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Redding, California - October 24, 2024

Business Intelligence Market to be Worth $56.9 Billion by 2031

Business Intelligence Market by Component, Organization Size, Deployment Mode, Business Function, End-use Industry (BFSI, IT & Telecommunications, Retail, and Healthcare & Life Sciences), and Geography—Global Forecast to 2029

Meticulous Research^®—a leading global market research company, published a research report titled ‘Business Intelligence Market—Global Opportunity Analysis and Industry Forecast (2024-2031)’. According to this latest publication, the business intelligence market is projected to reach $56.9 billion by 2031, at a CAGR of 7.2% from 2024–2031.

The business intelligence market is experiencing growth driven by the rising demand for data visualization dashboards to make informed business decisions and the surge in demand for cloud-based business intelligence applications. However, data privacy and security concerns hinder this growth.

In addition, the increasing need for business intelligence in human resources and the rising demand for embedded analytics in organizations present significant opportunities for market players. However, the market faces challenges such as integrating data from various source systems and the lack of quality data availability. On the other hand, trends such as AI-based business analytics solutions, data discovery and visualization, and collaborative business intelligence are prominent trends in the business intelligence market.

Key Players:

The business intelligence market is characterized by a moderately competitive scenario due to the presence of many large- and small-sized global, regional, and local players. The key players operating in the business intelligence market, such as Oracle Corporation (U.S.), IBM Corporation (U.S.), Microsoft Corporation (U.S.), SAP SE (Germany), Qlik Technologies Inc. (U.S.), SAS Institute Inc.(U.S.), TIBCO Software Inc. (U.S.), Amlgo Labs Pvt Ltd (India), Salesforce, Inc. (U.S.), Google LLC Google LLC (A Subsidiary of Alphabet Inc.) (U.S.), Cisco Systems, Inc. (U.S.), Element Data (U.S.), Board International SA (Switzerland), MicroStrategy Incorporated (U.S.), and Hitachi Vantara LLC (A Subsidiary of Hitachi, Ltd.) (U.S.), are shaping the market's competitive landscape.

The business intelligence market is segmented based on component, organization size, deployment mode, business function, and end-use industry. This comprehensive segmentation allows for a detailed analysis of the market, including an evaluation of industry competitors and an analysis of the business intelligence market at the regional and country levels.

Among the components studied in this report, the solutions/tools segment is anticipated to dominate the business intelligence market in 2024. The surge in demand for business intelligence dashboards, the rising need for advanced BI and analytics systems within organizations, and the growing requirement for data visualization tools to effectively present data are key factors contributing to the segment's dominant position in the market.

Among the organization sizes studied in this report, the large enterprises segment is anticipated to dominate the business intelligence market in 2024. The increasing demand for business intelligence solutions for quantitative analysis and performance measurement, the rapid growth of data analysis and visualization tools to enhance productivity and efficiency, and the heightened need to publish, distribute, and share insights with clients or customers are key factors driving the segment’s dominant position in the business intelligence market.

Among the deployment modes studied in this report, the cloud-based segment is anticipated to dominate the business intelligence market in 2024. The growing demand for deploying BI tools on cloud infrastructure through virtual networks, along with the increasing need to manage substantial amounts of data—including dashboards, KPIs, and various types of business analytics—are key factors contributing to the segment’s dominant position in the market.

Among the business functions studied in this report, the sales & marketing segment is anticipated to dominate the business intelligence market in 2024. The surge in demand for business intelligence solutions to enhance customer connections, optimize workflows, and refine promotional campaigns, along with the growing need to improve the accuracy of sales forecasts and the significant expansion of BI in identifying and targeting higher-profit customers, are key factors driving the segment’s dominant position in the business intelligence market.

Among the end-use industries studied in this report, the BFSI segment is anticipated to dominate the business intelligence market in 2024. The growing need to track customer, product, and branch profitability, the rising demand for business intelligence in the BFSI sector to gain insights into existing and potential customers across various loan portfolios, and the high demand for identifying potential customers for different products are key factors contributing to the segment’s dominant position in the business intelligence market.

This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S., Canada), Europe (Germany, U.K., France, Italy, Spain, Netherlands, Switzerland, Sweden, and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia & New Zealand, Indonesia, Singapore, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and the Middle East & Africa (UAE, Saudi Arabia, South Africa, Israel, and Rest of Middle East & Africa).

Among the geographies studied in this report, North America is anticipated to dominate the business intelligence market in 2024. The growing demand for business intelligence software in the U.S., the increased need for visualization and reporting tools within organizations in the region, and the significant advancements by key companies in cloud systems, BI software, and platforms are key factors contributing to the market’s dominant position in the business intelligence sector.

Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5412

Key Questions Answered in the Report-

What is the value of revenue generated by the sale of component, organization size, deployment mode, business function, and end-use industry?
At what rate is the global demand for business intelligence projected to grow for the next five to seven years?
What is the historical market size and growth rate for the business intelligence market?
What are the major factors impacting the growth of this market at global and regional levels?
What are the major opportunities for existing players and new entrants in the market?
Which offering segments create major traction in this market?
What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the manufacturers operating in the business intelligence market?
Who are the major players in the business intelligence market? What are their specific product offerings in this market?
What recent developments have taken place in the business intelligence market? What impact have these strategic developments created on the market?

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Redding, California - October 24, 2024

Business Intelligence Market to be Worth $56.9 Billion by 2031

Business Intelligence Market by Component, Organization Size, Deployment Mode, Business Function, End-use Industry (BFSI, IT & Telecommunications, Retail, and Healthcare & Life Sciences), and Geography—Global Forecast to 2029

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