Executive Summary
The global business intelligence market size is expected to grow from USD 24.91 billion in 2021 to USD 38.39 billion by 2027 at a CAGR of 7.5%.
Impact of COVID- on Global Business Intelligence Market
The COVID-19 epidemic has accelerated the use of many BI companies. These strategies have helped to engage customers through digital channels, to manage complex and complex inventory, and to support employees with workplace and personal disruptions. At the same time, leaders have identified major weaknesses in their analytical strategies: reliance on historical data for algorithmic models. From customer behavior to supply and demand patterns, historical patterns and continuity speculation are what give speculative models their power. The impact of COVID-19 on how people live and work has challenged those patterns and models used by companies to make business decisions.
Drivers: Increasing demands for interactive and user-friendly dashboards
A business intelligence dashboard, or BI dashboard, is a data viewing and analysis tool that displays on a single screen the status of key performance indicators (KPIs) and other important business metrics and data points for an organization, department, team, or process. Dashboards are an integral part of many BI software forums and are widely used to deliver analytical information to business managers and employees.
Also sometimes called business dashboards and data dashboards, BI dashboards often contain multiple data visuals to give business users a combined view of the relevant KPIs and your trends in both performance decision-making and strategic planning. They are more interactive than standing reports, often allowing users to access the data below the charts and diagrams for further analysis. In some cases, dashboards are designed by BI team members; in other words, created by business analysts and other users of BI self-help tools.
Restraints: Difficult to justify ROI of BI
The Return on Investment (ROI) for a Business Intelligence (BI) project can often be trivial. The direct benefits of implementing a BI solution usually do not include the many indirect benefits that can be difficult to quantify. Additionally, the indirect benefits of one firm may differ from another so no standard template may be applicable. In most cases, the amount of business created from BI solutions cannot be directly linked to the solution itself prior to the creation of the solution. The solution itself may allow business users to obtain business charges or business reasons in order to apply a business change that ultimately leads to greater profitability in monetization, cost reduction, or business efficiency. The ROI of BI projects can usually be calculated directly when assessing a reduction in data collection costs, the retirement of asset systems, or the modified savings of one solution at a time. In many organizations, many business units have put together spread-marts, access websites, or other analytics programs that use custom models against departmental data sources. Most of the business executives who create these programs spend a lot of time compiling data integration/data creation without easy data integration tools and are left with very little time to analyze data to find business conditions for generating revenue or reducing costs.
Opportunities: Finding new revenue opportunities during COVID- pandemic
Prior to the devastation of the COVID-19 epidemic in the world, leaders were embracing advanced statistics and artificial intelligence (AI), for good reason. These capabilities are expected to yield between USD 9.5 trillion and USD 15.4 trillion in annual economic value. Along the way, many managers find that they have to overcome major cultural and organizational barriers. Many have not yet used contextual practices, such as faster delivery methods and more robust data practices, needed to measure technology effectively. Leaders who apply what they learn from this fast-paced analysis to embed AI and the math business will be in a much stronger position to go deeper than expected to open. They will also be at the forefront of addressing the near-term challenges the epidemic has raised in self-analysis - for example, by rethinking modeling methods to demonstrate uncertainty and building novel data pipelines for new data.
This report on the global business intelligence (BI) market includes the following segmentation.
Global Business Intelligence (BI) Market Analysis - By Component:
Solutions
Services
Global Business Intelligence (BI) Market Analysis - By Solution:
Dashboards and Scorecards
Data Integration and Etl
Reporting and Visualization
Query and Analysis
Global Business Intelligence (BI) Market Analysis - By Service:
Consulting
Integration and Deployment
Support and Maintenance
Global Business Intelligence (BI) Market Analysis - By Deployment Mode:
On-Premises
Cloud
Global Business Intelligence (BI) Market Analysis - By Organization Size:
Large Enterprises
Small and Medium-Sized Enterprises
Global Business Intelligence (BI) Market Analysis - By Business Function:
Human Resource
Finance
Operation
Sales and Marketing
HR business function to grow with the highest CAGR during the forecast period. In today's data-driven world, HR statistics help direct talent, management, and recruitment decisions for organizations of all sizes and across industries. Many organizations use metrics in HR to influence how they hire, retain, and compensate employees. This is beneficial because it allows companies to capture and analyze data that can both increase revenue with better understanding and more accurate targeting of customers and reduce costs through improved business processes. It is now moving from action to collaboration, which means that technology is changing the way HR interacts with employees and stakeholders. Although the use of statistics is relatively new, many organizations have realized over the past two years that data can improve both HR operations and business processes as a whole. While statistics may not solve every HR challenge, they can provide insight into business operations and help trained HR professionals develop programs that promote talent investment while effectively monitoring recruitment, development, engagement, productivity, accountability, retention, and many other applications.
Global Business Intelligence (BI) Market Analysis - By Industry Vertical:
Banking, Financial Services, and Insurance
Government and Public Sector
Healthcare and Life Sciences
Manufacturing
Retail
Media and Entertainment
Telecom and Information Technology
Transportation and Logistics
Tourism and Hospitality
Other Industry Verticals
The healthcare and life sciences industry vertical to grow with the highest CAGR during the forecast period. To help reduce the rising costs in the industry, experts have begun speculating about the potential role of data analysis and the BI that it can play in managing health care costs. Various other industries, such as shops and law enforcement, have seen success in using these tools, which raises a positive impact on the healthcare industry. In addition to cost management, BI can also improve patient outcomes at the same time, an encouraging benefit. Business intelligence can help healthcare providers gain the understanding they need to reduce costs, increase revenue and improve patient safety and outcomes while complying with laws and standards. One of the ways healthcare providers can benefit from BI is gaining more visibility in their financial performance, which includes identifying both highly profitable and underutilized resources, monitoring cash flow, and generating compliance reports.
Global Business Intelligence (BI) Market Analysis - By Region:
North America
Europe
APAC
Latin America
MEA
Asia Pacific to grow with the highest CAGR during the forecast period. The Asia Pacific region becomes the next battle for the supply chain. Instead of being an inexpensive manufacturing facility, it is developing into an important market as wealth and consumer demand grow. Many international companies are already moving key business transactions into the Asia Pacific to better understand the market and put themselves in line to take advantage of growth opportunities. Focusing on Asia will bring complexity and challenges to the supply chain, highlighting the need for business intelligence. It will be a time of change and transformation, and the provision of the prepared provision will be a great competitive advantage. Many businesses have already adopted IT solutions to manage the various aspects of their supply chain. These efforts are usually aimed at solving a problem or delaying the process and creating visibility. Despite having these solutions for years, business visibility and intelligence are still a problem as there is a lack of information on how to use them properly.
Key Players
The major players operating in the global business intelligence market are Microsoft (US), IBM (US), SAP (Germany), SAS (US), Google (US), Oracle (US), AWS (US), Salesforce (US), Teradata (US), DOMO (US), MicroStrategy (US), TIBCO (US), Information Builders (US), Sisense (US), Hitachi Vantara (US), Yellofin (Australia), Qlik (US), Infor (US), Dundas (Canada), Targit (Denmark), Zoho (India), Vphrase (India), dotdata (US), Element Data(US), Board International (Switzerland), Amlgo Labs (India), Pentation Analytics (India), Alteryx (US), Outlier (US), ConverSight AI (US), and ThpughtSpot (US).
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