Business Intelligence (BI) Software Market Growing With Significant CAGR Of 13.6% During 2024-2032

(MENAFN- GlobeNewsWire – Nasdaq) Increased reliance on data-driven decision-making across various industries, including banking, financial services, healthcare, and retail, is significantly driving the demand for Business Intelligence (BI) software.

Pune, Oct. 17, 2024 (GLOBE NEWSWIRE) — Business Intelligence (BI) Software market Size Analysis:

“ According to SNS Insider, the B I Software Market size is projected to reach USD 112.4 billion by 2032, growing at a robust CAGR of 13.6% during the forecast period of 2024-2032. ”

The surge in data generation, coupled with the need for organizations to derive actionable insights from vast datasets, is propelling the growth of BI solutions. Businesses are increasingly prioritizing BI tools to enhance operational efficiency, improve customer experiences, and gain a competitive edge. Additionally, the integration of advanced analytics, real-time reporting, and self-service capabilities in BI software is attracting investments from enterprises seeking to optimize their data utilization.

What are the Growth Factors of the Business Intelligence (BI) Software Market?

The primary growth factors for the BI software market include the growing volume of data generated by businesses and the rising necessity to extract meaningful insights from this data. As organizations across various sectors strive to enhance their operational performance, BI tools play a critical role in enabling data analysis and visualization. Moreover, regulatory compliance requirements are driving the demand for robust BI solutions that can provide accurate reporting and analytics capabilities. Industries such as banking, financial services, and healthcare require advanced data analytics to ensure compliance with various regulations and standards.

The demand for real-time data processing and reporting is on the rise, as organizations seek to make informed decisions swiftly. The increasing adoption of cloud computing is also transforming the BI landscape, offering scalable and flexible solutions that cater to the needs of modern enterprises. Another factor affecting the demand for advanced BI solutions and tools is the higher degree of regulatory compliance standards for certain sectors. Both banking and financial sectors, as well as healthcare, are highly regulated which requires highly accurate reporting and analytics tools to meet the mandated reporting standards. Specifically, the requirement to keep patient information private and secure, originating from the Health Insurance Portability and Accountability Act is a major push towards higher demand for advanced BI tools.

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Major Players Analysis Listed in this Report are:

• Tableau Software (Tableau Desktop, Tableau Server)
• Microsoft (Power BI, Azure Synapse Analytics)
• SAP (SAP BusinessObjects, SAP Analytics Cloud)
• Qlik (Qlik Sense, QlikView)
• IBM (IBM Cognos Analytics, IBM Watson Analytics)
• Oracle (Oracle BI Cloud, Oracle Analytics Server)
• Sisense (Sisense Fusion, Sisense for Cloud Data Teams)
• MicroStrategy (MicroStrategy Analytics, MicroStrategy Cloud)
• Domo (Domo Business Cloud, Domo Data Apps)
• TIBCO Software (TIBCO Spotfire, TIBCO Jaspersoft)

Business Intelligence (BI) Software Market Report Scope:

Report Attributes	Details
Market Size in 2023	USD 35.85 billion
Market Size by 2032	USD 112.4 billion
CAGR	CAGR of 13.6% From 2024 to 2032
Base Year	2023
Forecast Period	2024-2032
Historical Data	2020-2022
Key Regional Coverage	North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe [Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America)
Key Growth Drivers	. Organizations are increasingly adopting BI tools to analyze vast amounts of data and drive strategic decisions, leading to enhanced efficiency and competitiveness. . Cloud-based BI tools offer scalability, reduced upfront costs, and enhanced accessibility, making them increasingly popular among businesses of all sizes. . BI software is leveraging AI and ML capabilities to automate data analysis, predictive modeling, and trend forecasting, which enhances the value and usability of BI tools. . Companies seek real-time insights to stay agile in competitive markets, prompting the adoption of BI software that provides instant data processing and visualization.

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Which Segment of the Business Intelligence (BI) Software Market is Expected to be Led by Technology?

In 2023, the Cloud BI technology established its market dominance, accounting for 51% of the overall market share, and is expected to lead from 2024-2032. The preference for Cloud BI solutions is primarily attributed to their ability to provide organizations with on-demand access to data analytics tools, enabling users to generate insights from anywhere, at any time.

The scalability, cost-effectiveness, and ease of deployment associated with Cloud BI technologies have contributed to their widespread adoption among organizations of all sizes. Furthermore, the ability to integrate with various data sources seamlessly makes Cloud BI an attractive option for businesses looking to leverage their data for strategic decision-making.

Which End-Use Segment Dominated the Business Intelligence (BI) Software Market?

In 2023, the Banking, Financial Services, and Insurance (BFSI) segment held the largest market share in the BI software market. This segment is highly reliant on data analytics for risk management, customer relationship management, and regulatory compliance. The BFSI sector generates vast amounts of data daily, and the ability to analyze this data in real time is crucial for maintaining competitiveness and ensuring operational efficiency. Additionally, the growing concern over data privacy and security is driving BFSI organizations to invest in advanced BI solutions that provide secure access to insights while adhering to regulatory standards.

BI Software Market Segmentation:

By BI Technology

• Cloud BI
• Mobile BI
• Social BI

By Function

• Executive Management
• Marketing
• Sales
• Operations
• Finance
• Human Resources
• Supply Chain

By Enterprise Size

By Deployment

By End Use

• BFSI
• Manufacturing
• Healthcare
• Retail
• IT & Telecom
• Others

Which Region Dominates the Business Intelligence (BI) Software Market?

The North American region dominated the BI software market in 2023, accounting for a significant revenue share of about 36.0%. This dominance is attributed to the presence of a mature IT services industry, strong investments in technology, and a high demand for advanced analytics solutions. The rigorous compliance requirements in the region are also pushing organizations to adopt BI tools to enhance their data management capabilities.

The Asia-Pacific region is expected to experience the fastest growth during the forecast period. The increasing digitization efforts by governments and enterprises, along with the rise of big data analytics, are driving the demand for BI software in countries such as China and India. Organizations in this region are increasingly focusing on leveraging data to improve customer experiences and operational efficiencies, further propelling the growth of the BI software market.

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Recent Developments

• In 2023, Tableau introduced a new cloud-based BI solution designed to provide enhanced data visualization and reporting capabilities, enabling businesses to make data-driven decisions swiftly.
• In early 2022, Microsoft unveiled significant updates to its Power BI platform, focusing on user-friendly interfaces and enhanced integration with other Microsoft services, catering to the needs of modern enterprises.

Table of Contents – Major Key Points

1. Introduction

2. Executive Summary

3. Research Methodology

4. Market Dynamics Impact Analysis

5. Statistical Insights and Trends Reporting

6. Competitive Landscape

7. Business Intelligence (BI) software Market Segmentation, By BI Technology

8. Business Intelligence (BI) software Market Segmentation, By Function

9. Business Intelligence (BI) software Market Segmentation, By Enterprise Size

10. Business Intelligence (BI) software Market Segmentation, By Deployment

11. Business Intelligence (BI) software Market Segmentation, By End Use

12. Regional Analysis

13. Company Profiles

14. Use Cases and Best Practices

15. Conclusion

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