As it provides a perspective that companies use in navigating multiple channels is increasing.
The prominent factors driving the sales of business intelligence systems are the growing demand for integrated business models. Along with advanced technology such as machine learning, the Internet of Things (IoT), artificial intelligence, and predictive decision-making. The advanced analytics and better statistical support provided by the business intelligence system are also helping the market grow.
Machine learning, along with business intelligence systems, helps the corporate spaces in problem-solving tactics and predicting possible conclusions. This also helps in optimizing internal business processes, increasing revenue growth, and integrating systems. To enhance processing, providing a competitive edge to the companies over other brands.
The data visualization dashboard provides quantitative data analysis and competitive analysis. These integrated features help the companies in hitting their KPIs that push their score in the market rankings. Businesses like healthcare, education, and IT hold high expectations from business intelligence platforms with new features like perspective building, salesforce research, and surveys.
Business intelligence platforms have provided great help to businesses in looking at their operations, revenue generation, and sales in past years. It provided an estimated idea or forecast of a company’s performance with the help of data visualization. This data helped multiple companies in countering the impact of the pandemic and provided a silver lining to a lot of businesses.
The metric collection is done with the help of survey tools in order to provide a segmented outlook of multiple dimensions of a business. It is another process that business intelligence platforms help the corporates with, integrating with new generation technology.
Apart from the benefits that business intelligence platforms provide, high capital investment and unjustified ROI are some challenges that the business intelligence industry faces. This involves the implementation, maintenance, and training costs that don’t justify the return on investment. Another restraint that the market of business intelligence faces is the incubation phase of the market.
This doesn’t allow the market to function properly as there are frequent advancements. Integration of business intelligence platforms in any space is another crucial factor that challenges the growth of the market. As it involves complex implementation processes like cloud deployments that are disturbed by the unavailability of certain components and other security issues.
Principal Consultant
The market is categorized by component, deployment mode, organization size, business function, and vertical. These categories are further divided into small segments that expand their channels in multiple market spaces. These segments perform differently in multiple markets as they have a stronghold in multiple regions.
The component category is segmented into solutions and services, while deployment mode is segmented into on-premise and cloud. The organization size divides the segments into large enterprises, SMEs, and verticals are segmented into retail, manufacturing, government & public services, media & entertainment, transportation & logistics, BFSI, Telecom & IT, healthcare & life sciences, and tourism & hospitality.
In the component segment, the solutions sub segment holds the prominent portion during the forecasted period. The solutions segment is growing at the promising CAGR of 6.9%. In 2022, the solutions segment holds the dominant market share of 68.9%. The solutions segment is further sub- segmented into dashboards and scorecards, data integration and ETL, reporting and visualization, and query & analysis. The growth of this segment is attributed to easy implementation and fewer maintenance charges for these systems.
By deployment, the cloud segment is the dominant segment of the deployment category and is likely to hold a prominent portion of the market. This segment is recording a moderate CAGR of 6.4% and expanding the market in new regions. The factors behind the growth of this segment are safe and secure deployment, enhanced storage, and better maintenance. Another segment that is on-premise is also growing with the personalized use of business intelligence systems.
In the vertical segment, the BFSI sector is leading segment in the business intelligence market and is expected to hold a prominent share in the forecast period. The growth of this segment is due to the rapid expansion of the banking sector in different countries and technological advancements in banking and financial services. The healthcare and life sciences segment is expected to record the maximum CAGR in the forecast period
The sales and marketing segment in the business function segment is excepted to the grow rapidly during the forecast period. The sales and marketing segment carries the 42.3% share in the worldwide business intelligence market.
The global business intelligence market is bifurcated into following regions, North America, Latin America, Asia Pacific, Europe and Middle East and Africa (MEA). The North America region is holds dominant market share in the global BI Market. In the NORTH AMERICA region, the USA, which is growing at a pace of the 7.0% (CAGR) between 2023 to 2033 period. The country is expected to holds the market size of USD 18.3 million by the end of 2033.
IT spaces, and expanding banking and finance sector are generating the demand for upgrades in their business structure, including their management and analytics. Another reason behind the high growth of the business intelligence platform market in this region is high competition and new private players in the sector.
Besides this, the China in the APAC region is the second most growing market in business intelligence after the USA. The Chinese BI market size will be reached to USD 3.8 million by the end of 2033 as it thrives on a CAGR of 6.5% between 2023 to 2033.
The UK is growing along with China with the forecasted value of USD 2.2 million at a CAGR of 6.2% between 2023 to 2033.
The United States holds the dominant portion of the market. The United States is also the highest-growing market in the North American region the maximum-growing region. While China is the second-maximum-growing market with a CAGR of 6.3% between (2023 to 2033). Technological advancements, growing market competition, and frequently growing business intelligence industries in developed countries are pushing the demand for business intelligence solutions and services.
| Countries | CAGR Share in Global Market (2022) |
|---|---|
| United States | 19.4% |
| United Kingdom | 6.7% |
| China | 8.3% |
| Japan | 6.7% |
Get the data you need at a Fraction of the cost
Personalize your report by choosing insights you need
and save 40%!
How is the Competition in the Market?
The competitive landscape of business intelligence is diversified and makes the market more exclusive for new players. The competitors focus on adopting advanced technology to enhance corporate workings. Business intelligence vendors focus on creating new business-specific platforms that help new types of businesses. Companies also work in the direction of making their platform more flexible so that it integrates with new-age tools like machine learning and artificial intelligence.
Recent Developments Observed by FMI:
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD million for Value |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania; The Middle East & Africa (MEA) |
| Key Countries Covered | United States, Canada, Germany, United Kingdom, Nordic, Russia, BENELUX, Poland, France, Spain, Italy, Czech Republic, Hungary, Rest of EMEAI, Brazil, Peru, Argentina, Mexico, South Africa, Northern Africa, GCC Countries, China, Japan, South Korea, India, ASEAN, Thailand, Malaysia, Indonesia, Australia, New Zealand, Others |
| Key Segments Covered | Component, Organization Size, Business Function, Vertical, Deployment, Region |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Trend Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
The market is set to thrive at a CAGR of 7.1% by 2033.
The United States is expected to be the dominant region in the market with a CAGR of 67.0% by 2033.
Solutions are the leading segment in the business intelligence market by component.
The market is set to reach USD 56,200.9 million by 2033.
North America has the maximum growth potential in the market, whereas the United States has the maximum growth rate of 7.0% by 2033.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Component 5.1. Solution 5.2. Dashboards and Scorecards 5.3. Data Integration and ETL 5.4. Reporting and Visualization 5.5. Query and Analysis 5.6. Service 5.7. Consulting Services 5.8. Deployment and Integration Services 5.9. Support and Maintenance Services 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Organization Size 6.1. Large Enterprises 6.2. SMEs 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Business Function 7.1. Human Resource 7.2. Finance 7.3. Operations 7.4. Sales and Marketing 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Vertical 8.1. Retail 8.2. Manufacturing 8.3. Government and Public Services 8.4. Media and Entertainment 8.5. Transportation and Logistics 8.6. BFSI 8.7. Telecom and IT 8.8. Healthcare and Hospitality 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Deployment 9.1. On-premise 9.2. Cloud 10. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 10.1. North America 10.2. Latin America 10.3. Europe 10.4. South Asia 10.5. East Asia 10.6. Oceania 10.7. MEA 11. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. South Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Oceania Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 17. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 18. Key Countries Market Analysis 19. Market Structure Analysis 20. Competition Analysis 20.1. IBM 20.2. Oracle 20.3. Microsoft 20.4. SAP 20.5. Google 20.6. Tableau Software 20.7. QlikTech International AB 20.8. SAS Institute Inc. 20.9. MicroStrategy Incorporated 20.10. Information Builders Inc. 20.11. TIBCO Software Inc. 20. Assumptions & Acronyms Used 21. Research Methodology
Explore Technology Insights
View Reports
Business Intelligence Market
