Business Intelligence Applications Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030

The global market value of the business intelligence application market was valued at USD 28.9 billion in 2022, and a CAGR of 9.8% is expected during the forecast period. Business intelligence is a technical and procedural infrastructure that stores, gathers, and evaluates the data generated through an organization's activities. Increasing focus of organization on strategic decision making, rapid development in automation and digitization, and new innovations and advancements in driving growth in the market.

The increasing emphasis of organizations on valuable insights and faster and more accurate reporting is driving the demand in the business intelligence applications market significantly. Growing popularity of continuous intelligence is driving growth in the market significantly.

Growth Drivers

Increasing usage of integrated BI systems augments the market growth significantly. Moreover, its integration with other software such as ERP and CRM enable organizations to leverage and analyze large data captured by the ERP software. Software enables helping in representing data in an improved actionable format, along with easy interpretations. Rising demand for data culture and mobile insight, along with data mining, is driving growth in the market. Emerging technologies such as the Internet of Things, artificial intelligence, and machine learning add large amounts of data to organization systems every minute of the day.

Increasing usage of analytical applications is driving growth in the market significantly. Corporate performance management is the most leading segment in the market. Increasing investment in digitization by large enterprises is driving growth in the market significantly. Growing application of BI in financial performance is driving growth in the market significantly.

Segmentation

End-User

·         BFSI

·         IT and Telecommunication

·         Retail and Consumer Goods

·         Manufacturing

·         Healthcare

·         Others

By Component

·         Solution

·         Software

By Deployment

·         Cloud

·         On-Premise

By Enterprise Type

·         Small

·         Medium

·         Large

Regional Outlook

·         Asia Pacific

·         North America

·         Latin America

·         Europe

·         Middle East and Africa

Business Intelligence Applications Market by Component Segmentation

On the basis of the components, the business intelligence applications market is segmented into solutions and software. Software is generally the leading segment and is expected to dominate the market during the forecast period because of high demand for advanced analytical tools. Business intelligence software, including tools for data visualization, reporting, dashboards, and predictive analytics, is essential for transforming raw data into actionable insights. Organizations across the globe are prioritizing these tools to gain competitive advantage by making informed decisions quickly.

Modern BI software often includes self-service analytics feature that empowers non-technical users to create their own reports, dashboards, and data queries without relying on IT departments. Cloud-based software is growing rapidly, as it offers greater scalability, lower costs, and easy accessibility compared to traditional on-premise solutions. Cloud BI software allows businesses to integrate data from various sources, including real-time data, which is essential for dynamic industries like retail, healthcare, and financial services.

BI software solutions offer high levels of customization and integration with other enterprise software solutions, such as CRM, ERP, and other data warehouses. BI software providers are integrating AI and ML capabilities into their platforms, enabling predictive analytics, automated decision-making, and deeper insights from big data. As data becomes a critical asset, businesses need sophisticated tools to manage, analyze, and visualize tools, which provides a framework for businesses to leverage big data, which is increasingly important for sectors like retail, healthcare, and finance.

Regional Outlook

On the basis of the regions, the business intelligence applications market is segmented into 5 regions: Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa. North America is the leading segment in the market because North America is the home to the world's many leading tech companies, such as Microsoft, IBM, Oracle, and Salesforce. These companies are pioneers in developing advanced BI tools and applications. The region is also known for its early adoption of new and emerging technologies. Businesses in North America tend to integrate innovative technologies like BI into their operations quickly to stay competitive.

North America has a highly developed economy, which allows businesses to invest in BI solutions to enhance decision-making, streamline operations, and gain competitive advantages. Growing needs for data analytics and insights in sectors like retail, healthcare manufacturing, and finance fuel demand for BI applications. Companies in these sectors rely heavily on BI tools to make informed decisions and stay ahead of trends. North America has a high adoption rate of cloud-based services, which is closely tied to BI applications. The region has a large concentration of small, medium, and large enterprises, which is driving growth in the market.

Asia Pacific is another leading segment in business intelligence applications because the region has countries like China, Japan, India, and Southeast Asian Nations that have experienced substantial economic growth. This growth has driven demand for advanced technologies to support data-driven decision-making, leading to increased adoption of business intelligence tools. Governments and businesses across the region are investing heavily in digital transformation, with BI playing a crucial role in enhancing operational efficiency, customer insights, and competitiveness. Public and private sectors are focusing on smart city projects, e-governance, and automating industries, which drive BI adoption.

The region has a large number of small and medium-sized enterprises, which are increasingly adopting BI solutions to enhance their competitive edge. Cloud-based BI tools, which are cost-effective, are becoming particularly popular among these businesses. Expansion of e-commerce and online retail in the region requires businesses to make data-driven decisions to understand consumer behavior, optimize inventory, and provide personalized care experiences. This had increased the demand for BI applications.

The region has a growing pool of tech talent, particularly in India and China, which supports the development and implementation of BI tools. Outsourcing BI development to these regions has become common due to cost-effectiveness and expertise. Advancements in AI, machine learning, and big data analytics are being integrated into BI solutions, and Asia Pacific is becoming a hub for innovations in these areas, further boosting market growth significantly. With increasing internet penetration and mobile device usage, more businesses are utilizing data from mobile apps, social media, and other digital platforms.

 Key Players

·         Microsoft Corporation

·         Oracle Corporation

·         IBM Corporation

·         Mode Analytics Inc.

·         Looker (Google)

·         Redash (Databricks)

·         SAP SE

·         Tableau Software, LLC

·         Qliktech Internation AB

·         Infor

·         Other Players