Business Intelligence Platforms Market Size, Share, Growth, And Industry Analysis By Type (Cloud Based, Web Based) By Application (Large Enterprises, SMEs), Regional Forecast to 2031

Updated On: 01 April 2024

BUSINESS INTELLIGENCE PLATFORMS MARKET REPORT OVERVIEW 

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The global business intelligence platforms market size was USD 7168 million in 2021 and is projected to touch USD 14688.4 million by 2031, at a CAGR of 7.44% during the forecast period. 

The global COVID-19 pandemic has been unprecedented and staggering, with business intelligence platforms market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over. 

Business Intelligence is analytical data software that tracks data and gives firm streamlined information to aid in making informed business decisions. Data analytics software is required as a result of the significant data fragmentation that results from rapid digitalization. Additionally, the rise of several startups and internet firms may accelerate the adoption of BI. In addition, market growth is anticipated to be fueled in the future years by the growing demand for efficient data management solutions.

As more firms rely on data for decision-making, there is a rapid increase in the need for business intelligence (BI) and analytics technology. In order to create a more pertinent and effective engagement strategy, marketers must comprehend how organizations tackle technology investment difficulties.

COVID-19 Impact: Increasing Reliance On Digital Technologies To Drive Market Advancement

Due to the growing usage of digital technologies and remote working, this market is anticipated to benefit from the COVID-19 pandemic. The use of software simplifies business operations and gives manufacturers an advantage during the pandemic. In addition, using the programme enables companies to handle data cost-effectively. Additionally, elements including the acceptance of remote work, social estrangement, and rising online presence are anticipated to fuel market expansion.

Latest Trends

"Predictive Analytics Adoption Will Rise, Driving Growth Of Business Intelligence Platform Market"

It has always been a component of running a competitive firm to analyse data to forecast market trends for services and goods and to improve the performance of enterprise business units.

Demand for predictive analytics systems has increased as a result of rising demand for insights from unstructured data such as social media material, contact centre records, social networking sites, and email communications.

BUSINESS INTELLIGENCE PLATFORMS MARKET SEGMENTATION 

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• By Type Analysis

According to type, the market can be segmented into Cloud Based, Web Based. Cloud Based segment will going to lead the market.

• By Application Analysis

Based on application, the market can be divided into Large Enterprises, SMEs. Large Enterprises is anticipated to be the leading segment.

Driving Factors

"Big Data And Business Analytics Are Being Used More And More To Drive Market Growth"

Through the use of business platforms, systems, and processes, a vast amount of data is being produced. Big data and business analytics are increasingly being used to manage data and understand emerging technologies. The amount of data created has directly increased as a result of the rising use of applications and mobile devices. Businesses must use business analytics to establish new competitive strategies and deliver services.

As a result, the need for business intelligence platforms is positively impacted by the growing use of big data and business analytics.

"Cloud And Big Data Services Integration To Boost Market Growth"

The adoption of business intelligence technologies is anticipated to rise together with the uptake of cloud-based services. Fragmented complex data stimulates the employment of effective data management systems, which expedites information gathering. The increasing use of internet of things IoT services results in the gathering of enormous amounts of data. Analysts heavily rely on BI to assist businesses in making wise judgements. Additionally, the proliferation of social media platforms and big data has made data analytics software necessary. Business intelligence technology also aids organisations in enhancing their operations and surviving the fiercely competitive industry. These elements will probably fuel the market for corporate intelligence.

Restraining Factors

"Business Intelligence Market Is Being Hampered By Expensive Software"

During the anticipated period, the business intelligence market's expansion is anticipated to be constrained by the high cost of the solution system. For many businesses, the expense of setting up business intelligence infrastructure is a big problem. The development of the BI industry is also being hampered by appropriate elements including consulting analysts, trained IT specialists, and professional data science experts. The high-cost software, which has an impact on the BI industry, is expensive to instal and maintain in small and medium-sized enterprises. Examples include cloud computing, big data, tableau, SQL server express, QLIK, and Power BI.

BUSINESS INTELLIGENCE PLATFORMS MARKET REGIONAL INSIGHTS 

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"Rapidly Developing And Adopting Advanced Technologies Will Drive Market Growth In North America"

Because of the increasing use and development of advanced technologies, North America is predicted to hold a disproportionately large part of the business intelligence industry. North America's market, which had a value of USD 6.67 billion in 2020, is anticipated to grow significantly over the next years. Additionally, it is anticipated that developments in digital infrastructure and a number of significant producers, including Tableau Software, LLC, Oracle Corporation, IBM Corporation, and Microsoft Corporation, will accelerate market growth.

The global market for business intelligence platforms is anticipated to expand significantly in Asia Pacific excluding Japan (APEJ) during the course of the forecast period. Companies in Asia Pacific are in a unique position to perform advanced solutions effectively and swiftly by embracing cloud computing and other tools. The region's business intelligence platform market is predicted to increase as a result of rising demand for big data and IOT.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Tableau Server (U.S.)
• Oracle (U.S.)
• ClicData
• InsightSquared
• IBM (U.S.)
• QlikView
• BOARD (Switzerland)
• Looker (U.S.)
• Sisense (U.S.)
• Halo (U.S.)
• SAP (Germany)
• Power BI (U.S.)
• MicroStrategy (U.S.)
• WebFOCUS (Philippines)
• Dundas BI (Canada)
• Domo (U.S.)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.