Business Intelligence (BI) and Analytics Platforms Market Size, Share, Growth, And Industry Analysis, By Type (On-premise, and Cloud), By Application (SMEs, Large Enterprises, and Government Organizations), Regional Forecast To 2031

Updated On: 29 April 2024

Business Intelligence (BI) and Analytics Platforms Market Report Overview

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global business intelligence (bi) and analytics platforms market size was USD 34900 Million in 2021 and market is projected to touch 103934 Million by 2031, exhibiting a CAGR of 11.4% during the forecast period.

Platforms for business intelligence (BI) and analytics platforms are software programmers or tools made to gather, examine, and present company data in a useful way. With the use of these platforms, organizations may collect data from numerous sources, turn it into insightful reports, and provide visualizations and analyses to aid in decision-making. When used in conjunction, BI and analytics platforms give businesses the resources and skills they need to turn raw data into actionable insights. As a result, stakeholders at all levels can track performance, spot business opportunities, and make wise decisions that will promote organizational growth and success.

The market for business intelligence (BI) and analytics solutions is expanding significantly for a number of reasons. First, organizations are becoming more aware of the importance of data-driven decision-making and the necessity to glean useful information from massive amounts of data. By offering sophisticated tools and features for data collection, analysis, and visualization, BI and analytics systems help firms stay ahead of the competition. Second, these platforms now offer more advanced data analysis and predictive modelling thanks to developments in technologies such as artificial intelligence and machine learning. BI and analytics tools are now easier to use and more scalable for businesses of all sizes thanks to the growing acceptance of cloud-based solutions.

COVID-19 Impact: Increased Demand for Data Analysis and Insights Grew the Demand for the Platforms

Business intelligence (BI) and analytics platforms have experienced a substantial impact as a result of the COVID-19 pandemic. Organizations faced a unique set of difficulties and uncertainty during the pandemic. This led to a huge rise in the need for precise and timely data analysis and insights. Businesses needed assistance in understanding the quickly changing environment, keeping track of important metrics, and making decisions. BI and analytics tools were critical in this regard. Through the use of these platforms, businesses were able to gain real-time access into a variety of operational factors, allowing them to successfully adjust their plans and manage risks.

Latest Trends

"Increasing Use of Augmented Analytics to Spot Trends and Decrease Labor Overall "

The growing incorporation of augmented analytics is one of the most recent trends in the market for business intelligence (BI) and analytics platforms. The term "augmented analytics" refers to the automation of data preparation, analysis, and insight creation processes through the use of artificial intelligence (AI) and machine learning (ML) technology. BI tools are becoming smarter and easier to use thanks to augmented analytics. Data preparation processes including data purification, integration, and transformation are automated by AI and ML algorithms, requiring less manual labor overall. Additionally, these technologies aid in spotting patterns, trends, and abnormalities in data, enabling quicker and more precise insights.

Business Intelligence (BI) and Analytics Platforms Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into On-premise and Cloud.

• By Application Analysis

Based on application, the market can be divided into SMEs, large enterprises, and government organizations.

Driving Factors

"Rising Volume and Complexity of Data is Driving the Market for the Analytics Platforms"

The market for business intelligence (BI) and analytics platforms is primarily driven by the steadily expanding volume of data produced by organizations and the rising complexity of data sources. Organizations now have access to a sizable amount of structured and unstructured data thanks to the development of technologies such as the Internet of Things (IoT), social media, and mobile devices. Businesses may gather, integrate, and analyses this data using BI and analytics systems, which give them the tools and capabilities to do so. As a result, they can gain actionable insights and make data-driven choices.

"Growing Demand for Data-Driven Decision Making is Increasing the Demand for BI Solutions "

Organizations are beginning to understand the value of data-driven decision-making for gaining a competitive edge and accelerating corporate growth. Businesses may gain valuable insights from data using business intelligence (BI) and analytics platforms, allowing them to spot trends, patterns, and correlations, produce precise projections, and streamline processes. In today's data-driven environment, the need for these platforms is driven by the need to generate actionable insights, increase operational effectiveness, enhance customer experiences, and discover new business opportunities.

Restraining Factors

"Difficulty of Maintaining Data Quality and Governance is a Major Limiting for for the Market Growth"

The difficulty of maintaining data quality and data governance is one factor limiting the business intelligence (BI) and analytics platforms market growth. The efficiency and dependability of BI and analytics initiatives can be hampered by poor data quality, missing, incorrect, or inconsistent data, and improper data governance. Decisions and insights that are incorrect can be caused by inaccurate or unreliable data.  To assure data accuracy, consistency, and reliability and so overcome this limiting factor, organizations need to invest in data management strategies, data cleansing, and data governance practices.

Business Intelligence (BI) and Analytics Platforms Market Regional Insights

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"Mature and Data-Driven Business Environment is Driving the Platforms Market Dominance in the Region"

Organizations in North America operate in a developed, data-driven corporate environment where they recognize the benefits of data-driven decision-making. Businesses in the area have embraced the idea of leveraging data to acquire insights, streamline processes, and promote corporate expansion. Strong BI and analytics tools that can efficiently analyses and extract insights from complicated information are now more in demand as a result of this mentality. North American consumers were quick to adapt and incorporate these platforms into their operational procedures, which contributed to the business intelligence (BI) and analytics platforms market share domination. The infrastructure and supportive environment in North America help the market for BI and analytics tools to expand. As a result of the region's strong IT infrastructure, BI and analytics solutions can be deployed and scaled up quickly. Moreover, North America has a well-established ecosystem of technology vendors, consulting firms, and service providers that support the implementation and adoption of BI, contributing to their dominance in the market. 

Key Industry Players

"Key Players Focus on Partnerships and Alliances Growing their Product Portfolios "

Market participants are using a variety of techniques to gain control of the analytics platforms industry. By merging cutting-edge technologies, they are concentrating on continual innovation to improve platform capabilities. Additionally, in order to provide comprehensive solutions, they are growing their product portfolios through partnerships, acquisitions, and strategic alliances. Players are also making investments in marketing and branding strategies to broaden their client base and market exposure. Additionally, they put a high priority on client happiness by offering tailored services, in-depth support, and user-friendly interfaces in order to get an advantage over rivals and rule the market.

List of Market Players Profiled

• Qlik (U.S.)
• Tableau (U.S.)
• SAS (U.S.)
• Sisense (U.S.)
• Domo (U.S.)

Report Coverage

This report covers the business intelligence (BI) and analytics platforms market. The CAGR expected to be in during the forecast period, and also the USD value in 2021 and what it is expected to be in 2031. The effect COVID-19 had on the market in the beginning of the pandemic. The latest trends taking place in this industry. The factors that are driving this market as well as the factors that are restraining the growth of industry. The segmentation of this market based on type and applications. The region leading in the industry and why they will continue to do so during the forecast period. Further, the key market players, what all is being done by them to stay ahead of their competition as well as retain their market positions. All these details are covered in the report.