Global business intelligence (BI) market was valued at USD 24.90 billion in 2021, and it is expected to reach a value of USD 42.13 billion by 2028, at a CAGR of 7.6 % over the forecast period (2022-2028).
Business intelligence is one of the most popular and rapidly growing areas of information technology. This growth is being driven by a number of factors, including the need for organizations to make better decisions faster and the increasing popularity of big data. According to SkyQuest’s market analysis, demand for BI is broadly driven by growing focus of businesses on improving operational efficiency, enhanced decision making, improved customer interaction, and more rapid product iteration. The capabilities offered by BI tools can help organizations manage data more effectively, optimize processes and uncover insights that would otherwise go undetected. These capabilities can have a major impact on overall business performance and can provide significant cost savings for companies of all sizes across the global business intelligence market.
It has been observed that, over 43% of organizations already have or are deploying some form of BI solution. This includes both large and small organizations, as well as those specializing in different industries. In addition, nearly half of respondents at a recent survey said they would deploy more BI applications in the next 12 months to better understand their businesses.
SkyQuest has published a report on global business intelligence market that covers various market aspects such market detailed market analysis, demand, market trends, pricing analysis, leading providers of business intelligence solution, their market share analysis, value chain, and competitive landscape. The report would help the market players in understanding current market trends, growth opportunities, challenges and threat in the global market.
AI is Shaping the Future of Business Intelligence Market
In recent years, artificial intelligence (AI) has been gaining more and more traction in the business world. This technology is helping to shape the future of business intelligence (BI), as AI can help speed up the process of extracting insights from data and providing actionable insights to managers.
One of the most significant applications of AI in global business intelligence market is its ability to automate complex analyses and decision-making processes. In some cases, AI can even take on the role of a data analyst, allowing companies to scale their data analysis capabilities without having to hire additional employees. In addition to automating tasks, AI also helps to identify patterns and trends that may be otherwise difficult to see. This can allow businesses to make smarter decisions faster, which can ultimately lead to improved profits.
One of the most popular BI tools is IBM’s Watson cognitive system. This tool can be used to create insights from data by analyzing text, images, videos and other sources. IBM has released several versions of Watson over the past few years, each with capabilities that have expanded beyond what was available in the previous version. And Microsoft’s Azure Cognitive Services offers a wide range of capabilities that can be used for BI and data management
As businesses shift away from manual data analysis and toward more automated systems, BI tools will continue to become increasingly important. Indeed, it seems likely that BI will become even more central to business operations.
Embedded Analytics Getting Popular Among Businesses
Embedded analytics is a technology that allows businesses to collect and analyze data without having to install separate software. As per SkyQuest analysis, this technology can be found in many different forms, such as web search engines, social media monitoring tools, and even embedded sensors in devices.
A large number of businesses are opting for embedded analytics to collect data from a wide range of sources in the global business intelligence market. Not only can embedded analytics be used in internet-based applications, but it can also be used in on-premises applications and even with mobile devices. Collecting data from a variety of sources means that businesses have more information available to them when they are trying to make decisions. As per recent study by IDC, four in five firms used more than 100 data sources and just under one-third had more than 1,000. Often, this data exists in silos.
In addition to collecting data, embedded analytics can also help businesses analyze the data. This analysis can help businesses determine how best to use the data and which pieces of the data are most important. Additionally, companies can use embedded analytics to predict future trends based on past data. This prediction is often referred to as “predictive modeling” and is one of the most powerful features of embedded analytics.
SkyQuest has studied the global business intelligence market and identified current market dynamics and trends. The report provides a detailed analysis of the embedded analytics and its increasing adoption among firms by their size. This will help the market participants understand consumer behavior and formulate growth strategies as per the current market opportunities.
SkyQuest Analysis Suggests 49% Businesses are Planning to Expand BI Applications into their Businesses, But Pricing to Play Key Role
With the rapid growth of businesses, it is no surprise that data analysis and intelligence are becoming increasingly important across business intelligence market. In a recent survey, 92% of respondents said that they use business intelligence to analyze their data. However, only 49% said that their organization has a clear strategy for using BI and are aiming to expand application of BI into their businesses. As a result, businesses are looking for ways to improve their data-analysis capabilities.
These findings come from a survey conducted by SkyQuest Technology Consulting, which polled 239 business decision-makers in the United States Asia Pacific, and Europe about their perceptions of BI.
The survey on the global business intelligence market also found that 54% of respondents feel unhappy with their current role in BI and only 30% believe that their skills in BI are valuable to their organization. Furthermore, 43% of respondents say they have said that BI is becoming expensive for them to afford, while 32% cite its complexity as a reason for not using it. In fact, specifically, 56% of business executives said that this is a key obstacle to their BI implementation plans.
Interestingly, while only a 43% of businesses are currently using BI tools, most believe that this number will increase in the future. Sixty-seven percent of those surveyed believe that BI will become increasingly important over the next three years, while 49 percent think it will be critical within five years.
SkyQuest’s report on business intelligence market can be an essential tool for market players. This report would help to identify the growth potential, current trends, and future prospects of the business intelligence market. The report would also provide detailed analysis of each type of business intelligence product and service. This information would help market players to make informed decisions about their investments in this area.
Key Players in Global Business Intelligence Market
- IBM Corporation (US)
- Oracle Corporation (US)
- Microsoft Corporation (US)
- Google (US)
- SAP SE (Germany)
- Cisco Systems Inc. (US)
- Information Builders (US)
- Qlik Technologies Inc. (US)
- SAS Institute Inc. (US)
- Tableau Software Inc. (US)
- TIBCO Software Inc. (US)
- Domo Inc. (US)