The Global Business Intelligence Market to Amount to $38487.13 Million by 2028

September 09 15:30 2021
The Global Business Intelligence Market to Amount to $38487.13 Million by 2028
The Global Business Intelligence Market
As Triton’s research report, the global business intelligence market, which generated $16555.33 million in 2020, is likely to chart 11.11% of CAGR by the year 2028.

A recent study by Triton Market Research titled ‘Global Business Intelligence Market,’ covers the Global Analysis and Forecasts By Functions (Fraud Detection and Security Management, Predictive Asset Maintenance, Sales and Marketing Management, Supply Chain Optimization, Network Management and Optimization, Operations Management, Workforce Management, Other Functions), By Enterprise Size (Large Enterprise, Small and Medium Enterprise), By Verticals (BFSI, IT & Telecom, Healthcare, Retail, Government, Manufacturing, Media & Entertainment, Automotive and Logistics, Energy and Power, Other Verticals), By Delivery Mode (On-premises, Cloud), and by Geography (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa).

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The report estimates the global business intelligence market to exhibit a CAGR of 11.11% during the forecasting years 2021-2028, garnering a revenue worth $38487.13 million by 2028. 

The adoption of big data analytics is surging. Business intelligence goes hand-in-hand with big data analytics. And therefore, its adoption is majorly propelling the growth of the BI market. On the other hand, there is a shortage of skilled professionals in this domain. One of the major reasons for this is the lack of equipping essential skills to college graduates. This shortage of professionals acts as a major hindrance to market growth.

The market for business intelligence is segmented into functions, enterprise size, verticals, and delivery mode. Based on function, it is divided into fraud detection and security management, predictive asset maintenance, sales and marketing management, supply chain optimization, network management and optimization, operations management, workforce management, and other functions. 

Whereas, based on enterprise size, it is categorized into large enterprise and small and medium enterprise. On the basis of verticals, it is divided into BFSI, IT & telecom, healthcare, retail, government, manufacturing, media & entertainment, automotive and logistics, energy and power, and other verticals. Lastly, based on delivery mode, it is segmented into on-premises and cloud.

The Asia-Pacific is expected to grow at the fastest rate in the global business intelligence market over the forecasted period. Also, at the regional level, Japan is estimated to depict the fastest growth during this period. This growth is attributable to the massive demand for cloud services in the country. Key factors, such as the government’s commitment for funding cloud services and the increasing investment in ICT infrastructure development, have placed Japan as a cloud-first country. Further, the presence of major players in the APAC is expected to further aid the expansion of its market. 

Targit AS, GoodData Corporation, Tibco Software Inc, Tableau Software Inc, Informatica, SAS Institute Inc, Oracle Corporation, Teradata Corporation, MicroStrategy Incorporated, Microsoft Corporation, SAP SE, International Business Machines Corporation, Domo Inc, Cisco Systems Inc, and VMware Inc are the well-known players in the business intelligence market.

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Question & Answer: Business Intelligence Market

Question 1: What factor is majorly propelling the growth of the BI market?

Answer: The adoption of big data analytics is surging. Business intelligence goes hand-in-hand with big data analytics. And therefore, its adoption is majorly propelling the growth of the BI market.

Question 2: What acts as a major hindrance to business intelligence market growth?

Answer: There is a shortage of skilled professionals in this domain. One of the major reasons for this is the lack of equipping essential skills to college graduates. This shortage of professionals acts as a major hindrance to market growth.

Question 3: Which region is expected to grow at the fastest rate over the forecasted period?

Answer: The Asia-Pacific is expected to grow at the fastest rate in the global business intelligence market over the forecasted period. Also, at the regional level, Japan is estimated to depict the fastest growth during this period. This growth is attributable to the massive demand for cloud services in the country. Key factors, such as the government’s commitment for funding cloud services and the increasing investment in ICT infrastructure development, have placed Japan as a cloud-first country. Further, the presence of major players in the APAC is expected to further aid the expansion of its market.

Question 4: Which are the well-known players in the business intelligence market?

Answer: Targit AS, GoodData Corporation, Tibco Software Inc, Tableau Software Inc, Informatica, SAS Institute Inc, Oracle Corporation, Teradata Corporation, MicroStrategy Incorporated, Microsoft Corporation, SAP SE, International Business Machines Corporation, Domo Inc, Cisco Systems Inc, and VMware Inc are the well-known players in the business intelligence market.

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