During the forecast period, the business intelligence market is expected to grow at a CAGR of 7%. The business intelligence industry is expected to grow to $52.6 billion by 2032, up from $26.7 billion in 2022.
Various factors, such as a greater focus on digital transformation, higher investments in analytics, increasing need for data visualisation dashboards, increased cloud use, and increased data generation, are expected to drive up demand for business intelligence.
Cloud computing and big data analytics have gained popularity in recent years, according to the current business intelligence industry adoption trends. Cloud computing is seen as a potential platform for supplying BI applications as a storehouse for organised and unstructured data.
COVID-19 has made it even more important for all firms to put their data to work in order to make faster decisions.
A comprehensive business intelligence approach can help organisations define appropriate metrics to better endure a crisis, which can be a silver lining for many businesses in these hard times.
Important Points to Remember
- The cloud segment of the business intelligence market is predicted to grow at a CAGR of 6.4 percent over the forecast period, according on deployment model.
- According to the FMI analysis, the US business intelligence industry is expected to reach a value of US$ 18.3 billion by 2032.
- The HR business function category is predicted to grow at a quicker rate over the forecast period due to the rising need for workforce management. Several companies are employing business intelligence tools to help HR managers to make personnel choices in real time.
Business intelligence providers have employed a number of organic and inorganic growth tactics to improve their goods in the market, including new product launches, product updates, partnerships and agreements, business expansions, and mergers and acquisitions. The leading vendors in the worldwide business intelligence industry include Google, Salesforce, Oracle, Qlik, Board International, Infor, SAP, AWS, Sisense, MicroStrategy, DOMO, TIBCO, Yellofin, Teradata, Information Builders, IBM, and Microsoft.