The global business intelligence market is expected to reach US$56.2 billion by the end of the 2033 forecast period, at a CAGR of 7.1%.
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The United States is witnessing robust growth in the business intelligence market, with a projected CAGR of 7.0% from 2023 to 2033. By the end of 2033, the region is expected to generate a market revenue of US$18.3 billion. The UK business intelligence market shows promising growth alongside China, with a projected value of US$2.2 billion by 2033 and a CAGR of 6.2% from 2023 to 2033
NEWARK, Del., May 26, 2023 (GLOBE NEWSWIRE) — The global business intelligence market size is expected to exceed US$28,216.8 million in 2023. It is expected to be worth US$56,200.9 million by 2033. The market is expected to prosper at a CAGR of 7.1% from 2023 to 2033.
The performance of business intelligence systems has been greatly improved by ongoing technological breakthroughs. For example in the areas of cloud computing, big data analytics, artificial intelligence and machine learning. Scalability, flexibility and affordability are characteristics of cloud-based BI solutions that enable companies of different sizes to use BI.
Advanced data analytics and predictive modeling are possible through AI-powered analytics tools and machine learning algorithms, enabling organizations to find important patterns and insights.
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Businesses are aware that leveraging data successfully can give them a competitive advantage. Businesses can gain better knowledge of their customers, markets and operations by using business intelligence tools to find hidden patterns, trends and correlations in their data. These insights can be used to improve the customer experience, find new market opportunities, optimize business strategy, and drive innovation.
Self-service analytics are now powered by business intelligence platforms, allowing users to access and explore data without heavily relying on IT or data analysts. Self-service BI technologies enable non-technical people to independently explore data, create reports, and discover insights because of their simple user interfaces, drag-and-drop capabilities, and visualizations. Within organizations, this movement has democratized data analysis and expanded the user base of business intelligence.
The story goes on
The more modern, sophisticated analyzes and improved statistical support of the business intelligence system also contribute to the market expansion. Business intelligence technologies and machine learning help enterprise environments problem-solve strategies and predict potential outcomes.
In addition, it helps to streamline internal company operations, increase revenue development and connect technology. To improve processing, give companies an edge over competing brands, thereby fueling the growth of the Business Intelligence market continuously.
The central theses:
The size of the global business intelligence market grew at a CAGR of 5.0% from 2018 to 2022.
In 2018, the global market size was US$21,962.1 million.
The market size in 2022 was US$26,745.8 million.
In 2022, the solution segment captured 68.9% of the market share.
The sales and marketing segment achieved a 42.3% share of the world market.
In 2022, the United States captured a 19.4% share of the world market.
China held 8.3% share of the global business intelligence industry in 2022.
In 2022, the UK captured a 6.7% share of the world market.
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Observed recent developments:
Ramp announced in May 2023 its ambitions to provide new artificial intelligence technologies. The company plans to introduce the new tools with a feature that could determine if a company has overpaid for its software contracts.
SoftLedger introduced a business intelligence dashboard with real-time data in December 2022. The purpose of this publication is to assist Chief Financial Officers (CFOs) in making tactical decisions for their business.
Dashboards and Scorecards
Data integration and ETL
Reporting and visualization
query and analysis
Deployment and Integration Services
Support and Maintenance Services
By organization size:
By business function:
sales and marketing
government and public services
transportation and logistics
Telecom and IT
healthcare and hospitality
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Table of Contents (ToC):
1.1. Global Market Outlook
1.2. Demand-side trends
1.3. Supply-side trends
1.4. Analysis of the technology roadmap
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Restrictions
3. Market background
3.1. market dynamics
3.2. scenario forecast
3.3. Opportunity Map Analysis
3.4. Investment feasibility matrix
3.5. PESTLE and Porter Analysis
3.6. regulatory landscape
3.7. Outlook on the regional parent market
4. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033
4.1. Analysis of Historical Market Size Value (in million US$), 2018 to 2022
4.2. Current and Future Market Size Forecasts (Million US$), 2023 to 2033
5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, by Component
5.1. Introduction / Key Findings
5.2. Analysis of Historical Market Size Value (Million USD) by Component, 2018 to 2022
5.3. Analysis and forecast of current and future market size value (Million US$) by component, 2023 to 2033
5.4. YoY Growth Trend Analysis by Component, 2018 to 2022
5.5. Absolute $ Opportunity Analysis by Component, 2023 to 2033
6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, by Company Size
6.1. Introduction / Key Findings
6.2. Historical Analysis of Market Size Value (Million US$) by Company Size, 2018 to 2022
6.3. Analysis and forecast of current and future market size value (Million US$) by company size, 2023 to 2033
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