Business Intelligence Market Overview
Business intelligence (BI) is a set of technologies and processes that help businesses collect, analyze, and visualize data to make better decisions. BI tools can be used to identify trends and patterns in data, track performance over time, and forecast future results.
The global business intelligence market growth is expected to grow from USD 25.9 billion in 2022 to USD 78.42 billion by 2032, at a CAGR of 13.1% during the forecast period. This growth is being driven by a number of factors, including:
The increasing volume and complexity of data
The need for businesses to make faster and more informed decisions
The growing adoption of cloud-based BI solutions
The emergence of new technologies such as artificial intelligence (AI) and machine learning (ML)
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Key Companies in the Business Intelligence Market
Some of the key companies operating in the global business intelligence industry include:
Microsoft
IBM
Oracle
SAP
Tableau
Qlik
MicroStrategy
SAS
Sisense
Domo
Looker
ThoughtSpot
These companies offer a wide range of BI solutions, including reporting tools, dashboards, data mining tools, and analytics software.
Market Segmentation
The business intelligence market can be segmented in a number of ways, including:
By component: BI solutions and BI services
By solution: Dashboards and scorecards, data integration and ETL, reporting and analytics, data mining, and others
By business function: Finance, sales, marketing, operations, and others
By industry vertical: BFSI, healthcare, retail, manufacturing, telecom, and others
By deployment type: On-premises, cloud-based, and hybrid
Regional Insights
The North American region is expected to remain the largest market for business intelligence throughout the forecast period. This is due to the presence of a large number of established BI vendors and the early adoption of new technologies in the region.
The Asia Pacific region is expected to be the fastest-growing market for business intelligence during the forecast period. This growth is being driven by the increasing adoption of BI solutions by small and medium-sized enterprises (SMEs) in the region.
Industry Latest News
Here are some of the latest news and trends in the business intelligence market:
Microsoft acquires Nuance Communications: In March 2022, Microsoft announced the acquisition of Nuance Communications for USD 19.7 billion. This acquisition is expected to strengthen Microsoft's position in the healthcare and financial services markets.
IBM launches new AI-powered BI platform: In February 2022, IBM launched a new AI-powered BI platform called IBM Watson Analytics. This platform is designed to help businesses make better decisions by using AI to analyze data and identify trends and patterns.
Google Cloud launches new BI service: In January 2022, Google Cloud launched a new BI service called Looker Studio. This service is designed to help businesses create interactive dashboards and reports.
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