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Global Business Intelligence (BI) Vendors Market Size Forecast 2024 - 2033

13 Dec, 2024

What Is The Overview Of The Global Business Intelligence (BI) Vendors Market?

Business intelligence (BI) vendors are companies that provide software solutions and tools for collecting, integrating, analyzing, and presenting business data to support better decision-making. These vendors offer a range of technologies and applications that help organizations manage and analyze their data to gain insights and drive strategic business decisions.

Business Intelligence (BI) Vendors Global Market Report 2024 provides data on the global business intelligence (bi) vendors market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The business intelligence (bi) vendors market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.

What Are The Forecasted Market Size And Growth Rates For Global Business Intelligence (BI) Vendors ?

The business intelligence (BI) vendors market has experienced rapid growth in recent years. It is projected to expand from $25.71 billion in 2023 to $28.38 billion in 2024, at a compound annual growth rate (CAGR) of 10.4%. This growth can be attributed to the increasing adoption of BI within organizations, enhanced decision-making capabilities, greater data availability, the rise of mobile BI, and improved internal communication. The market is expected to continue expanding rapidly, reaching $42.28 billion by 2028, with a CAGR of 10.5%. This growth will be driven by the increasing acceptance of data analytics, the rise of e-commerce, the growing popularity of data-driven business models, widespread internet use, and the rising demand for real-time data analysis. Key trends will include the integration of IoT and big data, demand for mobile BI, and the use of predictive analytics tools, with cloud-based BI tools gaining popularity.

What Factors Are Driving Growth In The Template Business Intelligence (BI) Vendors Market?

The growing digitalization is expected to drive the expansion of the business intelligence (BI) vendors market in the coming years. Digitalization, the process of converting physical objects, data, or information into digital formats that are easily processed, stored, and transmitted by computers, is increasing due to the enhanced efficiency and connectivity provided by digital technologies. BI vendors assist organizations in making data-driven decisions, improving operational efficiency, and enhancing overall business performance. For example, a report from gov.uk published in February 2024 highlighted that the digital sector contributed $171.25 million to the UK economy in 2022, representing 7.2% of the total UK gross value added (GVA), a slight increase from 7.1% in 2021. Thus, growing digitalization is fueling the growth of the BI vendors market.

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What Are The Main Segments Of The Global Business Intelligence (BI) Vendors Market?

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

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What Emerging Trends Are Influencing The Growth Of The Business Intelligence (BI) Vendors Market?

Leading companies in the business intelligence (BI) market are enhancing their data analytics capabilities by developing AI-powered platforms. These platforms integrate artificial intelligence and machine learning to improve traditional BI tools. For instance, in May 2023, ThoughtSpot, a US-based provider of AI-driven analytics, upgraded its platform to simplify data discovery, analysis, and visualization. The enhancements include conversational BI, AI-driven insights, and natural language search, offering businesses more efficient ways to make data-driven decisions.

What Is The Largest Region In The Business Intelligence (BI) Vendors Market?

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.