Business Intelligence Analytics Software Market Overview
As per MRFR analysis, the Business Intelligence Analytics Software Market Size was estimated at 28.0 (USD Billion) in 2022. The Business Intelligence Analytics Software Market Industry is expected to grow from 30.38(USD Billion) in 2023 to 63.5 (USD Billion) by 2032. The Business Intelligence Analytics Software Market CAGR (growth rate) is expected to be around 8.53% during the forecast period (2024 - 2032).
Key Business Intelligence Analytics Software Market Trends Highlighted
The Business Intelligence Analytics Software market exhibits several key trends, including the growing adoption of cloud-based solutions, increased demand for real-time analytics, and the integration of artificial intelligence and machine learning.
Key market drivers driving market growth include the increasing volume of data, the need for better decision-making, and the growing adoption of mobile technologies. Additionally, businesses are increasingly looking to extract value from their data to improve operational efficiency and customer engagement.
Opportunities exist in exploring the potential of predictive and prescriptive analytics, as well as leveraging emerging technologies such as blockchain and the Internet of Things (IoT) to enhance data collection and processing capabilities. Recent trends indicate a growing emphasis on data visualization and storytelling to make data more accessible and actionable for business users.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Business Intelligence Analytics Software Market Drivers
Increasing Demand for Data-Driven Decision Making
Organizations across various industries are increasingly recognizing the value of data-driven insights to improve decision-making and gain a competitive edge. Business intelligence analytics software empowers businesses to collect, analyze, and visualize data from diverse sources, enabling them to identify trends, patterns, and actionable insights. By leveraging these insights, organizations can make informed decisions based on real-time data, optimize operations, enhance customer experiences, and drive business growth. The growing adoption of data-driven decision-making practices is a key driver fueling the growth of the Business Intelligence Analytics Software Market Industry.
Growing Adoption of Cloud-Based Analytics Solutions
The proliferation of cloud computing has significantly influenced the adoption of business intelligence analytics software. Cloud-based analytics solutions offer several advantages, including reduced infrastructure costs, increased accessibility, enhanced scalability, and faster deployment. Organizations can leverage cloud-based analytics platforms to access powerful analytics capabilities without investing in on-premises infrastructure. The growing preference for cloud-based analytics solutions is another major factor driving the expansion of the Business Intelligence Analytics Software Market Industry.
Technological Advancements and Innovation
The Business Intelligence Analytics Software Market Industry is constantly evolving, driven by ongoing technological advancements and innovation. Artificial intelligence (AI), machine learning (ML), and natural language processing (NLP) are becoming increasingly integrated into analytics software, enabling businesses to automate tasks, improve data accuracy, and gain deeper insights from complex data sets. These technological advancements are enhancing the capabilities of business intelligence analytics software and expanding its applications across different industries.
Business Intelligence Analytics Software Market Segment Insights
Business Intelligence Analytics Software Market Deployment Model Insights
The Business Intelligence Analytics Software Market is segmented based on deployment model into cloud and on-premises. The cloud deployment model is expected to hold a significant market share in the forecast period due to its benefits, such as scalability, flexibility, and cost-effectiveness. Cloud-based BI analytics software eliminates the need for organizations to invest in hardware and software infrastructure, making it an attractive option for small and medium-sized businesses. Additionally, the growing adoption of cloud computing services is driving the demand for cloud-based BI analytics software.
On-premises deployment model is expected to witness a steady growth rate during the forecast period. On-premises BI analytics software provides organizations with greater control over their data and security. However, the high cost of ownership and maintenance associated with on-premises deployment may hinder its adoption. The Business Intelligence Analytics Software Market revenue for the cloud deployment model is projected to reach USD 22.5 billion by 2024, exhibiting a CAGR of 9.5% during the forecast period. The growth of the cloud deployment model is attributed to the increasing adoption of cloud computing services by organizations of all sizes.
The Business Intelligence Analytics Software Market revenue for the on-premises deployment model is expected to reach USD 15.2 billion by 2024, exhibiting a CAGR of 7.2% during the forecast period. The growth of the on-premises deployment model is attributed to the preference of large enterprises for greater control over their data and security. Overall, the deployment model segment of the Business Intelligence Analytics Software Market is expected to experience significant growth in the coming years. The increasing adoption of cloud computing services and the growing need for data-driven insights are driving the demand for BI analytics software.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Business Intelligence Analytics Software Market Analytics Type Insights
The Analytics Type segment of the Business Intelligence Analytics Software Market is categorized into Descriptive Analytics, Predictive Analytics, and Prescriptive Analytics. Descriptive Analytics held the largest market share in 2023, accounting for around 45% of the Business Intelligence Analytics Software Market revenue. It helps businesses understand past performance and identify trends, enabling them to make informed decisions based on historical data. Predictive Analytics is projected to grow at the highest CAGR during the forecast period, owing to its ability to leverage machine learning and statistical models to forecast future outcomes and anticipate market trends.
Prescriptive Analytics, while having a smaller market share, offers valuable insights by recommending actions based on data analysis, allowing businesses to optimize decision-making and improve performance.
Business Intelligence Analytics Software Market Industry Vertical Insights
The Business Intelligence Analytics Software Market is segmented by Industry Vertical into Financial Services, Manufacturing, Retail, and Healthcare. Among these segments, Financial Services is expected to hold the largest market share in 2024, owing to the increasing adoption of BI analytics software to improve risk management, fraud detection, and customer segmentation. The Manufacturing segment is also expected to witness significant growth as manufacturers leverage BI analytics to optimize supply chain management, improve production efficiency, and reduce costs.
The Retail segment is expected to grow steadily, driven by the need for retailers to gain insights into customer behavior, optimize inventory management, and enhance marketing campaigns. The Healthcare segment is expected to witness moderate growth as healthcare providers seek to improve patient care, reduce costs, and comply with regulatory requirements.
Business Intelligence Analytics Software Market Organization Size Insights
The Business Intelligence Analytics Software Market is segmented by organization size into Small and Medium-sized Enterprises (SMEs) and Large Enterprises. The Large Enterprises segment held a larger market share in 2023 and is expected to continue its dominance throughout the forecast period. This is primarily due to the higher adoption of business intelligence analytics software by large enterprises to gain insights into their vast volumes of data, improve decision-making, and optimize operations. SMEs, on the other hand, are increasingly recognizing the value of business intelligence analytics software and are expected to drive the growth of this segment in the coming years.
The growing availability of cloud-based solutions and the decreasing cost of software implementation are making business intelligence analytics software more accessible to SMEs. As a result, the Business Intelligence Analytics Software Market is expected to witness significant growth in both segments in the years to come. By 2024, the market is projected to reach a valuation of USD 33.5 billion, exhibiting a CAGR of 8.9% from 2024 to 2032.
Business Intelligence Analytics Software Market Data Source Insights
The Business Intelligence Analytics Software Market is segmented by data source into structured data and unstructured data. Structured data refers to data that is organized in a predefined format, such as rows and columns in a database. Unstructured data, on the other hand, is data that is not organized in a predefined format, such as text, images, and videos. In 2023, the structured data segment accounted for a larger share of the Business Intelligence Analytics Software Market revenue compared to the unstructured data segment. This is because structured data is more easily analyzed and processed by business intelligence software.
However, the unstructured data segment is expected to grow at a faster rate in the coming years as businesses increasingly collect and analyze unstructured data to gain insights into their operations. By 2032, the unstructured data segment is expected to account for a significant share of the Business Intelligence Analytics Software Market revenue. This growth is being driven by the increasing demand for business intelligence software to help businesses make better decisions.
Business Intelligence Analytics Software Market Regional Insights
The Business Intelligence Analytics Software Market is segmented into North America, Europe, APAC, South America, and MEA. North America held the largest market share in 2023 and is expected to continue to dominate the market throughout the forecast period. The region's large number of enterprises and high adoption rate of advanced technologies contribute to its dominance. Europe is the second-largest market for Business Intelligence Analytics Software, followed by APAC. APAC is expected to witness the fastest growth over the forecast period due to the increasing adoption of cloud-based solutions and the growing number of startups in the region, whereas South America and MEA are expected to contribute a smaller share to the market.
Continued market growth is anticipated due to the increasing need for data-driven decision-making and the growing adoption of cloud-based solutions. The growing volume of data, combined with the need for real-time insights, is driving the demand for Business Intelligence Analytics Software globally.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Business Intelligence Analytics Software Market Key Players And Competitive Insights
Major players in the Business Intelligence Analytics Software Market are constantly engaging in strategic initiatives to maintain and expand their market presence. Key strategies include partnerships, acquisitions, and product innovations as companies strive to gain a competitive edge in the rapidly evolving Business Intelligence Analytics Software Market industry. The leading Business Intelligence Analytics Software Market players are investing heavily in research and development to enhance their offerings and cater to the evolving needs of customers. The Business Intelligence Analytics Software Market development is driven by the increasing adoption of data-driven decision-making, the rise of artificial intelligence and machine learning, and the growing need for real-time insights.
Tableau Software, a leading player in the Business Intelligence Analytics Software Market, focuses on empowering users with self-service data analytics capabilities. The company's intuitive platform and data visualization tools enable businesses to gain actionable insights from their data, regardless of their technical expertise. Tableau's commitment to innovation and customer satisfaction has earned it a strong reputation in the industry. The company's dedication to providing seamless data integration, interactive dashboards, and advanced analytics functions has contributed to its continued growth and market leadership.
Microsoft, a prominent competitor in the Business Intelligence Analytics Software Market, leverages its extensive technological resources and reach to offer a comprehensive suite of business intelligence tools. The company's Power BI platform provides businesses with powerful data analysis capabilities, including data visualization, interactive reporting, and predictive modeling. Microsoft's focus on integration with other Microsoft products, such as Excel and Office 365, enhances its offerings and caters to a wider customer base. The company's investments in cloud-based solutions and artificial intelligence further strengthen its position in the competitive Business Intelligence Analytics Software Market landscape.
Key Companies in the Business Intelligence Analytics Software Market Include:
-
IBM
-
Tableau Software
-
Oracle Corporation
-
SAP SE
-
Qlik
-
SAS Institute
-
Microsoft
-
Alteryx
-
TIBCO Software
-
Google Inc.
-
Amazon Web Services
-
Domo
-
Informatica
-
MicroStrategy
-
Salesforce
Business Intelligence Analytics Software Market Industry Developments
The Business Intelligence Analytics Software Market continues to experience significant growth driven by the increasing adoption of data analytics across various industries. The market is expected to witness a substantial increase in demand for cloud-based BI solutions and real-time analytics capabilities. Recent news developments include IBM's acquisition of Salesforce's Tableau, reinforcing the consolidation trend in the industry. Key players are focusing on providing comprehensive solutions that integrate data visualization, machine learning, and predictive analytics to deliver actionable insights to businesses.
The market is expected to witness a surge in demand for self-service BI tools, enabling non-technical users to explore and analyze data independently. Furthermore, the growing adoption of AI and ML in BI solutions is anticipated to enhance the accuracy and efficiency of data analysis, driving market growth.
Business Intelligence Analytics Software Market Segmentation Insights
-
Business Intelligence Analytics Software Market Deployment Model Outlook
-
Cloud
-
On-premises
-
Business Intelligence Analytics Software Market Analytics Type Outlook
-
Descriptive Analytics
-
Predictive Analytics
-
Prescriptive Analytics
-
Business Intelligence Analytics Software Market Industry Vertical Outlook
-
Financial Services
-
Manufacturing
-
Retail
-
Healthcare
-
Business Intelligence Analytics Software Market Organization Size Outlook
-
Small and Medium-sized Enterprises (SMEs)
-
Large Enterprises
-
Business Intelligence Analytics Software Market Data Source Outlook
-
Structured Data
-
Unstructured Data
-
Business Intelligence Analytics Software Market Regional Outlook
-
North America
-
Europe
-
South America
-
Asia Pacific
-
Middle East and Africa
|
Report Attribute/Metric
|
Details
|
|
Market Size 2022
|
28.0(USD Billion)
|
|
Market Size 2023
|
30.38(USD Billion)
|
|
Market Size 2032
|
63.5(USD Billion)
|
|
Compound Annual Growth Rate (CAGR)
|
8.53% (2024 - 2032)
|
|
Report Coverage
|
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
|
|
Base Year
|
2023
|
|
Market Forecast Period
|
2024 - 2032
|
|
Historical Data
|
2019 - 2023
|
|
Market Forecast Units
|
USD Billion
|
|
Key Companies Profiled
|
IBM, Tableau Software, Oracle Corporation, SAP SE, Qlik, SAS Institute, Microsoft, Alteryx, TIBCO Software, Google Inc., Amazon Web Services, Domo, Informatica, MicroStrategy, Salesforce
|
|
Segments Covered
|
Deployment Model, Analytics Type, Industry Vertical, Organization Size, Data Source, Regional
|
|
Key Market Opportunities
|
Cloud-based analytics Realtime data analysis Predictive analytics AIdriven insights Prescriptive analytics
|
|
Key Market Dynamics
|
Increasing demand for data-driven decision-making Cloud-based deployments Growing adoption in SMEs Advancements in artificial intelligence and machine learning
|
|
Countries Covered
|
North America, Europe, APAC, South America, MEA
|
Frequently Asked Questions (FAQ) :
The Business Intelligence Analytics Software Market is anticipated to reach a valuation of 30.38 billion USD in 2023.
The market is projected to grow at a CAGR of 8.53% from 2024 to 2032.
North America is expected to hold the largest market share, followed by Asia-Pacific and Europe.
The BFSI, healthcare, and retail sectors are expected to be the major consumers of Business Intelligence Analytics Software.
Some of the key competitors include Microsoft, IBM, Oracle, SAP, and SAS.
Factors driving growth include the increasing adoption of data-driven decision-making, the need for real-time insights, and the growing volume of data.
Challenges include data security and privacy concerns, the lack of skilled professionals, and the high cost of implementation.
Trends include the adoption of cloud-based solutions, the integration of artificial intelligence, and the increasing use of self-service analytics.
The market is expected to help businesses improve their decision-making, increase operational efficiency, and gain a competitive advantage.
Opportunities include the development of new products and services, the expansion into new markets, and the acquisition of new customers.
