Business Intelligence and Analytics Software Market Analysis | 2023-2029

Market Insights

The business intelligence and analytics software market was estimated at USD 25.4 billion in 2022 and is likely to grow at a CAGR of 7.2% during 2023-2029 to reach USD 41.3 billion in 2029.

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Market Dynamics

Introduction

Business intelligence and analytics software refers to a set of tools, applications, and technologies that assist organizations in collecting, analyzing, and visualizing business data to facilitate informed decision-making. This software enables users to extract valuable insights, identify trends, and make data-driven decisions by processing large volumes of information. It encompasses features such as data visualization, reporting, dashboards, and predictive analytics to transform raw data into meaningful and actionable intelligence. Businesses use Business Intelligence and Analytics Software to enhance performance, optimize operations, and gain a competitive edge in their respective industries. The software often integrates with various data sources, offering a comprehensive view of organizational data and supporting strategic planning and operational efficiency.

Market Drivers

• Growing demand for data-driven decision-making: Companies are increasingly realizing the importance of data-driven decision-making to stay competitive in the market. Business Intelligence and Analytics software provides organizations with insights and information that can be used to make better decisions, thus driving market growth.
• Increasing adoption of cloud-based technologies: The adoption of cloud-based Business Intelligence and Analytics software solutions is growing rapidly due to the benefits of scalability, flexibility, and cost-effectiveness. This trend is expected to continue driving the market growth.
• Advancements in Artificial Intelligence and Machine Learning: AI and ML technologies are being integrated into Business Intelligence and Analytics software to improve data analysis and decision-making. The increasing adoption of these technologies is driving the market growth.
• Growing use of mobile devices: With the increasing use of mobile devices, the demand for Business Intelligence and Analytics software that is compatible with mobile platforms is also increasing. This is driving the growth of the market for mobile BI and Analytics software.
• Need for real-time data analysis: The need for real-time data analysis is increasing across various industries such as healthcare, finance, and retail. Business Intelligence and Analytics software provide real-time insights that enable businesses to respond quickly to changing market conditions, thus driving market growth.

Market Restraints

• High implementation costs: The implementation of Business Intelligence and Analytics software can be expensive, especially for small and medium-sized businesses. This can be a significant barrier to adoption and may restrain market growth.
• Data privacy and security concerns: The increasing use of data in business intelligence and analytics raises concerns about data privacy and security. The lack of proper data protection measures can discourage companies from using Business Intelligence and Analytics software, thus restraining market growth.
• Limited IT infrastructure: In some regions, the lack of robust IT infrastructure and skilled workforce can limit the adoption of Business Intelligence and Analytics software. This can hinder market growth.
• Integration issues with legacy systems: The integration of Business Intelligence and Analytics software with legacy systems can be challenging and time-consuming. This can be a significant barrier to adoption, especially for companies with older IT systems.
• Complexity and lack of user-friendliness: Business Intelligence and Analytics software can be complex and difficult to use, which can be a significant challenge for non-technical users. This can limit adoption and restrain the market growth.

Segments Analysis

By Industry Vertical Type

The business intelligence and analytics software market is being adopted across various industries such as retail, healthcare, BFSI, IT and telecom, manufacturing, and others. However, currently, the BFSI industry is dominating the business intelligence and analytics software market. The BFSI sector generates vast amounts of data daily, including transaction data, customer data, and market data. Business Intelligence and Analytics software help these companies to manage, analyze, and gain insights from this data, which is critical for making informed decisions and staying ahead of the competition. Moreover, the BFSI sector is subject to stringent regulatory requirements, and Business Intelligence and Analytics software can help in ensuring compliance.

In addition to the BFSI sector, the healthcare industry is also witnessing significant growth in the adoption of business intelligence and analytics software. The increasing need for efficient healthcare systems, regulatory compliance, and patient data management are some of the factors driving the growth of the Business Intelligence and Analytics Software Market in the healthcare industry.

Regional Insights

The business intelligence and analytics software market is growing at a rapid pace globally, and many regions are witnessing significant growth in the adoption of these solutions. However, North America is currently dominating the business intelligence and analytics software market. North America is the largest market for Business Intelligence and Analytics Software due to the early adoption of these solutions by businesses in the region. The region has a high concentration of major technology players and is home to some of the leading vendors of Business Intelligence and Analytics Software. Additionally, the region has a highly developed IT infrastructure, a skilled workforce, and a high rate of technology adoption.

The Asia-Pacific region is also witnessing significant growth in the Business Intelligence and Analytics Software market due to the increasing adoption of these solutions by businesses in the region. The region has a massive population, and many businesses are recognizing the potential of Business Intelligence and Analytics software to manage and analyze the vast amounts of data generated by this population. The region is also witnessing significant growth in e-commerce, which is generating a vast amount of data that can be analyzed using Business Intelligence and Analytics software.

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Key Players

The major players operating in the business intelligence and analytics software market are:

• IBM Corporation
• Information Builders
• Microsoft Corporation
• Microstrategy
• Oracle Corporation
• Qlik Technologies, Inc.
• SAP AG
• SAS Institute, Inc.
• Tibco Software

Note: The above list does not necessarily include all the top players in the market.

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Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s business intelligence and analytics software market realities and future market possibilities for the forecast period of 2023 to 2029. After a continuous interest in our business intelligence and analytics software market report from the industry stakeholders, we have tried to further accentuate our research scope to the business intelligence and analytics software market to provide the most crystal-clear picture of the market. The report segments and analyses the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors

Market Segmentation

This report studies the market, covering a period of 12 years of trends and forecasts. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The business intelligence and analytics software market is segmented into the following categories:

By Component Type

• Solution
• Service

By Segment Type

• Business Intelligence And Analytics Software
• Corporate Performance Management (CPM) Suite
• Advanced And Predictive Analytics
• Content Analytics
• Analytics Application

By Deployment Type

• On-premise
• Cloud

By Organization Type

• Small Medium Business
• Large Enterprises

By Industry Vertical Type

• Banking, Financial Services, and Insurance
• Healthcare
• IT & Telecom
• Retail
• Manufacturing
• Education
• Government
• Energy & Power
• Media & Entertainment

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players).
• SWOT analysis of key players (up to 3 players).

Market Segmentation

• Current market segmentation of any one of the component types by industry vertical type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com. 

Recent Market News & Developments

• In December 2022, the London Stock Exchange Group (LSEG) and Microsoft entered into a new long-term strategic partnership to build LSEG’s data infrastructure using the Microsoft Cloud and to jointly create new products and services for data and analytics.

• In November 2022, IBM launched a new suite that unifies business intelligence, planning, budgeting, and forecasting capabilities in one package and includes a hub where customers can view analytics assets developed using other vendors’ tools.

• In October 2022, Oracle launched a series of new product features across its portfolio of data and analytics solutions. With the new capabilities in Oracle Fusion Analytics across CX, HCM, ERP, and SCM analytics, decision-makers got a prebuilt library of over 2,000 best-practice KPIs, dashboards, and reports to track performance against strategic goals.