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Global Business Intelligence BI Vendors Market Growth Analysis 2024, Forecast To 2033

19 Sep, 2024

The business intelligence (BI) vendors market is set for impressive growth, with projections showing an increase from $25.71 billion in 2023 to $28.38 billion in 2024, representing a compound annual growth rate (CAGR) of 10.4%. This growth is driven by the growing adoption of BI solutions across businesses, accelerated decision-making processes, expanded data availability, improved access to information via mobile BI, and enhanced internal communication. Looking ahead, the market is anticipated to reach $42.28 billion by 2028, at a CAGR of 10.5%. Key drivers include rising data analytics acceptance, increased e-commerce activities, and a growing demand for real-time data analysis. Trends such as IoT integration, the demand for mobile BI, and the popularity of cloud-based BI solutions will shape the landscape.

Major Driver In The Business Intelligence BI Vendors Market

The accelerating trend of digitalization is expected to significantly enhance the growth of the business intelligence (BI) vendors market. Digitalization refers to the transformation of information, data, and physical objects into digital formats, enabling easier processing, storage, and transmission. As digital technology continues to improve efficiency and connectivity, it bolsters the expansion of digitalization. Business intelligence vendors play a crucial role in supporting organizations' data-driven strategies, enhancing decision-making, operational efficiency, and overall performance. A report from gov.uk in February 2024 noted that in 2022, the digital sector contributed $171.25 million to the UK economy, accounting for 7.2% of the total UK gross value added (GVA), up slightly from 7.1% in 2021. Thus, the ongoing digitalization is propelling the growth of the BI vendors market.

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Business Intelligence BI Vendors Market Competitive Landscape

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

Key Business Intelligence BI Vendors Market Trend

Major companies in the business intelligence (BI) market are developing AI-powered platforms that enhance data analytics. ThoughtSpot expanded its platform in May 2023, incorporating AI and machine learning to simplify data discovery and visualization. This advanced platform empowers organizations to make informed, data-driven decisions efficiently.

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Business Intelligence BI Vendors Market Segmentation

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
By Geography:The regions covered in the business intelligence (BI) vendors market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain. North America was the largest region in the business intelligence (BI) vendors market in 2023.

The Business Intelligence BI Vendors Global Market Report 2024 furnishes information about the global business intelligence bi vendors market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.