BI and Analytics Market: Global Industry Analysis and Forecast (2023 -2030)

BI and Analytics Market Overview: -

The global market is increasing day by day due to demand for analyzing real-time data and the growing adoption of cloud computing technology in different industries are major factors anticipated to drive the growth of the BI and Analytics market over the forecast period. Moreover, the booming development of new technology, such as stream mining in-database analytics and in-memory analytics, which gives real-time analytics for fraud detection, and customer interactions is another factor assumed to further fuel the growth of the target market. Furthermore, expanding consumer preference toward the installation of Internet of Things devices to create a large amount of real-time data is also boosting the growth of the global market. Besides, the growing demand for performance improvement features by different organizations is another factor expected to drive the growth of the Business Intelligence and Analytics Market.

There are certain constraints and limitations faced that will limit the overall market growth factors. Factors such as rising data security concerns and a shortage of skilled professionals are impeding market growth. Furthermore, integration is a significant challenge for vendors of business intelligence and analytics. Integration of multiple analytics software, Master Data Management (MDM), business intelligence, big data, and analytics applications is a challenge in this industry. These are the potential restraints hampering the overall growth of the Global Market. Nonetheless, technological advancements, increasing adoption of cloud-based technology across multiple industries due to its cost-effectiveness and instant implementation, and untapped potential in emerging markets offer promising growth opportunities.

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BI and Analytics Market Dynamics:

Integration of multiple analytics software, Master Data Management (MDM), business intelligence, big data, and analytics applications is a challenge in this industry. These are the potential restraints hampering the overall growth of the Global Market. Nonetheless, technological advancements, increasing adoption of cloud-based technology across multiple industries due to its cost-effectiveness and instant implementation, and untapped potential in emerging markets offer promising growth opportunities. There are certain constraints and limitations faced that will limit the overall market growth factors. Factors such as rising data security concerns and a shortage of skilled professionals are impeding market growth. Furthermore, integration is a significant challenge for vendors of business intelligence and analytics.

The demand for analyzing real-time data and the growing adoption of cloud computing technology in different industries are major factors anticipated to drive the growth of the global market over the forecast period. Moreover, the booming development of new technology, such as stream mining in-database analytics and in-memory analytics, which gives real-time analytics for fraud detection, and customer interactions is another factor assumed to further fuel the growth of the target market. Furthermore, expanding consumer preference toward the installation of Internet of Things devices to create a large amount of real-time data is also boosting the growth of the global market. Besides, the growing demand for performance improvement features by different organizations is another factor expected to drive the growth of the Business Intelligence and Analytics Market.

Rapid digitalization has generated the need for real-time data analytics and automated business intelligence systems to improve business operations, financial performance, and decision-making abilities. This, in turn, is expected to drive the global BI and analytics market. Real-time data analysis has gained importance in various organizations, as markets have become highly competitive. Additionally, demand for dashboards for data visualization to enhance the ability to taking business decisions and cloud infrastructure has increased. These factors are also expected to fuel the global BI and analytics market during the forecast period.

BI and Analytics Market Segment Analysis:-

Based on deployment insights, the global business intelligence markets are segmented into On-premise and cloud. The cloud segment is expected to hold the major market revenue share. The growth of this segment is due to it allowing a business to manage BI applications by outsourcing the BI infrastructure. This helps the company in increasing reducing operating costs, and productivity, and optimizing operation timeframes. As a result, the cloud deployment segment is projected to increase at a fast pace. Furthermore, on-premise deployment holds a significant revenue share during the forecast period.

Based on Component insights, the global business intelligence markets is segmented into software and services. The software segment is dominating the business intelligence market holding the largest revenue share during the forecast period. The growth of this segment is due to the increasing utilization of technological software in various industries is driving the market. The software provided by companies such as SAP, AI, Board 11, Yellowfin BI, Power BI, and Tableau is used by companies to analyze data processing by tracking historic and real-time performance. In addition, BI software’s also used in the healthcare sector for clinical analysis, financial analysis, and operational analysis. The software of healthcare business intelligence uses data analytics for accurate results.

The service segment is the fastest-growing segment of the business intelligence market. The Service segment includes consulting, support and maintenance, deployment, and integration, these factors surging the demand for services in the BI market and growing advancements in business intelligence software are driving the growth of the segment. In addition, information technology businesses are also offering good services for various industries as business intelligence solutions.

Based on Enterprise insights, the global business intelligence markets is segmented into Small Medium-sized, and Large Sized. The Large size segment is dominating the business intelligence market holding the largest revenue share during the forecast period. The growth of this segment is due to a substantial investment, and availability of IT infrastructure, telecom, retail and banking, corporate businesses, healthcare sector, and educational sectors.

On the other hand, the small and medium-sized segment is the fastest-growing business intelligence market during the forecast period. SMEs are expected to service business intelligence solutions to increase market share and customer fulfillment through targeted marketing campaigns and ads. In addition, resource optimization and constant productivity evaluation are a few factors that fuel the requirement for advanced BI solutions among SMEs these factors drive the business intelligence market.

Based on End-User Insights, the global business intelligence markets are segmented into Manufacturing, Healthcare, Retail, and Consumer Goods, Banking, finance, services, Insurance (BFSI), IT, and Telecommunications. The IT and Telecommunication segment accounted for more than 26% of revenue share. The BFSI segment is expected to dominate the business intelligence market during the forecast period. The growth of the segment is attributed to the sensitivity of financial data and requires to synchronize with numerous other sectors such as tax authorities, stock exchanges, securities controlling authorities, central banks, revenue departments, developing new investment strategies, improving marketing strategies, and customer retention policies, and reducing risks are some of the key factors responsible for driving the growth of the segment.

BI and Analytics Market Region:

Europe held the major share of the global BI and analytics market in 2023, followed by North America. These regions are expected to retain their positions during the forecast period. The presence of major Bl and analytics solution providers in the U.S. and the presence of SMEs in Europe are driving the BI market share held by these regions. The rise in the adoption of BI tools to organize, analyze, and contextualize business data and make timely and informed decisions among different industry verticals is estimated to propel the demand for business analytics and business intelligence solutions in Europe. Demand for cloud-based BI and analytics solutions in North America is also expected to boost the business intelligence market size.

The Bl and analytics market in Asia Pacific is expected to grow at a notable pace during the forecast period due to the rise in volumes of data in the region. Technological developments in various industries further generate the need for the adoption of BI to drive revenue and operational effectiveness, predict customer behavior and loyalty, drive shareholder value, and delivery, and develop new business opportunities. These factors are estimated to drive the BI and analytics market in the region.

Key Developments in Global BI and Analytics Market

• In May 2022, Vuram, a next-generation hyper-automation service provider, partnered with Altery to strengthen Vuram's data analytics, data visualization, and reporting capabilities to deliver real-time business intelligence solutions to its clients.
• In July 2022, Atos completed the acquisition of Visual BI to strengthen data analytics and cloud enterprise solutions practices and to address customers' increasing need for analytics in the cloud environment.
• In November 2020, Magenta BI launched a business intelligence software for IT channel partners, which helps SMEs make data-driven decisions through actionable analytics.

BI and Analytics Market Key Players: -

• Seasky Medical 
• Becton Dickinson
• Baxter
• B. Braun Melungeon
• Terumo
• Gerresheimer
• Cardinal Health
• Novo Nordisk