Business Intelligence Market Size, Share, Trends, & COVID-19 Impact Analysis, By Component (Solution, and Services), By Deployment (Cloud, and On-Premise) By Enterprise Size (Large Enterprises, Small and Medium-Sized Enterprises (SMEs)), By Application (Supply Chain Analytic Applications, CRM Analytic Applications, Financial Performance, and Strategy Management, Production Planning Analytic Operations, and Others), By End-use Industry (IT and Telecommunications, Banking, Finance, Security and Insurance (BFSI), Healthcare, Manufacturing, Retail, and Others), and Regional Forecast, 2021-2028
The global “Business Intelligence Market size” was USD 22.26 billion in 2020. The market is expected to grow from USD 24.05 billion in 2021 to USD 43.03 billion in 2028 at a CAGR of 8.7% during the 2021-2028 period. This information is provided by Fortune Business Insights™, in its report, titled, “Business Intelligence Market, 2021-2028.”
According to our research analysts, developing technologies such as artificial intelligence, cloud, predictive analysis, as well as machine learning, among other, are estimated to refine contact center competences. The rising alertness of civil privileges has led to the growth of customer inquiries across industries.
- Microsoft Corporation (Washington, U.S.)
- Tableau Software, LLC (Salesforce) (Washington, U.S.)
- IBM Corporation (New York, U.S.)
- SAS Institute Inc. (North Carolina, U.S.)
- SAP SE (Walldorf, Germany)
- Oracle Corporation (California, U.S.)
- Sisense Inc. (Pennsylvania, U.S.)
- Domo, Inc. (Utah, U.S.)
- Yellowfin International Pty Ltd (Melbourne, Australia)
- Infor (Birst) (New York, U.S.)
What Does the Report Offer?
In order to prepare this report, we have captured data on the revenue of several key players through secondary sources, such as company websites, corporate filings, annual reports, and investor presentations. We have conducted extensive interviews with key industry experts in order to track and analyze competitive developments, such as partnerships, mergers and acquisitions, new product launches, and research and development activities. Our next step included the bottom-up procedure to arrive at the overall size of the market.
Business Expansion Plans to Support Market in Asia Pacific
The market in Asia Pacific is expected to hold the largest share in the global market during the forecast period due to the lucrative business expansion projects in the countries such as India, China, Singapore, Japan, and others. The presence of major players will further aid the expansion of the market in the region. For instance, in February 2020 – Sisense expanded its presence across Australia to support the growing demand for business intelligence and analytics. The company also announced a funding of USD 100 million with approximately more than USD 1 billion valuations to power its growth. The Middle East and Africa is expected to expand radically during the forecast period owing to the rising unemployment & inflation. The surging financial sector is expected to augment the growth of the market in the Middle East and Africa.
Prominent Companies Engage in Partnerships to Boost Brand Image
The prominent companies operating in the market incorporate partnership strategies to improve their product portfolio and boost brand image. For example, Microsoft Corporation partnered with SAS Institute Inc. in June 2020 to boost the Microsoft Azure cloud and SAS Analytics development. Through this development, the company aims to incorporate SAS analytics into Microsoft’s cloud service portfolio. Further, novel product launches, mergers, acquisitions, and expansion strategies may enable the companies to enhance their global position.
January 2021: SAP SE completed the acquisition of Signavio GmbH to merge its Business Process Intelligence unit with Signavio’s portfolio to improve SAP’s services.