The Business Intelligence Market is projected to reach $47.9 billion by 2029, at a CAGR of 8.2% from 2022 to 2029. The growth of this market is driven by the rising demand for data visualization dashboards for making informed business decisions and the surge in demand for cloud business intelligence applications. However, data privacy and security concerns may restrain the market’s growth. The opportunities of human resource analytics and the increased proliferation of business intelligence solutions during the COVID-19 pandemic are expected to offer significant growth opportunities for the stakeholders in the business intelligence market. Furthermore, the integration of data from various source systems and the lack of quality data availability are expected to pose challenges to the growth of the business intelligence market. The latest trends in the global business intelligence market are AI-based business analytics solutions, data discovery and visualization, collaborative business intelligence, and embedded analytics.
Impact of COVID-19 on the Business Intelligence Market
The COVID-19 pandemic created several challenges for the business intelligence market due to the lockdowns imposed during the second and third quarters of 2020. The pandemic lowered consumers' financial potential, which decreased the sales of business intelligence solutions and services. However, in 2021, many enterprises started recovering from the economic setbacks triggered by the pandemic. The COVID-19 pandemic moderately impacted the business intelligence market due to delayed and postponed orders for various business intelligence solutions such as data visualization and reporting tools, data integration tools, query analysis tools and dashboards and scorecards; however, it started recovering rapidly in the last quarter of 2020.
The following factors contributed to the growth of the business intelligence market during the COVID-19 pandemic:
- The COVID-19 pandemic disrupted supply chains worldwide. Thus, effective supply-chain management was essential to ensure the flow of essential medical supplies, food, and other key necessities. Business intelligence solutions helped businesses to engage customers through digital channels and manage fragile and complex supply chains during the pandemic. Business intelligence enhances supply chain management by making real-time data analytics accessible. Furthermore, BI tools provide real-time insights into supply chain emerging risks, inefficiencies, and anomalies, allowing organizations to quickly isolate and resolve potential problems. Embedded business intelligence tools provide ad hoc reporting, interactive dashboards, scheduling, and distribution tools for supply chain management.
- Since the outbreak of COVID-19, public reporting of pandemic-related indicators, such as new cases, death counts, and testing rates, has surged. This heightened level of activity is the core function of governments to protect the public’s health and safety. This has fueled the demand for data visualization tools and dashboards during the pandemic.
- Businesses and governments worldwide have implemented a wide range of advanced analytics dashboards to address the unprecedented health and economic and social impacts of the COVID-19 crisis.
- Several organizations provided analytics dashboards to understand community outbreaks and healthcare resources in real time and assess the local effects of non-pharmaceutical interventions.
- In 2020, the urgent worldwide need for COVID-19 data, coupled with the penetration of the internet, digitalization of health information systems, and access to open-source web-based platforms, has enabled business intelligence providers for the development of custom dashboards to monitor and report on the COVID-19 pandemic cases.
Such factors fueled the growth of the business intelligence market during the COVID-19 pandemic.
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Rising Demand for Data Visualization Dashboards For Making Informed Business Decisions to Fuel the Market Growth
In the past few years, several businesses have been leveraging data visualization tools to make it easy to view and comprehend trends, outliers, and patterns in data by utilizing visual components like charts, graphs, and maps. Data visualization dashboards display real-time data by extracting complicated data points from massive data sets. Furthermore, the visualization and dashboard creation tools allow customers to analyze data and communicate insights in a fast, intuitive and accessible way for both experienced data analysts and casual business users, often with no coding required. It helps to prepare, secure, and govern data for data warehouses, analytics, and several business applications. A data visualization dashboard allows digital marketers to track multiple data sources and visualize the data, ensuring a solid data set for decision-makers. Collectively, the surge in demand for data visualization tools for making informed business decisions is improving the demand for business intelligence solutions, which, in turn, promotes the growth of the market.
Some of the recent developments in the market are as follows:
- In 2022, AdvisorEngine Inc. (U.S.) launched new data visualization dashboards that provide insights tailored to specific roles across key wealth management focus areas. It offers features including ‘drag-and-drop’ customization, in-line editing, automatic data population, advanced filtering, one-click drill-down to detailed data, and enterprise permissions to control information access.
- In 2022, LYTT Limited (U.K.) delivered an upgraded iteration of its data visualization dashboard, spotLYTT™ version 2. The tool provides Oil & Gas operators with an enhanced user experience and unlocks powerful multi-channel analyses to run multiple projects simultaneously.
- In 2022, Oracle Corporation (U.S.) launched its Oracle Cloud Infrastructure (OCI) Dashboards service. Using OCI Dashboards, customers can derive insights, observe trends, and diagnose issues from a single location in the Oracle Cloud Console.
Such developments are expected to improve the demand for data visualization dashboards, in turn promoting the growth of the business intelligence market.
Key Findings in the Business Intelligence Market Study:
Based on Component, in 2022, the Solutions Segment is Expected to Dominate the market
Based on component, in 2022, the solutions segment is expected to account for the largest share of the global business intelligence market. The large market share of this segment is attributed to the surge in demand for business intelligence dashboards, growing demand for advanced BI and analytics systems in businesses, increasing need for data visualization tools to present data effectively, and growing popularity of faster analysis and intuitive dashboards during the COVID-19 pandemic. Furthermore, the increasing need to provide real-time monitoring and access to data at any location, the growing popularity of professional services automation, and the increasing proliferation of BI tools in customer-centric organizations like BFSI and the retail industry is increasing the demand for business intelligence solutions, which, in turn, promotes the growth of this segment.
Based on Deployment Mode, the Cloud-based Deployment Segment is Projected to Register the Highest CAGR During the Forecast Period
Based on deployment mode, the cloud-based deployment segment is expected to register the higher CAGR during the forecast period. The growing need for the deployment of BI tools on cloud infrastructure that can be accessed using virtual networks, the increasing need to manage large amounts of data such as dashboards, KPIs, and other types of business analytics solutions, and heavy investments from enterprises to accelerate the business intelligence solutions with cloud-based deployment are expected to support the growth of this segment. In recent years, several organizations are gradually transitioning to cloud infrastructure, a trend that is expected to grow in the coming years. The benefits of cloud infrastructure, such as ease of adoption, minimal requirement for in-house infrastructure, high scalability, and easy installation of business intelligence solutions, further boost the growth of the cloud-based segment.
Based on Organization Size, the Small & Medium-sized Enterprises Segment is Expected to Register the Higher CAGR During the Forecast Period
Based on organization size, the small & medium-sized enterprises segment is expected to register the higher CAGR during the forecast period. The growing demand for data visualization and extraction tools by small & medium-sized enterprises, the increasing need to analyze customer preferences and behavior, the growing need to track sales and marketing performance of small teams, the rising need to identify issues and bottlenecks in small business operations are driving the growth of this segment. Furthermore, the growing need for actionable insights to improve small & medium-sized businesses, especially in times of unprecedented crisis like the COVID-19 pandemic, further boosts the growth of this segment. BI solution helps SMEs to create intricate reports and dashboards.
Asia-Pacific: The Fastest-growing Regional Market
Asia-Pacific is projected to register the highest CAGR. The rapid growth of business intelligence solutions & services in the urban population is due to growing economies in countries such as China, India, and Japan. The increasing demand for reporting and visualization tools, the surge in demand for data integration tools and the increasing adoption of analytics into business operations are promoting the growth of the BI market in this region. Furthermore, the emerging markets for technology solutions and services, rising innovations and automation in emerging economies, increasing demand for predictive analytics solutions to understand consumer spending habits, and the availability of highly-skilled, diverse, innovation-focused workforce across the region are increasing the adoption of BI solution and services, which, in turn, p the growth of the market.
Key Players
The report includes a competitive landscape based on an extensive assessment of the key growth strategies adopted by leading market participants. The key players operating in the business intelligence market include 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 (U.S.), Cisco Systems, Inc. (U.S.), Element Data (U.S.), Board International SA (Switzerland), MicroStrategy Incorporated (U.S.), and Hitachi Vantara LLC (U.S.) (a subsidiary of Hitachi, Ltd. [U.S.]).
Scope of the Report:
Business Intelligence Market, by Component
Business Intelligence Market, by Organization Size
- Large Enterprises
- Small & Medium-sized Enterprises
Business Intelligence Market, by Deployment Mode
- On-premise Deployment
- Cloud-based Deployment
Business Intelligence Market, by Business Function
- Human Resource
- Finance
- Operations
- Sales & Marketing
Business Intelligence Market, by End-use Industry
- Retail
- Manufacturing
- BFSI
- Healthcare & Life Sciences
- Education
- IT & Telecommunications
- Energy & Utilities
- Media & Entertainment
- Transportation & Logistics
- Hospitality & Tourism
- Other End-use Industries
Business intelligence Market, by Geography
- North America
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East & Africa
Key questions answered in the report: