Business Intelligence and Analytics Market Projected to Reach USD 67.26 Billion in 2028
The global business intelligence and analytics market size is expected to reach USD 67.26 billion in 2028 and register a revenue CAGR of 11.2% over the forecast period. Rising demand for real-time data-driven decision-making solutions, growing adoption of cloud technology, and surging need to analyze consumer demand and preferences are some of the pivotal factors accountable for the global market growth. Beneficial features of business intelligence and analytics solutions such as rapid implementation and cost effectiveness have prompted the adoption these solutions across organizations worldwide, thereby fueling market growth. Rising demand for advanced business intelligence and analytical tools among small- and medium-sized enterprises (SMEs), emergence of cutting-edge technologies like in-memory analytics and stream mining database analytics, and the growing adoption of IoT devices further bolster growth of the global business intelligence and analytics market during the projected period.
Business intelligence (BI) and analytics software offers analytic insights that help managers and other corporate end-users to examine the stored information, design reports, and ease the decision-making process. Business intelligence and analytics software has rapidly gained traction in the market and is considered to be the fastest growing industry in IT. This software is increasingly being used by business organizations to streamline a wide range of business activities and optimize resource efficiency. Business intelligence and analytics also helps these organizations interpret consumer behavior and their changing preferences. It comprises various tools, applications, and methodologies that enable companies to compile data from internal and external sources and create reports and dashboards. Therefore, the analytical results help the organizations assess business risks, reduce costs, and make well-informed decisions.
Some Key Highlights in the Report:
· Based on process type, the online analytical processing (OLAP) segment is poised to register the highest CAGR of 11.3% over the forecast period. Surging adoption of OLAP business intelligence and analytics solutions across a wide range of industries is a key factor boosting the growth of this segment.
· In terms of application, the business management segment is the most dominant, accounting for the highest revenue share in the global business intelligence and analytics market. This segment’s growth is majorly supported by the growing applications of business intelligence and analytics solutions in business management to facilitate business planning, accounting, and forecasting, and optimize the overall performance.
· Among the end-use industries, the BFSI segment leads the global market with the largest market share in 2020. Increasing use of data visualization tools for report preparation, rapid digitization, and technological advancements in business intelligence and analytical tools propel this segmnet’s growth.
· The leading market players are SAP SE, Oracle Corporation, Microsoft Corporation, TIBCO Software Inc., GoodData Corporation, International Business Machines Corporation, MicroStrategy Incorporated, Tableau Software, Inc., SAS Institute Inc., and Qlik Technologies Inc.
· In May 2020, GoodData Corporation entered into a partnership deal with Visa Inc. to build on its portfolio of interactive business analytics, data visualizations, user interfaces, and customer services for cybersecurity and privacy issues. Moreover, the deal would help Visa to provide customers with crucial insights into business decision-making.
For the purpose of this report, the global business intelligence and analytics market has been segmented on the basis of process type, data delivery, application, end-use industry, and region.
By Process Type (Revenue, USD Billion; 2018–2028)
o Online Transactional Processing (OLTP)
o Online Analytical Processing (OLAP)
By Data Delivery (Revenue, USD Billion; 2018–2028)
o Traditional channels
§ Web app
§ Web portal
§ File Transfer Protocol (FTP)
o Modern channels
§ Social sharing
§ Cloud hosting
By Application (Revenue, USD Billion; 2018–2028)
§ Business management
· Strategic planning
· Performance management
· Process intelligence
· Competitive intelligence
§ IT management
· Web analytics
· App analytics
· Security management
§ Human resources
· HR analytics
· Talent management
§ Sales & Marketing
· CRM
· Customer behavior analysis
· Inventory management
· Campaign management
· Targeted marketing
§ Supply chain & logistics
· Supplier & vendor management
· Shipping & inventory control
§ Sports and games analytics
By End-use Industry (Revenue, USD Billion; 2018–2028)
§ BFSI
§ Healthcare
§ Retail
§ Education
§ Telecommunication
§ Information Technology
§ Government
§ Manufacturing
§ Energy & Power
§ Entertainment
§ Others
By Region (Revenue, USD Billion; 2018–2028)
North America
· U.S.
· Canada
· Mexico
Europe
· Germany
· U.K.
· France
· Italy
· Spain
· BENELUX
· Rest of Europe
Asia Pacific
· China
· India
· Japan
· South Korea
· Rest of APAC
Latin America
· Brazil
· Rest of LATAM
Middle East & Africa
· Saudi Arabia
· UAE
· South Africa
· Turkey
· Rest of MEA
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