Business intelligence Market Size, Share, Forecast, & Trends Analysis by Component, Organization Size, Deployment Mode, Business Function (Human Resources, Sales & Marketing), End-use Industry (BFSI, IT & Telecommunications, Retail, and Healthcare & Life Sciences), and Geography - Global Forecast to 2031

The Business Intelligence Market was valued at $29.9 billion in 2023. This market is expected to reach $56.9 billion by 2031 from an estimated $32.3 billion in 2024, at a CAGR of 7.2% during the forecast period of 2024-2031.

Business Intelligence Market Size & Forecast

The growth of this market is driven by rising demand for data visualization dashboards for making informed business decisions and a surge in demand for cloud business intelligence applications. Furthermore, the growing need for business intelligence in human resources and the rising demand for embedded analytics in organizations are expected to generate growth opportunities for the stakeholders in this market.

Key Findings in the Business Intelligence Market 

• By Component: in 2024, the Solutions/Tools Segment is Expected to Dominate the Business Intelligence Market
• By Organization Size: in 2024, the Large Enterprises Segment is Expected to Dominate the Business Intelligence Market
• By Deployment Mode: in 2024, the Cloud-based Segment is Expected to Dominate the Business Intelligence Market
• By Business Function: in 2024, the Sales & Marketing Segment is Expected to Dominate the Business Intelligence Market
• By End-use Industry: in 2024, the BFSI Segment is Expected to Dominate the Business Intelligence Market
• By Geography: North America to Dominate Business Intelligence Market in 2024

Business Intelligence Market Drivers

Increasing Demand for Data Visualization Dashboards to Support Informed Business Decisions

In recent years, many businesses have been utilizing data visualization tools to simplify the viewing and understanding of trends, outliers, and patterns by employing visual elements such as charts, graphs, and maps. Data visualization dashboards present real-time data by extracting complex data points from large datasets. Additionally, these visualization and dashboard creation tools enable users to analyze data and communicate insights quickly and intuitively, catering to both experienced data analysts and casual business users, often without the need for coding. They also assist in preparing, securing, and governing data for data warehouses, analytics, and various business applications.

Furthermore, a data visualization dashboard enables digital marketers to track multiple data sources and visualize the data, providing a robust dataset for decision-makers. Several organizations are launching data visualization solutions to enhance business operations. For example, in September 2022, AdvisorEngine Inc. (U.S.) introduced new data visualization dashboards that offer insights tailored to specific roles within key wealth management areas. These dashboards include features such as ‘drag-and-drop’ customization, in-line editing, automatic data population, advanced filtering, one-click drill-down to detailed data, and enterprise permissions to manage information access. As a result, the increasing demand for data visualization tools to facilitate informed business decisions is driving the demand for business intelligence solutions, thereby promoting market growth.

Surge in Demand for Cloud Business Intelligence Applications

The increasing technological advancements that allow organizations to scale their resources based on demand are driving the growth of cloud-based business intelligence solutions. Organizations are increasingly utilizing the latest analytics tools and features without the need to upgrade on-premises systems. The adoption of cloud-based BI solutions has risen as they operate on a subscription model, minimizing the upfront costs associated with hardware and software purchases. Additionally, the growing trend of remote work is fueling demand for cloud BI applications, enabling access from anywhere with an internet connection across various teams.

Additionally, cloud BI applications integrate advanced analytics tools that leverage AI and machine learning, enabling deeper insights and predictive capabilities. As the adoption of cloud-based BI solutions continues to rise, several providers are launching new offerings for organizations. For example, in October 2024, Everon, LLC (U.S.) introduced Mavn BI, Onepoint, and Sightline Brands, which focus on intelligence-driven video solutions and an account management suite. Everon’s cloud-based software portal serves as a single point of access for commercial customers, linking critical business insights from Mavn BI and Sightline video solutions in one comprehensive destination. Such developments are expected to further drive the growth of cloud-based BI solutions during the forecast period.

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Business Intelligence Market Opportunity

Surging Need for Business Intelligence in Human Resource

Organizations are increasingly utilizing business intelligence solutions in human resources to enable data-driven decision-making for talent management and optimizing organizational performance. The use of BI tools allows HR professionals to analyze data related to recruitment, retention, performance, and employee engagement, resulting in more effective HR strategies. With these tools, companies can examine employee turnover data, enabling HR to identify at-risk employees and implement targeted retention strategies, thereby reducing turnover rates. Consequently, as the benefits become more apparent, organizations are expected to increasingly adopt BI tools for human resource management in the coming years.

Several companies are increasingly introducing business intelligence solutions for human resource management. For instance, in September 2024, Iron Mountain, Inc. (U.S.) launched its Digital HR solution, a scalable, low-code Software as a Service (SaaS) offering built on the newly released Iron Mountain InSight Digital Experience Platform (DXP). This solution addresses key challenges faced by HR departments by providing secure management of employee files in a centralized platform for both physical and digital documentation, catering to employee records requirements. Such developments are contributing to the rising demand for business intelligence solutions in human resources.

Business Intelligence Market Analysis: Top Market Opportunity

The Solutions/Tools Segment is Expected to Dominate the Business intelligence Market in 2024

Based on component, the business intelligence market is segmented into solutions/tools and services. In 2024, the solutions/tools segment is estimated to account for the larger share of the business intelligence market. The large share of this segment is attributed to the increasing adoption of BI solutions and tools that provide actionable insights through data analysis, enabling informed decision-making. Additionally, the rising use of BI solutions for sharing reports and dashboards is enhancing communication and alignment across departments.

Business intelligence solutions encompass a range of tools and technologies designed to assist organizations in collecting, analyzing, and visualizing data to facilitate informed decision-making. These solutions include data visualization tools that feature interactive dashboards, customizable reports, real-time data visualization, and user-friendly drag-and-drop interfaces. Several types of business intelligence tools are available, such as reporting tools, data warehousing solutions, predictive analytics tools, and data integration tools. These BI solutions cater to the specific needs of different organizations, enabling them to leverage data effectively to drive better decision-making, improve operational efficiency, and enhance overall business performance.

Geographical Analysis

North America Dominates the Business Intelligence Market in 2024

In 2024, North America is estimated to account for the largest share of the business intelligence market. This large share is primarily attributed to the region's emerging technologies and rapid developments in automation and digitization, increasing demand for business intelligence solutions for the banking and finance sector in the region, and rising development by key players in North America in business intelligence.

However, Asia-Pacific is slated to register the highest CAGR during the forecast period. This market's growth is driven by several factors, including the increasing adoption of advanced technologies in countries such as China, Japan, and India, the rising demand for business intelligence solutions in the retail and e-commerce sectors, and the growing need for data visualization dashboards to support informed business decision-making.

Key Companies

The report includes a competitive landscape based on an extensive assessment of the key strategic developments that led market participants to adopt over the past three years (2021-2024).

The key players profiled in the business intelligence market report are 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 (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.).

Business Intelligence Industry Overview: Latest Developments from Key Industry Players

• In June 2024, Databricks, Inc. (U.S.) launched Genie, an artificial intelligence (AI)- powered business intelligence (BI) product designed to enable anyone in an organization to access analytics and insights.
• In July 2023, HCL Technologies Limited (India), a leading global technology company, launched HCLTech Advantage Analytics, an AI-powered business intelligence solution. This solution leverages Snowflake’s Data Cloud to provide enterprises with a range of services by integrating artificial intelligence (AI) with business intelligence (BI), enhancing customer experiences and business outcomes.
• In 2022, LYTT Limited (U.K.) released an upgraded version of its data visualization dashboard, spotLYTT™ version 2. This tool offers Oil & Gas operators an enhanced user experience and enables powerful multi-channel analyses, allowing them to manage multiple projects simultaneously.
• In 2022, Oracle Corporation (U.S.) launched its Oracle Cloud Infrastructure (OCI) Dashboards service. This service allows customers to gain insights, observe trends, and diagnose issues from a specific location within the Oracle Cloud Console.

Business Intelligence Market Research Summary

Key questions answered in the business intelligence market report: