NEW YORK, Oct. 27, 2021 /PRNewswire/ -- Zion Market Research has published a new report titled "Business Intelligence Market by Cloud BI, Mobile BI and Other Deployments: Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2020 – 2028". According to the report, The Global Business Intelligence Market accounted for USD 22.16 Billion in 2020 and is expected to reach USD 42.95 Billion by 2028, growing at a CAGR of around 8.6% between 2021 and 2028.
Business Intelligence is a technology based process which analyses and transforms raw data into useful and actionable information for business analysis purposes. BI technologies handle the large amounts of organized and sometimes organized data to help identify, develop and create new strategic business opportunities. BI technologies helps to provide historic, current and predictive views of business operations which helps executives, managers to take practical decisions.
The main aim of implementing BI initiatives is to make improved business decisions which in turn will result in revenue growth and also improve efficiency in business operations. BI allows easy interpretation of these large volumes of data which benefits in implementing an effective strategy based on insights and can provide businesses with a competitive market advantage and long-term stability. BI comprises of a combination of analytics, data management and reporting tools, various methodologies for managing and analyzing data.
The global Business Intelligence market has witnessed a slight decline in the growth for short term due to the lockdown enforcement placed by governments in order to contain COVID spreading. The restrictions imposed by various nations to contain COVID had stopped the production resulting in a disruption across the whole supply chain. However, the global markets are slowly opening to their full potential and theirs a surge in demand of Business Intelligence. The market would remain bullish in upcoming year.
The significant decrease in the global Business Intelligence market size in 2020 is estimated on the basis of the COVID-19 outbreak and its negative impact on the economies and industries across the globe. Various scenarios have been analyzed on the basis of inputs from various secondary sources and the current data available about the situation.
Various sectors focusing on digital transformation, raising investments in analytics, increasing demand dashboards for data visualization, increase in acceptance of cloud, and rise in data generation will drive the growth of the business intelligence market. Business intelligence is now being used by many enterprises to support a wide range of business decisions ranging from operational to strategic which in turn making Business Intelligence market grow considerably. The benefits of implementing Business Intelligence are so many but the data security is one of the major concern for the Business Intelligence vendors. Though, the Business Intelligence is in its early stages of growth, it will not become outdated because of the growing demand of data visualization. The initial cost for having a business intelligence tool or platform and its implementation in the organizations is very high. This will impact on the growth of Business Intelligence market as the budget is the main concern for many companies to spend on the newer technologies.
Business Intelligence market is segmented into two types: Technology and Deployment. Mobile BI is one of the important groups of Business Intelligence which held approximately 63.2% of the overall market in 2020. Mobile BI class is expected to be the largest segment in the market due to growing demand from pharmaceutical industry. Lower cost and easy availability of the products is expected to propel the growth of Mobile BI segment. Technology class of Business Intelligence market is further sub-segmented into Mobile BI, Cloud BI and Social BI.
Deployment Segment Analysis
The market is segmented into two types: Cloud BI and On-Premises BI. On-premises applications may now take advantage of cloud-based storage, networking, and software, as well as analytical capabilities. Cloud deployment enable the organization to outsource the BI infrastructure to manage BI applications. This helps the organization to increase productivity, optimize implementation timelines, and reduce operational costs. Hence, cloud deployment is expected to show a remarkable growth rate.
Key Market Players & Competitive Landscape
Major market players of Business Intelligence market comprise Microsoft, IBM, Oracle, Microstrategy, GoodData, Targit, SAS, and Tableau Software among others play an important role.
The global Business Intelligence Market is segmented as follows:
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