Business Intelligence (BI) Vendors
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What Will the Business Intelligence (BI) Vendors Industry Market Size Be by 2025?
The market size of business intelligence (BI) vendors has seen a considerable surge in the recent past. The market that stood at $28.38 billion in 2024 is predicted to escalate to $31.41 billion in 2025, growing at a compound annual growth rate (CAGR) of 10.7%. This significant growth during the historical period is due to factors such as the increased adoption of BI across various businesses, faster decision-making capabilities, increased accessibility to data, improved information availability via mobile BI, and bettered internal communication facilitated by mobile BI.
What’s the Long-Term Growth Forecast for the Business Intelligence (BI) Vendors Market Size Through 2029?
Predictive analysis suggests an impressive escalation in the business intelligence (BI) vendors market size in the forthcoming years, with an anticipated bump to $46.63 billion by 2029, growing at a compound annual growth rate (CAGR) of 10.4%. Factors contributing to this projected advancement in the anticipated period include the intensifying embrace of data analytics and e-commerce, the rising endorsement of data-driven business frameworks, expanding global internet usage, and an increasing need for on-the-spot data evaluation. Over the forecast period, significant trends such as the application of IoT and big data, the need for portable business intelligence capacities, the usage of predictive and prescriptive analytic tools, the trend towards cloud-based BI tools and services, and the adoption of BI solutions based in the cloud, will shape the market.
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What Are the Key Growth Drivers Fueling the Business Intelligence (BI) Vendors Market Expansion?
The rise in digitalization is predicted to fuel the expansion of the business intelligence (BI) vendors market. Digitalization, the act of transforming information, data, or physical items into a digital form that computers can easily process, store, and distribute, is being propelled by the enhanced efficiency and connectivity provided by digital technology. Business intelligence (BI) vendors assist businesses in implementing a more data-centric strategy, which improves decision-making, operational efficacy, and overall business performance. For example, a gov.uk report released in February 2024 revealed that preliminary figures for 2022 show the digital sector brought in $171.25 million to the UK economy, representing 7.2% of the total UK gross value added (GVA), a slight climb from 7.1% in 2021. Hence, the surge in digitalization is stimulating the growth of the business intelligence (BI) vendors market.
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What Are the Key Trends Driving Business Intelligence (BI) Vendors Market Growth?
Significant firms in the business intelligence (BI) vendor market are focusing on the creation of AI-powered platforms to improve their data analytics abilities. This AI-enhanced analytics platform for BI vendors employs advanced AI and machine learning technologies to boost the effectiveness of traditional BI tools. For example, ThoughtSpot, an American firm specializing in AI-driven analytics, extended its platform in May 2023 to enable companies to deliver contemporary data experiences. The improved platform makes data discovery, examination, and visualization more straightforward with the use of AI and machine learning, effectively helping organizations to make data-informed decisions. The expansion of ThoughtSpot’s platform includes features like conversational business intelligence, AI highlights, and natural language search, all crucial aspects of current business intelligence solutions.
How Is the Business Intelligence (BI) Vendors Market Segmented?
The business intelligence (BI) vendors market covered in this report is segmented –
1) By Component: Platform, Software, Solution, Services
2) By Data Type: Structured Data, Unstructured Data, Semi-Structured Data
3) By Technology: Mobile, Cloud, Social, Other Technologies
4) By Deployment Model: Cloud, On-Demand, On-Premises
5) By Application: Customer Relationship Management (CRM) Analytic Application, Financial Performance And Strategy Management, Production Planning Analytic Operations, Predictive Asset Maintenance, Fraud Detection And Security Management, Supply Chain Optimization Or Operations, Network Management And Optimization, Workforce Management, Sales And Marketing Management, Other Applications
Subsegments:
1) By Platform: Cloud-Based Bi Platforms, On-Premise Bi Platforms, Hybrid Bi Platforms, Self-Service Bi Platforms, Data Visualization Platforms, Data Warehousing Platforms
2) By Software: Data Analytics Software, Reporting And Querying Software, Dashboard Software, Predictive Analytics Software, Olap (Online Analytical Processing) Software, Data Mining Software, Etl (Extract, Transform, Load) Software
3) By Solution: Bi Reporting Solutions, Bi Dashboard Solutions, Data Integration Solutions, Cloud Bi Solutions, Predictive Analytics Solutions, Big Data Analytics Solutions
4) By Services: Consulting Services, Implementation Services, Support And Maintenance Services, Training And Education Services, Data Integration Services, Managed Bi Services, Custom Bi Solutions
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Which Companies Are Leading the Charge in Business Intelligence (BI) Vendors Market Innovation?
Major companies operating in the business intelligence (BI) vendors market are Microsoft Corporation, Verizon Communications Inc., International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, Salesforce Inc., SAP SE, Juniper Networks Inc., Cloud Software Group, Citrix Systems Inc., Rackspace Technology Inc., SAS Institute Inc., Hitachi Vantara LLC, TIBCO Software, Pegasystems Inc., Tableau Software LLC, QlikTech International AB, MicroStrategy Incorporated, ThoughtSpot Inc., ConnectWise LLC, Sisense Inc., Mode Analytics Inc., Looker, AT&T Intellectual Property
Which Regions Are Leading the Global Business Intelligence (BI) Vendors Market in Revenue?
North America was the largest region in the business intelligence (BI) vendors market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the business intelligence (BI) vendors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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