The Global Business Intelligence market accounted for USD 22.16 Billion in 2020 and is expected to reach USD 42.95 Billion by 2028, growing at a CAGR of around 8.6% between 2020 and 2028.
Business Intelligence is a technology based process which analyses and transforms raw data into useful and actionable information for business analysis purposes. BI technologies handle the large amounts of organized and sometimes organized data to help identify, develop and create new strategic business opportunities. BI technologies help to provide historic, current and predictive views of business operations which helps executives, managers to take practical decisions. The main aim of implementing BI initiatives is to make improved business decisions, which in turn will result in revenue growth and also improve efficiency in business operations. BI allows easy interpretation of these large volumes of data, which benefits in implementing an effective strategy based on insights and can provide businesses with a competitive market advantage and long-term stability. BI comprises a combination of analytics, data management and reporting tools, various methodologies for managing and analyzing data.
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COVID-19 Impact Analysis
The global Business Intelligence market has witnessed a slight decline in the growth for short term due to the lockdown enforcement placed by governments in order to contain COVID spreading. The restrictions imposed by various nations to contain COVID had stopped the production, resulting in a disruption across the whole supply chain. However, the global markets are slowly opening to their full potential and there’s a surge in demand for Business Intelligence. The market would remain bullish in upcoming year.
Various sectors focusing on digital transformation, raising investments in analytics, increasing demand of dashboards for data visualization, increase in acceptance of cloud, and rise in data generation will drive the growth of the business intelligence market. Business intelligence is now being used by many enterprises to support a wide range of business decisions ranging from operational to strategic, which in turn making Business Intelligence market grow considerably. The benefits of implementing Business Intelligence are so many, but the data security is one of the major concern for the Business Intelligence vendors. Though, the Business Intelligence is in its early stages of growth, it will not become outdated because of the growing demand of data visualization. The initial cost for having a business intelligence tool or platform and its implementation in the organizations is very high. This will impact on the growth of Business Intelligence market as the budget is the main concern for many companies to spend on the newer technologies.
Business Intelligence Market segment analysis:
Global Business Intelligence Market: By Type Segment Analysis
● Professional Services
● Managed Services
● Deployment and Integration
Global Business Intelligence Market: By Application Segment Analysis
● Private Enterprises
● Listed Companies
● Government Agencies
Regional Analysis of the Business Intelligence Market:
In 2020, North America had the greatest market share with 37%. In the United States, there is a huge accomplishment gap between students from wealthy and poor families. According to the Organization for Economic Co-operation and Development (OECD), an intergovernmental economic organisation, nearly all wealthy 15-year-old students in the United States have access to a computer, whereas nearly 25% of poor children have not. The region’s substantial market share is due to the presence of a large client base and well-established ICT solution providers.
Business Intelligence Market Key Players
• Tableau Software
The Business Intelligence Market Report Highlights Four Key Points:
• Functional, process, and competitive benchmarking are all examples of benchmarking.
• Market assessment encompasses market entrance strategy, feasibility analysis, and forecasting or sizing.
• Custom intelligence, competition intelligence, and market intelligence are all examples of corporate intelligence.
• Technological Intelligence: It helps you investigate future technology roadmaps, choose acceptable technologies, and evaluate feasible technological alternatives.
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