The global business intelligence software market size is expected to grow from $32.73 billion in 2021 to $39.74 billion in 2022 at a compound annual growth rate (CAGR) of 20.2%. The growth in the market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The BI software market is expected to reach $75.46 billion in 2026 at a CAGR of 17.7%.
What is the Global BI Software Market?
The business intelligence software (BI software) market consists of sales of business intelligence software. This software enables users to project information, visualize data, derive insights, improve business operations and make strategic business decisions. The components of business intelligence are source data, data warehouse, and online analytical processing (OLAP), visualizations, dashboards, and extract, transform, load (ETL) processes.
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What drives the Global BI Software Market?
An increase in data-driven projects will aid BI software market growth due to a substantial rise in the demand for real time analytics in the historic period. According to International Data Group (IDG) prediction, 69% of the businesses are planning or implementing data-driven projects in order to enhance production and sales, better decision making, strategic planning of business and others. Companies in the industry are using nosiness intelligence software in order to predict consumer behavior and engagement with their products and services. For instance, Starbucks started using the business intelligence software along with CRM software for predicting the purchasing behavior of the customers.
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Global BI Software Market Segments
The global BI software market is segmented:
By Deployment: On-Premise, On-Cloud
By Type: Unstructured Data, Semi-Structured Data, Structured Data
By Geography: The regions covered in the BI software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
BI Software Global Market Report 2022provides market size and growth forecasts for the global BI software market, global business intelligence software market share, BI software market segments and geographies, business intelligence software market competitive landscape including leading competitors’ revenues, profiles and market shares. The BI software market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global BI Software Industry Playersinclude Microsoft BI, IBM Congnos, SAP, SAS, Oracle BI, Micro Strategy, Qlik, Tableau, Sisense, Domo, Yellowfin BI, Pentaho, Jaspersoft, Style Intelligence, Board, Clear Analytics, Looker, Birst, TIBCO, BIRT, Good data, Thought spot, Target BI, Panorama Software and Actuate. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
