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Sales, a vital business function, deals with a vast amount of data related to shares, stocks, and the market. This data is dynamic and requires real-time updates. Across various industries, there's a growing demand for sales departments to enhance cross-selling and maximize their performance. The sales function is anticipated to hold the largest share in the mobile BI (Business Intelligence) market during the forecast period. In the business function segment, North America is leading the market with a value of USD 351.7 million, expected to reach USD 1,464.5 million by the end of the forecast period. North America is also projected to be the fastest-growing market, with Europe and Asia Pacific following closely, expected to grow at CAGRs (Compound Annual Growth Rates) of 26.84%, 21.97%, and 16.75%, respectively.
The sales function is a crucial aspect of businesses, involving activities such as managing shares, monitoring stocks, and staying updated on market trends. The data associated with sales is dynamic and constantly changing, requiring real-time updates. Across various industries, there is a growing need for sales departments to optimize cross-selling opportunities and enhance overall performance. As a result, the sales function is expected to hold the largest share in the mobile BI (Business Intelligence) market during the forecast period. In terms of business function segmentation, North America is currently the dominant force in the market, with a market value of USD 351.7 million.
This figure is projected to soar to USD 1,464.5 million by the end of the forecast period. Furthermore, North America is anticipated to exhibit the highest growth rate, outpacing Europe and Asia Pacific, with projected CAGRs of 26.84%, 21.97%, and 16.75%, respectively. This signifies a strong and growing demand for mobile BI in the sales domain, with North America leading the way in market adoption and expansion. Studies predict that by the end of 2021, IoT will have over 200 billion connected devices, aiding organizations and individuals in their daily activities. These devices will transmit vast amounts of data to servers. In manufacturing, where sensors monitor production aspects, Mobile BI allows executives to obtain precise production status within seconds. The growth of the IoT market is expected to introduce new features to the Mobile BI market, with the global IoT market projected to surpass USD 1.7 trillion by the end of 2022.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Technology, Service, Deployment, Component, and Region |
Business Intelligence Market Highlights:
Business Intelligence Market Overview
The Business Intelligence market industry is projected to grow from USD 33.12 Billion in 2024 to USD 78.42 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 13.1% during the forecast period (2024 - 2032). Additionally, the business intelligence market size was valued at USD 29.29 Billion in 2023.
Big data and cloud-based computing are key market drivers that will propel market expansion and growth.
Figure 1: Business Intelligence Market Size, 2023-2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Business Intelligence Market Trends
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Growing Big Data and cloud-based computing is driving the market growth
The rising big data and cloud-based computing drive the market CAGR for business intelligence. Rapid technical advancements have fueled the expansion of big data analytics in the past few years. Because it can store structured and unstructured data, cloud computing is seen as a perfect foundation for BI applications. This Technology has made it possible for this tool to examine a vast quantity of data and give organizations important insights that will aid in identifying possibilities and improving marketing campaigns. BI and analytics are interwoven in commercial and personal apps because of BI developments and an API-first design. Furthermore, its interaction with additional programs allows organizations to harness and analyze vast amounts of data captured by ERP software.
Additionally, employing business intelligence technologies is advantageous, including improved internal company processes, faster and better decision-making, revenue growth, a competitive edge, and increased operational performance. BI systems also assist firms in identifying important business concerns and industry trends. Furthermore, many businesses are utilizing data visualization technologies for analytics. BI also employs advanced analytics techniques like mining text, forecasting, statistical evaluation, and big data analytics. Because of the enhanced ability to extract insightful conclusions, the increased usage of these technologies boosts the need for BI across numerous sectors. Furthermore, BI systems help firms identify important business concerns and market trends.
COVID-19 has had a impact on the software industry. With the sudden increase in working from home, adequately funded technical enterprises with enormous user networks and massive volumes of electronic information have the opportunity to capitalize on the crisis's potential. As a result, there will be an increase in the need for analytics, BI, and technologically advanced analytics expertise to handle the new difficulties posed by the pandemic. This has prompted businesses to seize the chance to allow more people to access personal data at work, fueling additional development for business intelligence solutions and their demands.
For instance, according to the UN, 64.2 zettabytes of information will be generated in 2020, representing a 314% growth over 2015. Increasing data demand as a result of COVID-19 further led to better-than-expected development. As a result, demand for dependable and scalable business information solutions to improve decision-making is increasing. Thus, it is anticipated that demand for Business Intelligence will increase throughout the projection timeframe due to the rising Big Data and cloud-based computing. Thus, driving the Business Intelligence market revenue.
Business Intelligence Market Segment Insights
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Business Intelligence Technology Insights
The Business Intelligence market segmentation, based on Technology, includes Mobile BI, Cloud BI, and Social BI. The cloud BI segment dominated the market, accounting for 40% of market revenue (USD 10.4 Billion) in 2022. It stores both organized and unstructured data, evaluates vast amounts of data, and provides organizations with meaningful insights to help them identify possibilities. It is expected to grow and expand during the projected timeframe as it will help businesses make data-driven decisions, boosting the overall market growth.
Business Intelligence Service Insights
The Business Intelligence market segmentation, based on Service, includes Hosted and Managed. The hosted category generated the highest market revenue of about 52% (USD 13.5 billion) in 2022. This is due to the fact that the company has a privately managed installation over which they have additional control, including server access adjustments if needed than the managed services.
Business Intelligence Deployment Insights
The Business Intelligence market segmentation, based on Deployment, includes On-Premises and On-Cloud. The on-premises segment dominated the market, accounting for 54% of market revenue (USD 14 Billion) in 2022. This is due to companies that manage sensitive data making a lot of self-service options or on-premises solutions. It also improves both speed and safety for areas with highly confidential information handling regulations, including healthcare and banking. The on-Cloud category is expected to grow and expand fastest during the projected timeframe, boosting the overall market growth.
Business Intelligence Component Insights
The Business Intelligence market segmentation, based on Components, includes Hardware and Software. The software category dominated the market, accounting for 76% of market revenue (USD 19.7 Billion) in 2022. Higher spending on IoT, artificial intelligence and machine learning, and cloud-based solutions lead to more technological adoption of software which will drive further market growth.
Figure 2: Business Intelligence Market, by Component, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Business Intelligence Regional Insights
By region, the research provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Business Intelligence market area will dominate this market during the projected timeframe due to an increasing trend, such as data development, rising competition, the use of cloud computing, and the growing adoption of BI offerings and digitalization throughout numerous industries, as well as its technical progress in company management insights to improve sales, production, and innovation will boost the market growth in the North American region.
Further, the major countries studied in the market report are the US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: Business Intelligence Market Share by Region 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The Europe region’s Business Intelligence market accounts for the second-highest market share due to the increased usage of cloud methods that have expedited business intelligence adoption. Further, the German Business Intelligence market holds the largest market share, and the UK Business Intelligence market is expected to grow and expand significantly in the European region during the projected timeframe.
The Asia-Pacific Business Intelligence Market is expected to grow quickly during the projected timeframe. This is because of the Internet of Things (IoT) industrialization and the rising usage of sophisticated technologies; the need for BI services and solutions is expanding. Moreover, China’s Business Intelligence market dominates the market share, and the Indian Business Intelligence market is expected to expand and grow steadily in the Asia-Pacific region during the projected timeframe.
Business Intelligence Key Market Players & Competitive Insights
Leading market players invested heavily in research and Development (R&D) to scale up their manufacturing units and develop technologically advanced solutions, which will help the Business Intelligence market grow worldwide. Market participants are also undertaking various organic or inorganic strategic approaches to strengthen and expand their footprint, with significant market developments including new product portfolios, contractual deals, mergers and acquisitions, capital expenditure, higher investments, and strategic alliances with other organizations.
Businesses are also coming up with marketing strategies such as digital marketing, social media influencing, and content marketing to increase their scope of profit earnings. The Business Intelligence industry must offer cost-effective and sustainable options to survive in a highly fragmented and dynamic market climate.
Manufacturing locally to minimize operational expenses and offer aftermarket services to customers is one of the critical business strategies organizations use in the Business Intelligence industry to benefit customers and capture untapped market share and revenue. The Business Intelligence industry has recently offered significant advantages to the Information technology industry. Moreover, more industry participants are utilizing and adopting cutting-edge Technology has grown substantially.
Major players in the Business Intelligence market, including Microsoft Corporation, International Business Machines Corporation, SAP SE, Oracle, Corporation, Tableau Software, SAS Institute, Pentaho (A Hitachi Company), Qlik Technologies, MicroStrategy, Inc., Information Builders, Tibco Software, Google LLC, Yellowfin International Pty Ltd, Sisense Inc., Panorama, Actuate, Alteryx, Board International, Datawatch, GoodData, Pyramid Analytics, and Salient Management Company, are attempting to expand market share and demand by investing in R&D operations to produce sustainable and affordable solutions.
Oracle is the world's most extensive database management firm, with revenues of $100 million and 4,500 end users in 55 different nations. It provides services and goods to enterprise IT settings across the world. Oracle software for the cloud as a solution includes a variety of cloud software programs. Oracle increased it's inclusive and included data and analytics capabilities in October 2022 to empower business users. With the extra stuff in Oracle Fusion Analytics for ERP, CX, HCM, and SCM data analysis, business users can track performance against corporate objectives using visualizations, KPIs, and analytics.
Microsoft Corporation creates, manufactures, licenses, and supports a variety of software Offerings for many computing systems. It has five divisions: Windows and Windows Live Division, Server & Tools Division, Online Solutions Section, Microsoft Enterprise Division, and Media and Devices Division. Microsoft unveiled Power BI enhanced experiences in Microsoft Teams in January 2023. The three new features announced are rich broadcasting cards for Conversation in Microsoft Teams and an upgrade for old Power BI tabs for taking notes and learning from experiences and needs.
Key Companies in the Business Intelligence market include
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Rackspace (US.)
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SAP SE (Germany)
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Microsoft Corp (US)
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Juniper Networks (US.)
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Verizon Wireless (US.)
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Cisco Systems (US.)
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SAS Institute (US)
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AT&T (US)
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IBM Corp. (US.)
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VMware (US.)
Business Intelligence Industry Developments
January 2023: Microsoft unveiled Power BI enhanced experiences in Microsoft Teams in January 2023. The three new features announced are rich broadcasting cards for Conversation in Microsoft Teams and an upgrade for old Power BI tabs for taking notes and learning from experiences and needs.
December 2022: Tableau 2022.4 was released in December 2022 for customers and researchers to explore information. It automates creating, analyzing, and communicating insights through data stories, including Data Change Radar, Information Guide, and Explaining the Viz.
October 2022: Oracle increased inclusive and included data and analytics capabilities in October 2022 to empower business users. With the extra stuff in Oracle Fusion Analytics for ERP, CX, HCM, and SCM data analysis, business users can track performance against corporate objectives using visualizations, KPIs, and analytics.
Business Intelligence Market Segmentation
Business Intelligence Technology Outlook
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Mobile BI
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Cloud BI
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Social BI
Business Intelligence Service Outlook
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Hosted
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Managed
Business Intelligence Deployment Outlook
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On-Premises
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On Cloud
Business Intelligence Component Outlook
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Hardware
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Software
Business Intelligence Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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