Business Intelligence Software Market size worth $ 35.18 Billion, Globally, by 2028 at 8.45% CAGR: Verified Market Research®

The market is majorly driven by extensive use of e-commerce and a rise in the adoption of data-oriented business models by small, medium, and large organizations.

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Verified Market Research

Dec 02, 2021, 09:15 ET

JERSEY CITY, N.J, Dec. 2, 2021 /PRNewswire/ -- Verified Market Research recently published a report, "Business Intelligence Software Market" By Service (Professional Services and Managed Service), By Platform (Business Intelligence Platform, Advanced and Predictive Analytics, Analytics Application, Content Analytics), and By Geography. According to Verified Market Research, the Global Business Intelligence Software Market size was valued at USD 18.33 Billion in 2020 and is projected to reach USD 35.18 Billion by 2028, growing at a CAGR of 8.45% from 2021 to 2028.

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Browse in-depth TOC on "Business Intelligence Software Market"

202 - Pages

126 – Tables

37 – Figures

Global Business Intelligence Software Market Overview

Business intelligence software enables businesses to make informed decisions based on logical facts involving market trends and consumer buying patterns. For instance, data exists in several systems across the large organization as they own ERP and CRM applications. Hence, the primary step to utilize BI is to prepare an inventory of the data produced by the business. Furthermore, the rising adoption of data analytics in end-use industries to analyze the data and make more informed business decisions is expected to drive demand for BI software.

The market is majorly driven by extensive use of e-commerce and a rise in the adoption of data-oriented business models by small, medium, and large organizations. For instance, restaurant chains such as Wendy's and Ruby Tuesday in the U.S. are significantly using BI software to enhance customer relationships. The BI approach enables the companies to implement strategic decisions in a way such that it brings out a positive transformation resulting in high-quality customer service. Moreover, increasing the use of data and business analytics software backed by continuous investments in business intelligence and tools is generating high revenue growth.

On the contrary, significant cost incurred in-licensing and installing BI software is expected to pose a challenge to the market growth. The licensing prices of BI software are not entirely based on software development costs but are largely influenced by the market conditions at the time of purchase. Furthermore, the organizations are already benefitting from the traditional BI tools and are skeptical about adopting the advanced BI software. Even though the advantages of adopting BI software are plenty, the initial investment of buying a suitable BI platform or software, implementing it in the organization, and training the employees on utilizing it is high.

Key Developments

Pyramid Analytics, an enterprise-focused analytics platform, has received official SAP BW 7.5 and BW 4/HANA certifications, demonstrating the company's high-performance business intelligence capabilities on SAP as well as support for SAP's data warehouse technologies.
Google stated in June 2019 that it will acquire Looker, a hot analytics business that has earned more than $280 million in funding. It will pay $2.6 billion for the privilege, and the company will be added to Google Cloud.
In January 2019, MicroStrategy Incorporated, a global leader in enterprise analytics and mobility software, introduced the industry's first and only enterprise platform for HyperIntelligence, transformative mobility, and federated analytics

Key Players

The major players in the market are Cloud9 Analytics, Google, Inc., IBM Corporation, Informatica, Microsoft Corporation, Oracle Corporation, SAP SE, SAS Institute, Inc., and Tableau Software.

Verified Market Research has segmented the Global Business Intelligence Software Market On the basis of Service, Platform, and Geography.

Business Intelligence Software Market, By Service

Professional Services
Managed Service

Business Intelligence Software Market, By Platform

Business Intelligence Platform
Advanced and Predictive Analytics
Analytics Application
Content Analytics
Corporate Performance Management Suite

Business Intelligence Software Market by Geography

North America

U.S
Canada
Mexico

Europe

Germany
France
U.K
Rest of Europe

Asia Pacific

China
Japan
India
Rest of Asia Pacific

ROW

Middle East & Africa
Latin America

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