Business Intelligence Market Growing at a CAGR 7.6% | Key Player IBM, Oracle, Microsoft, SAP, SAS Institute
(MENAFN – GetNews) Business Intelligence Market by Component (Solutions and Services), Solution (Dashboards and Scorecards, Data Integration and ETL), Business Function (Finance, Operation), Industry Vertical (BFSI, Telecom and IT), and Region – Global Forecast to 2025
The global Business Intelligence Market size to grow from USD 23.1 billion in 2020 to USD 33.3 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 7.6% during the forecast period. Various factors such as the growing focus on digital transformation, rising investments in analytics, rising demand for dashboards for data visualization, increase in adoption of cloud, and increase in data generation are expected to drive the growth of the business intelligence market.
The fianace business function to hold a larger market size during the forecast period
Finance business function segment is expected to hold a larger market share during the forecast period. The growth is attributed to the increased need of financial organizations to analyze vast amounts of customer data to gain insights about the customers regarding banking, which can be used to improve products and services. HR business segment is projected to register a higher CAGR during the forecast period due to the growing need of workforce management.
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The BFSI vertical to hold the largest market size during the forecast period
The business intelligence market is segmented on the basis of vertical. The verticals include retail, manufacturing, government and public services, media and entertainment, transportation and logistics, BFSI, telecom and IT, healthcare and life sciences, tourism and hospitality, and others (real estate, education, and energy and utilities). The BFSI vertical is expected to hold the largest market size during the forecast period owing to the sensitivity of financial data and needs to coordinate with numerous other sectors (stock exchanges, tax authorities, central banks, securities controlling authorities, revenue department, etc.). Improving marketing strategies & customer retention policies, developing new investment strategies, and reducing risks are some of the factors responsible for the adoption of business intelligence by the BFSI vertical. Healthcare and life sciences vertical is expected to register the highest CAGR during the forecast period.
Business intelligence refers to technologies, applications, and practices for the collection, integration, analysis, and presentation of business information. The purpose of business intelligence is to support better business decision-making. Business intelligence systems are data-driven Decision Support Systems (DSS). Business intelligence is used interchangeably with briefing books, reports, query tools, and executive information systems.
Some of the key players operating in the business intelligence market include IBM (US), Oracle (US), Microsoft (US), SAP (Germany), SAS (US), Google (US), AWS (US), Salesforce (US), MicroStrategy (US), Teradata (US), DOMO (US), TIBCO (US), Information Builders (US), Sisense (US), Yellofin (Australia), Qlik (US), Board International (Switzerland), Infor (US), Dundas (Canada), Targit (Denmark), Zoho (India), Vphrase (India), dotdata (US), Amlgo Labs (India), Pentation Analytics (India), Hitachi Vantara (US), Outlier (US), ConverSight AI (US), Element Data(US), Alteryx (US), and ThpughtSpot (US). These business intelligence vendors have adopted various organic and inorganic strategies to sustain their positions and increase their market shares in the global business intelligence market.
Domo was founded in 2010 and is headquartered in American Fork, US. The company went public in 2018 to gain access to equity markets and become more transparent about its financial performance. It is a niche player. Its fully mobile, cloud-based OS unifies every business component and delivers it on phones. The company brings together people, data, and systems into one place for a digitally connected business. It provides both micro- and macro-level visibility and analysis from cash balances and top-selling product lines to forecast revenue by region and marketing RoI by channel, among others. It offers real-time dashboards with data related to multiple business areas and performance metrics (KPIs and RoIs). Domo also offers interactive visualization tools and instant access to company-wide data via a centralized dashboard.
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Teradata was founded in 1979 and is headquartered in California, US. The company is a hybrid cloud analytics software provider. It focuses on delivering pervasive data intelligence to its customers. It is also a provider of database management systems, which are suitable to build large scalable data warehousing applications. It helps customers integrate and simplify the analytics ecosystem, access and manage data, use analytics to extract answers, and derive business value from data. The company’s solutions and services comprise software, hardware, and related business consulting and support services to deliver analytics across the entire analytical ecosystem of organizations. Teradata operates through two segments: the Americas (North America and Latin America) and International (Europe, MEA, APAC, and Japan). However, in January 2019, the company made an organizational change to its operating segments and will now report future results under three separate segments: the Americas; Europe, Middle East, and Africa (EMEA); and APAC.
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