Overview and Scope
The business intelligence (BI) vendors market includes revenues earned by entities by providing services such as data integration, cloud-based services, and data storage and processing. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
Sizing and Forecast
The business intelligence (BI) vendors market size has grown rapidly in recent years. It will grow from $25.71 billion in 2023 to $28.38 billion in 2024 at a compound annual growth rate (CAGR) of 10.4%. The growth in the historic period can be attributed to increased penetration of BI within businesses, accelerated decision-making abilities, expanded data availability, greater information availability through mobile BI, and enhanced internal communication through mobile BI.
The business intelligence (BI) vendors market size is expected to see rapid growth in the next few years. It will grow to $42.28 billion in 2028 at a compound annual growth rate (CAGR) of 10.5%. The growth in the forecast period can be attributed to increasing acceptance of data analytics, increased e-commerce usage, growing acceptance of data-oriented business models, increasing use of the internet worldwide, and rising demand for real-time data analysis. Major trends in the forecast period include the use of IoT and big data, demand for mobile business intelligence capabilities, use of predictive and prescriptive analytics tools, the popularity of cloud-based bi tools and services, and adoption of cloud-based bi solutions.
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Segmentation & Regional Insights
The business intelligence (BI) vendors market covered in this report is segmented –
1) By Component: Platform, Software, Solution, Services
2) By Data Type: Structured Data, Unstructured Data, Semi-Structured Data
3) By Technology: Mobile , Cloud, Social, Other Technologies
4) By Deployment Model: Cloud, On-Demand, On-Premises
5) By Application: Customer Relationship Management (CRM) Analytic Application, Financial Performance And Strategy Management, Production Planning Analytic Operations, Predictive Asset Maintenance, Fraud Detection And Security Management, Supply Chain Optimization Or Operations, Network Management And Optimization, Workforce Management, Sales And Marketing Management, Other Applications
North America was the largest region in the business intelligence (BI) vendors market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the business intelligence (BI) vendors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Growing digitalization is expected to propel the growth of the business intelligence (BI) vendors market going forward. Digitalization is the process of converting information, data, or physical objects into a digital format that can be easily processed, stored, and transmitted by computers. The increasing efficiency and connectivity offered by digital technology are driving the growth of digitalization. Business intelligence (BI) vendors help organizations with a more data-driven approach, improving decision-making, operational efficiency, and overall business performance. For instance, in February 2024, according to a report published by gov.uk, a UK-based government website, in 2022, provisional estimates indicate that the digital sector contributed $171.25 million to the UK economy, accounting for 7.2% of the total UK gross value added (GVA). This represents a slight increase from 7.1% in 2021. Therefore, the growing digitalization is driving the growth of the business intelligence (BI) vendors market.
Key Industry Players
Major companies operating in the business intelligence (BI) vendors market are Microsoft Corporation, Verizon Communications Inc., International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, Salesforce Inc., SAP SE, Juniper Networks Inc. , Cloud Software Group, Citrix Systems Inc., Rackspace Technology Inc., SAS Institute Inc., Hitachi Vantara LLC , TIBCO Software, Pegasystems Inc., Tableau Software LLC, QlikTech International AB, MicroStrategy Incorporated, ThoughtSpot Inc., ConnectWise LLC, Sisense Inc., Mode Analytics Inc., Looker, AT&T Intellectual Property
The business intelligence (bi) vendors market report table of contents includes:
1. Executive Summary
2. Business Intelligence (BI) Vendors Market Characteristics
3. Business Intelligence (BI) Vendors Market Trends And Strategies
4. Business Intelligence (BI) Vendors Market – Macro Economic Scenario
5. Global Business Intelligence (BI) Vendors Market Size and Growth
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32. Global Business Intelligence (BI) Vendors Market Competitive Benchmarking
33. Global Business Intelligence (BI) Vendors Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Business Intelligence (BI) Vendors Market
35. Business Intelligence (BI) Vendors Market Future Outlook and Potential Analysis
36. Appendix
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