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The Business Intelligence Market size is estimated to increase by USD 20.3 million and grow at a CAGR of 8.84% between 2023 and 2028. Market expansion is driven by factors like mergers and acquisitions, new product launches, and a growing demand for social business intelligence in the retail sector. These factors contribute to market growth and innovations in business intelligence and analytics platforms. However, the market faces several challenges, including increased concerns over data privacy, connectivity issues, and bandwidth limitations. Additionally, businesses struggle to justify the return on investment (ROI) for BI initiatives, which can hinder their adoption and effectiveness. Balancing these driving forces with the existing hurdles is crucial for sustained market progress and successful BI integration in the retail industry.
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The market share growth by the BFSI segment will be significant during the forecast period. The banking, financial services, and insurance (BFSI) sector has evolved its capabilities due to the pace of digitization and adoption in recent years. Moreover, they are more competitive than ever and empowering our modern customers. In recent years, technology giants such as Google LLC, Amazon.com Inc., and Paytm have expanded into the financial sector by developing payment and banking apps for their customers. They entered FinTech by leveraging their active user base, partnering with banks, leveraging the ease of integrating API payments and payment processing solutions into their services, and gaining a foothold in a highly competitive market.
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The BFSI segment was valued at USD 6.20 million in 2018. Technologies and tools like BI and data analytics have always helped banks and financial institutions stay competitive while complying with all required regulations and meeting the digital needs of today's customers. Various leading providers are focused on winning deals to expand their presence. Data analytics and BI solutions help financial institutions make smarter decisions in both financial and operational areas and are expected to drive market growth during the forecast period.
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North America is estimated to contribute 33% 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. The rise of digitization in the United States has increased the demand for BI software and solutions. In addition, a US company is using cloud services to develop its IT industry. Nearly two-thirds of net new private sector jobs are held by small and medium enterprises (SMEs). The use of BI is increasing in smaller organizations as more employees use BI tools and analytics. In addition, it is expected that BI platform and software will increase rapidly due to the expanded use of cloud services. Many companies are expanding their cloud systems. North America is an important market for BI platform, primarily because it is an early adopter of complex technologies. Additionally, the region is one of the world's leading providers and consumers of data. The large amount of data generated in this region is driving the growth of the market.
Business Intelligence (BI) refers to technologies and practices used for analyzing and interpreting complex data to inform strategic decision-making. BI enables intelligent planning by providing real-time, data-driven insights to organizations. Powerful BI platforms like Power BI, Dynamics 365, and Microsoft Azure offer advanced analytics capabilities, including continuous intelligence, real-time analytics, and augmented analytics. These features enable businesses to gain insights from vast amounts of data, both internal and from third-party sources, in near real-time. BI platforms also integrate with the Internet of Things (IoT) and Artificial Intelligence (AI), including Machine Learning, to enhance data quality and provide actionable insights. Deployment options include cloud and on-premise, with consulting, deployment, integration, support, and maintenance services available to ensure a seamless implementation. Analytical applications are a crucial part of BI, providing management with the tools to effectively analyze data and make informed decisions. Overall, BI plays a vital role in digital transformation, enabling organizations to make data-driven decisions and gain a competitive edge.
The market is experiencing significant growth, fueled by the increasing demand for BI tools in retail. BI plays a crucial role in the retail industry, where vast amounts of data are generated daily from various sources like sales transactions, customer interactions, and inventory management. BI enables retailers to gain operational insights, optimize strategies, and improve performance. With advanced analytics techniques and data visualization tools, retailers can analyze sales data by product, location, customer segment, and more to identify trends and opportunities for growth.
Additionally, BI allows retailers to understand customer behavior and preferences, personalize products, and enhance satisfaction. By optimizing inventory levels and monitoring competitor performance, BI empowers retailers to stay competitive in the dynamic market landscape. The integration of AI, ERP, and CRM further enhances BI capabilities, catering to the needs of large organizations and financial institutions operating in the retail sector. As consumer spending habits evolve, cloud-based BI solutions offer data scalability and complex event processing techniques, enabling retailers to adapt and thrive in the rapidly growing retail sector.
The rising adoption of smart connected devices is a key trend influencing the Market growth. The adoption of smart connected devices such as smartphones, tablets, wearables, and IoT devices is driving the growth of BI. Intelligently connected devices generate massive amounts of data that can be collected and analyzed by BI tools to generate valuable insights. For example, a retailer can use data from her IoT sensors to monitor in-store foot traffic, track inventory levels, and optimize store layout.
Similarly, manufacturers can use data from connected sensors to monitor device performance, identify maintenance needs, and optimize production processes. Around 21 billion smart gadgets are expected to be installed worldwide by 2025. As the need for machine-to-machine and machine-to-human interactions grows, it will become easier for end users to manage, monitor, and maintain their connected devices. Data from various technologies, such as radio frequency identification (RFID), sensors, barcodes, and global positioning systems, are used in business analytics.
Rising concern for data privacy is challenging the market growth. IT deployments that use corporate data as part of the value chain face significant data security and privacy barriers. Data security and data protection are one of the biggest issues facing the BI and analytics systems market worldwide. Large clusters of disparate systems and data silos within an organization are connected by business analytics solutions to collect data, use it for insightful analysis, and predict future trends. Predictive models pose a security risk because they have access to all your organization's sensitive information. Administrative errors can open security loopholes that hackers can use to undermine entire organizations. This can ultimately lead to lost brand loyalty, costly litigation, and costly insurance claims.
Additionally, these technical issues, bugs, and interoperability errors cannot be fixed, resulting in system downtime. In the modern world, system failure is not an option, as it can damage a company's brand value. As a result, data security and privacy concerns will pose a major challenge to the BI Market during the forecast period.
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 Market Customer Landscape
Companies 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.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies 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 companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The Business Intelligence market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million " for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The Business Intelligence market is experiencing transformative growth, driven by advancements in cloud deployment and on-premise deployment options. Modern BI platform integrate analytics tools and big data to offer robust predictive analytics and statistical analysis. Companies are leveraging cloud-based business solutions like GoodData Cloud and Amazon Web Services to enhance their BI infrastructure. Medium-sized organizations are increasingly adopting big data analytics and text mining to improve productivity and streamline business automation. The shift towards a cloud transition is supported by Rackspace Technology and Rackspace Elastic Engineering, facilitating seamless cloud analytics platform experiences. Meanwhile, adaptive analytics and API-first design are enhancing the flexibility and efficiency of BI solutions. The banking sector, in particular, is investing heavily in blockchain, biometrics, and data proliferation strategies, while ensuring adherence to local laws and compliance regulations. Collaborations and R&D efforts are pivotal for advancing these technologies and meeting evolving market demands.
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Market Scope |
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Report Coverage |
Details |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 8.84% |
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Market growth 2024-2028 |
USD 20.3 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
8.05 |
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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 33% |
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Key countries |
US, China, UK, Germany, and India |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Amazon.com Inc., Arbela Technologies Corp., GS Topco GP LLC, Hitachi Ltd., Idera Inc., InetSoft Technology Corp., International Business Machines Corp., Microsoft Corp., MicroStrategy Inc., Oracle Corp., Palantir Technologies Inc., Panorama Software Inc., QlikTech international AB, Salesforce Inc., SAP SE, SAS Institute Inc., ScienceSoft USA Corp., Sisense Ltd., TARGIT AS, and TIBCO Software Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the market 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. |
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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 Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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