Business Intelligence (BI) Market Size

Business Intelligence (BI) Market Analysis

The Business Intelligence Market size is estimated at USD 33.34 billion in 2024, and is expected to reach USD 61.86 billion by 2029, growing at a CAGR of 13.16% during the forecast period (2024-2029).

• BI and analytics tools have significantly increased in market share over the past ten years due to the increase in big data and the growing requirement to make important business decisions in a condensed amount of time. Throughout the projected period, this tendency is anticipated to rise continuously along with the development of technology and rising investment levels.
• BI is a process that relies on technology for analyzing data and providing information that may be used to make business decisions by managers, corporate end users, and executives. BI includes a wide range of techniques, instruments, and software programs that enable administrations to collect data from external sources and internal systems, analyze it, enhance and monitor queries, and produce reports, dashboards, and data visualizations for use by operational staff and corporate decision-makers.
• Additionally, an increasing number of organizations are using data visualization tools for analytics. They are employed in the creation of BI dashboards, performance scorecards, infographics, and charts. Advanced analytics techniques, including text mining, predictive analytics, statistical analysis, and big data analytics, are also used in BI. The rising use of these tools promotes the demand for BI across many industries because of the improved capacity to derive insightful conclusions. Additionally, BI systems assist businesses in spotting pressing business issues and industry trends.
• The SME sector's rising desire for cloud-based business solutions is propelling the BI industry. The advantages of BI software, such as data scalability and the ability to track key performance indicators (KPIs), are becoming increasingly recognized. These advantages enable organizations to enhance user experience and make informed decisions based on data-driven insights.
• Small and medium-sized organizations are most concerned about the expense of adopting BI infrastructure, which inhibits market expansion. The growth of the BI industry may also be constrained by a shortage of resources, such as qualified data scientists, consulting analysts, and IT specialists. But it is envisaged that the advancement of self-service would address the problem of pricy infrastructure.
• Consumer behavior and all marketplaces were impacted by the COVID-19 pandemic. Businesses offering BI products and services experienced a pause in growth as a result of the global lockdowns put in place. Healthcare, life sciences, and BFSI sectors are still implementing BI systems. Hence COVID-19 had little impact on these sectors. The pandemic also influenced supply chains; BI tools enabled companies to continue operating with the same vigor even after they had reached the end of their marketing and sales funnels. The lockdown's opportunity helped the market for BI solutions increase sales of those systems.