What You Need to Know About the Current Business Intelligence Market Size
As businesses aim to stay competitive and relevant, the need to understand their data and make informed decisions has become increasingly crucial. This is where business intelligence (BI) comes into play. BI is a tech-driven approach to data analysis that involves using software tools, applications, and other processes to analyze business information and transform it into actionable insights and reports.
The global BI market has been growing rapidly in recent years, reaching $23.1 billion in 2020, according to Statista. Let’s take a closer look at some of the key trends and insights shaping the current BI market size.
Cloud-based BI is on the rise
With the growing adoption of cloud computing technology, cloud-based BI is increasingly becoming the preferred choice for many organizations.
Cloud-based BI provides several benefits, such as cost savings, enhanced scalability, and increased accessibility. This has led to increased demand for cloud-based BI solutions, driving the growth of the market.
According to a report by MarketsandMarkets, the cloud-based BI market is expected to grow from $7.5 billion in 2020 to $15.6 billion by 2025, at a CAGR of 15.0%.
Data analytics is a key driver of BI growth
In today’s data-driven world, effective data analytics is critical for success. BI plays a crucial role in enabling organizations to access, analyze, and interpret data to drive informed decision-making.
With the increasing volumes of data generated by businesses, the demand for advanced analytics tools has risen significantly. This has spurred the growth of the BI market, as businesses seek to leverage these tools to gain deeper insights into their data.
According to a report by Forbes, the data analytics market is expected to reach $51.3 billion by 2026, at a CAGR of 30.1%. This growth is expected to be driven by the increasing adoption of big data analytics, artificial intelligence, and machine learning technologies.
BI adoption is increasing across industries
While the use of BI tools was initially limited to large enterprises, their adoption has been growing rapidly across industries and business sizes.
In addition to traditional industries such as finance and healthcare, BI tools are now being adopted by sectors such as retail, manufacturing, and education. This trend is expected to continue as businesses seek to gain a competitive edge in their respective industries.
According to a report by Allied Market Research, the global BI market is expected to reach $41.2 billion by 2026, at a CAGR of 9.3%. This growth is expected to be driven by increasing adoption across industries and the growing demand for data-driven decision-making.
Conclusion
As businesses continue to realize the importance of data-driven decision-making, the demand for BI tools and solutions is expected to grow. Cloud-based BI, data analytics, and increasing adoption across industries are among the key trends shaping the current BI market size. By staying up-to-date with these trends and investing in the right tools and solutions, businesses can gain deeper insights into their data and make more informed decisions.
