Overview and Scope
Business intelligence management software refers to software applications and platforms designed to collect, analyze, visualize, and present data to support business decision-making processes. These software solutions enable organizations to transform raw data into actionable insights, helping them understand trends, identify opportunities, and address challenges across various operations.
Sizing and Forecast
The business intelligence management software market size has grown rapidly in recent years. It will grow from $29.58 billion in 2023 to $32.60 billion in 2024 at a compound annual growth rate (CAGR) of 10.2%. The growth in the historic period can be attributed to the data explosion, spreadsheet limitations, complexity of data, regulatory compliance, and demand for self-service analytics.
The business intelligence management software market size is expected to see rapid growth in the next few years. It will grow to $48.63 billion in 2028 at a compound annual growth rate (CAGR) of 10.5%. The growth in the forecast period can be attributed to the increasing number of organizations, cloud adoption and SaaS models, data governance and privacy concerns, demand for data analytics, and real-time analytics. Major trends in the forecast period include embedded AI and ML, augmented analytics, data democratization, real-time analytics, natural language processing, and vertical-specific solutions.
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Segmentation & Regional Insights
The business intelligence management software market covered in this report is segmented –
1) By Type: Development Of Business Smart Software, Cloud-Hosted Business Smart Software
2) By Application: Small Business, Medium-Sized Business, Large Business
3) By End-User Industry: Banking, Financial Services, And Insurance, Information Technology And Telecommunication, Retail, Healthcare, Other End-User Industries
North America was the largest region in the business intelligence management software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the business intelligence management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising adoption of cloud-based solutions is expected to propel the growth of the business intelligence management software market going forward. Cloud-based solutions refer to software applications, services, or platforms hosted and accessed over the Internet instead of installed and operated on local computers or servers. The increasing adoption of cloud-based solutions due to the need for cost savings, demand for flexibility, and accessibility and security concerns. Business intelligence management software is deployed as cloud-based solutions to allow organizations to access critical data and analytics tools from anywhere with Internet connectivity. For instance, in December 2023, according to Eurostat, a Luxembourg-based government agency, around 45.2% of European Union (EU) enterprises opted for cloud computing services in 2023, representing a 4.2% rise from 2021. Therefore, the rising adoption of cloud-based solutions is driving the growth of the business intelligence management software market.
Key Industry Players
Major companies operating in the business intelligence management software market are Google LLC, Microsoft Corporation, International Business Machines Corporation, Oracle Corporation, SAP SE, Salesforce.com Inc., Adobe Inc., SAS Institute Inc., Databricks Inc., Teradata Corporation, Informatica LLC, Tableau Software LLC, Tibco Software Inc., Cloudera Inc., Qlik Technologies Inc., MicroStrategy Incorporated, Domo Inc., Sisense Ltd, BOARD International SA, ThoughtSpot Inc., GoodData Corporation, Information Builders Inc., Yellowfin International Pty Ltd, Panorama Software Ltd., ClearStory Data
The business intelligence management software market report table of contents includes:
1. Executive Summary
- Business Intelligence Management Software Market Characteristics
- Business Intelligence Management Software Market Trends And Strategies
- Business Intelligence Management Software Market – Macro Economic Scenario
- Global Business Intelligence Management Software Market Size and Growth
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32. Global Business Intelligence Management Software Market Competitive Benchmarking
- Global Business Intelligence Management Software Market Competitive Dashboard
- Key Mergers And Acquisitions In The Business Intelligence Management Software Market
- Business Intelligence Management Software Market Future Outlook and Potential Analysis
- Appendix
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