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The business intelligence (BI) and analytics platforms market is estimated to grow at a CAGR of 8.5% between 2022 and 2027. The business intelligence and analytics platforms market size is forecast to increase by USD 17.99 billion. The growth of the market depends on several factors, including the rising need to improve business efficiency, the increasing use of smart connected devices, and the exponential increase in data.
This business intelligence (BI) and analytics platforms market report extensively covers market segmentation by end-user (BFSI, healthcare, ICT, government, and others), deployment (on-premise and cloud), and geography (North America, APAC, Europe, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The rising need to improve business efficiency is notably driving the market growth, although factors such as rising data privacy and security concerns may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving growth in the BI and analytics platforms market is the rising need to improve business efficiency. The growing number of connected devices across all industries has generated an enormous amount of data. Businesses have realized that data can be used to optimize costs, provide better service, and increase sales. As a result, business models around the world are moving from experience and perception driven to data-driven. Companies are introducing automation and flexible production techniques in manufacturing to improve productivity. In addition, predictive asset maintenance can help businesses save money on planned repairs, reduce maintenance costs, and avoid downtime.
Business analytics with substantial amounts enhances business productivity using several predictive mechanisms and risk-averting models. It helps companies in creating new growth opportunities and entirely new categories of products and services with a reduction in errors and failure rates. To implement these technologies in the industrial framework, there is a pressing need to establish a seamless connection for efficient communication among machines, systems, and people. Therefore, business intelligence and analytics have become a strategic priority for several industrial organizations. Thus, the rising need to improve business efficiency will further enhance the growth of global BI and analytics platforms during the forecast period.
The movement of Big Data to the cloud is the primary trend in the BI and analytics platforms market. The three main factors driving big data growth in the cloud are data explosion, cloud growth, and business analytics. Cloud platforms are highly adaptable, making them a more flexible platform for deploying different types of analytics tools. Cloud connectivity options enable access to analytics and facilitate data and application sharing. For a seamless transition from big data to the cloud, companies have developed storage products that allow customers to collect data and send it to cloud storage companies.
Big data is then stored in storage arrays. Snowball is a petabyte-scale data transport solution developed by Amazon. The solution helps in addressing common challenges associated with large-scale data transfers, such as long transfer times, security concerns, and high network costs. AWS Snowball Appliance, a part of Snowball, is an external storage device that can be built inside a shipping container and is filled with data at a customer site. Once the data is loaded, they are shipped back to Amazon for ingestion into Amazon's storage arrays. Thus, such factors will enhance the growth of global BI and analytics platforms during the forecast period.
The rising data privacy and security concerns will be a major challenge for the BI and analytics platforms market during the forecast period. Business analytics solutions connect large clusters of disparate systems and data silos within an organization to extract and use data to provide intelligent insights and predict future trends. Predictive models have security vulnerabilities because they have access to all your organization's sensitive data. Any mismanagement may lead to the creation of security loopholes that hackers can exploit to compromise an entire organization.
This may eventually lead to a reduction in brand loyalty, expensive lawsuits, and costly insurance claims. In the modern world, system downtime is not an option as it may be disastrous for the brand value of enterprises. Therefore, data security and privacy concerns are a primary challenge for the global business intelligence and analytics platforms market.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Business Intelligence (BI) and Analytics Platforms Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Global Software LLC: The company offers business intelligence and analytic platform solutions such as Financial Planning and Analysis, Disclosure Management. Also, under this segment, the company offers finance-owned software that leverages existing financial systems to speed-up processes, increase accuracy and encourage wider participation.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the BFSI segment will be significant during the forecast period. Complete digitization of core business processes, adoption of customer-centric business models, and generation of a significant amount of content across the sector are the significant factors driving the growth of the global BI and analytics platforms market by the BFSI sector.
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The BFSI segment was valued at USD 5.83 billion in 2017 and continued to grow by 2021. The BFSI sector has many areas where business intelligence and analytics platforms are widely used. Key application areas for BI and analytics platforms include risk management, customer intelligence, data modeling, neural network evaluation, social media monitoring, and customer satisfaction analysis. Banks also use analytics to determine where to open new branches and operate new ATMs. The analytics platform is also used to determine how much cash to deposit into each machine. For example, SAS has developed insurance analytics software that prevents fraud in the event of a claim. Such factors will increase segment growth during the forecast period.
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North America is estimated to contribute 34% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. North America is an important market for BI and analytics platforms. This is primarily due to its early adoption of advanced technology. Additionally, the region is one of the world's leading data producers and consumers. The large amount of data generated in this region is driving the growth of the advanced analytics market.
In addition, the region is technologically mature and has a well-developed industrial sector. This makes it easy to deploy the advanced software solutions you need to improve efficiency and productivity. The accelerated adoption of advanced technologies such as artificial intelligence, ML, virtualization, and cloud computing has led to a large number of use cases for BI and analytics platforms in North America. Such factors will increase the business intelligence and analytics platforms market growth during the forecast period.
COVID-19 positively impacted the BI and analytics platforms market in the region in 2020. However, the easing of lockdowns and massive vaccination campaigns in various countries in the region, coupled with increased funding for software infrastructure development in 2021, gradually increased the demand for business analytics software as the resumption of operations is expected to attract further investments. It will lead to the growth of the BI and analytics platforms market in North America during the forecast period.
The business intelligence (BI) and analytics platforms market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the global BI and analytics platforms market as a part of the global application software market within the global IT software market. The parent global IT software market covers companies that are engaged in developing and producing application and system software. It also includes companies offering database management software. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
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Business Intelligence (BI) And Analytics Platforms Market Scope |
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Report Coverage |
Details |
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Page number |
179 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 8.5% |
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Market growth 2023-2027 |
USD 17.99 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
7.84 |
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Regional analysis |
North America, APAC, Europe, Middle East and Africa, and South America |
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Performing market contribution |
North America at 34% |
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Key countries |
US, China, India, UK, and Germany |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Argano LLC, Fair Isaac Corp., Global Software LLC, Hitachi Ltd., InetSoft Technology Corp., International Business Machines Corp., Microsoft Corp., MicroStrategy Inc., Oracle Corp., Palantir Technologies Inc., Panorama Software Inc., QlikTech international AB, SAP SE, SAS Institute Inc., ScienceSoft USA Corp., Sisense Ltd., Tableau Software LLC, TARGIT AS, TIBCO Software Inc., and Yellowfin International Pty Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Deployment
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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