Global business intelligence market is expected to grow at a CAGR of 9.5% during the forecast period of 2023-2030. The market is primarily driven by exponential growth in data generation. The increasing amount of data offers new opportunities for business development. Connecting analytics has resulted into new approaches of customer engagement that is the capability to amplify the skills and intelligence among employees, new services and products and more opportunity to explore the models of business.

360 Degree Analysis by “Acute Market Reports” Concludes That Retail Industry Leads Among Other Verticals in terms of Market Revenues

Global business intelligence market has been segmented on the basis of application, component, organization size, data type, deployment, verticals. The industry vertical segment is further sub-segmented into manufacturing, healthcare, energy and utility, BFSI, transportation & distribution, IT & telecom, retail, media and entertainment, government and others. Retail industry market leads the industry vertical segment in terms of revenue in the global business intelligence market with around 17.02 % in 2020. Retailers gather data from their operational and external systems that include financial systems, POS systems, and E-commerce initiatives. Business intelligence systems enable retail chains to analyze several data sources, helping retailers to answer critical strategic and operational questions associated with customer segmentation and analytics, merchandizing and supply chain efficiency. Further, the growth in the e-commerce market promises great potential for the growth of retail segment over the forecast period.

BI Applications in Manufacturing Industry to Grow Fastest

Manufacturing market is anticipated to be the fastest growing market with a CAGR of 9.9% during the forecast period. The entire manufacturing industry is undergoing a radical change. The adoption of Industry 4.0 initiative that emphasizes on the use of automated machines and use of IOT to efficiently predict failures and autonomously trigger maintenance processes, has given boost to the growth of BI market in manufacturing sector. Further, adoption of new advanced technologies that include IoT and robotics, efficiency within supply chain network, operational efficiency, and costs are the factors driving the changes. The BI solution in the manufacturing enables efficient operations management, improves supply chain efficiency and offers plenty of other advantages.

BI Applications in Healthcare Promises Significant Opportunities

Manufacturing, retail, healthcare, energy & utilities and BFSI are amongst the emerging applications within global business intelligence market. Healthcare business intelligence market accounts for 11.02% of market share in 2021, with a projected growth at CAGR 9.4% during the forecast period. Healthcare sector specifically pharmaceutical, biopharmaceutical and medical device industry is undergoing change. The change is a result of patent expiry of key drugs, competition from generic drug versions, stringent regulatory compliance rules, low returns on current product pipelines and increasing drug R&D costs. Healthcare organizations are looking forward as sustainable alternative towards business, streamline the entire manufacturing process and find metrics that provide high return on investment in drugs and medical device research.

North America Holds the Lions Share

Geographically, global business intelligence market has been segmented into North America, Europe, Asia Pacific and Rest of the world (ROW). North America leads the global business intelligence market by capturing largest market share in terms of revenue of 42.5% in 2021. Growth is majorly driven by the presence of technologically sound infrastructure and key players based in this region such as Microsoft (U.S), Oracle (U.S), SAS (U.S) and others. Also, owing to the presence of highly-developed and technologically-advanced services sector and wide adoption of business intelligence in the service sector, government organization, BFSI and others have positively influenced the business intelligence market. Furthermore, Asia Pacific is anticipated to grow with the highest CAGR 11.1% during the forecast period, owing to exponential growth in big data generation in the region is also boosting the growth in the market.  Furthermore, Business intelligence market in Asia pacific is driven by presence of large pool of skilled IT professionals, information technology investment initiatives, and high adoption of cloud computing, and increasing IT spending by enterprise across sectors.

M&A - Most Adopted Strategy Leading to Market Expansion

Merger and Acquisition (M&A) is the primary strategy adopted by the companies in global business intelligence market. The companies to increase their dominance and market share acquire other companies that can increase their product portfolio. M&A also enables the companies to expand their market in unexplored regions.  Product launch is the secondary strategy adopted by the companies in the business intelligence market. New and advanced products help to improve company market visibility while competing effectively with the key competitors. Top companies in this market includes SAP, SAS Institute, IBM Corp, Microsoft Corp, Oracle Inc. and others.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Business Intelligence market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Business Intelligence market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Business Intelligence market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Business Intelligence market?
• Which is the largest regional market for Business Intelligence market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Business Intelligence market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Business Intelligence market worldwide?