[280 Pages Report] The global Business Intelligence market size to grow from USD 23.1 billion in 2020 to USD 33.3 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 7.6% during the forecast period. Various factors such as the growing focus on digital transformation, rising investments in analytics, rising demand for dashboards for data visualization, increase in adoption of cloud, and increase in data generation are expected to drive the growth of the business intelligence market.

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COVID-19 Impact on Global Business Intelligence Market

In a short time, the COVID-19 outbreak has affected all markets, as well as the behaviors of customers. It has a substantial impact on economies and societies. With offices, educational institutions, and manufacturing facilities being shut down for an indefinite period, major sports and events being postponed, and work-from-home and social distancing policies being implemented globally, businesses are increasingly making efforts to deploy technologies that assist them through this difficult time. Analytics professionals, BI professionals, and advanced analytics experts have been called to help executives make business decisions to respond to new challenges posed by the COVID-19 spread.

Business Intelligence solutions and services providers are witnessing a slowdown in their growth owing to the lockdowns imposed worldwide. Healthcare and life sciences and BFSI verticals have been least impacted by the COVID-19 and are continuing the adoption of Business Intelligence solutions. The competition among key Business Intelligence solutions providers is expected to intensify as most upcoming projects have been put on hold owing to the pandemic. Businesses have already started making efforts to return to the normal and are facing multiple challenges at customer and operational levels. Meeting customer expectations in terms of optimization of processes, as well as an increase in security concerns for connected networks, rise in connectivity issues, and decline in industrial and manufacturing operations, are some of the key challenges faced by businesses. New practices, such as work-from-home and social distancing, have led to the requirement of remote health monitoring of patients and assets and smart payment technologies, as well as the development of digital infrastructures for large-scale technology deployments. Moreover, the imposition of lockdowns has led to an increased focus on cloud-based solutions. With an increased focus on health, there has been a rise in demand for health-related wearable devices.

Market Dynamics

Driver: Rising demands for dashboards for data visualization to enhance the ability in taking business decisions

Today, most organizations are adopting a simplified process that consists of identifying, collecting, maintaining, and sharing a large amount of data. BI solutions are used for this data to have a fast and simplified business decision-making process. The data should be provided with a standard visualization ability, which is used to identify customer preferences and tendencies, extract strategic insights, and help maintain a balance between the demand and supply of new and existing products and services. Companies across verticals adopt data visualization solutions to understand data in an easy manner and derive actionable business insights. Data visualization tools in cloud enable organizations to have a cost-effective and scalable way for data analysis. The data visualization capability helps companies identify business drivers and Key Performance Indicators (KPIs) through BI solutions. It helps eliminate unnecessary data to discover patterns, insights, trends, and usage strategies, which help leverage its growth in the market. The current COVID 19 pandemic also increased the demand for data visualization and dashboards solutions to track the data of worldwide patient data and make decisions based upon the report. Many business intelligence vendors offered dashboards and visualization solutions for tracking the COVID-19 spread. For instance, every two weeks, Salesforce Research is surveying a representative sample of the general population to understand their changing experiences, expectations, and outlooks as consumers and members of the workforce. Explore by different topics and filter responses by the country of residence, generation, income level, and gender of the respondent. Salesforce developed the COVID-19 economy data track for the traction of various data in the pandemic.

Restraint: Hard to justify the ROI of BI

Though the benefits of adopting business intelligence are plenty, the initial investment of purchasing a suitable business intelligence software or platform, implementing it in organizations, and maintaining and training employees on using it remains very high. Embedded analytics, predictive analytics, and prescriptive analytics have been facing stiff competition from traditional business intelligence tools and platforms, where analytics is not infused in business applications, which enterprises are using. BI tools are still in the early stages of the maturation cycle and will not go obsolete in the near future. Budget is the foremost thing considered while companies invest in new tools and technologies. Businesses face strict budgets and resources, especially SMEs. The price of deploying business intelligence is a primary concern among SMEs. SMEs are discouraged by the prohibitive costs of acquiring the right software. Also, limited resources make the hiring of qualified professionals such as data science experts, IT infrastructure professionals, and consulting analysts impractical and worrisome. These deterrents are compounded by worries about expensive infrastructure investments needed to deploy business intelligence software

Opportunity: Leveraging business intelligence and data visualizations during COVID-19

During the current COVID-19 crisis, much like during the 2008 crisis, most companies are looking at operations, sales, revenue, and costs. Businesses are facing high-level challenges. They are losing money due to the increasing impacts of COVID-19. Leaders need to know what is driving their revenue at both a local and global level. Local legislatures are different everywhere. What might be relevant for the US (even specific states), might not be relevant for countries within Europe. Therefore, it is important to narrow down consumer behavior and assess what is relevant for audiences. COVID-19 has expedited the need for all companies to put their data to work to speed up the decision-making process. A comprehensive business intelligence practice can help companies to define proper metrics to survive a crisis better, and these times can be a silver lining for many businesses. Business intelligence allows companies to take a closer look at how they are operating by taking inventory of where they are doing well and where they can improve. The purpose of business intelligence is to leverage data to make decisions that improve and optimize revenue.

Challenge: Data integration

Integration is one such factor that defines the clientele and users of software. The end-to-end integration helps professionals to access all the data in an integrated system. However, integration is a major challenge faced by business intelligence and analytics vendors. As the demand for cloud-based business intelligence solutions is high in the market due to enormous advantages offered, cloud deployments pose several challenges such as security and integration issues with on-premises data. The integration of various analytics software, business intelligence, Master Data Management (MDM), big data, and analytics applications is a challenge in this industry.

Among verticals, the healthcare and life sciences segment to grow at the highest CAGR during the forecast period

The BFSI vertical is expected to hold the largest market size during the forecast period owing to the sensitivity of financial data and needs to coordinate with numerous other sectors (stock exchanges, tax authorities, central banks, securities controlling authorities, revenue department, etc.). Improving marketing strategies & customer retention policies, developing new investment strategies, and reducing risks are some of the factors responsible for the adoption of business intelligence by the BFSI vertical. Healthcare and life sciences vertical is expected to register the highest CAGR during the forecast period. The growing complexities in the healthcare industry vertical results in the need for remote and real-time insights from unstructured clinical data, driving the adoption of business intelligence solutions in the healthcare and life sciences industry.

HR business function to grow at the highest CAGR during the forecast period

HR business function segment is projected to register a higher CAGR during the forecast period due to the growing need of workforce management. Several companies are deploying business intelligence solutions to enable their HR managers to make real-time decisions regarding their workforce. It helps them to understand and forecast the availability, scarcity talent, employee lifecycle, and attrition rates efficiently. Companies use analytics for talent acquisition to evaluate the performance, manage safety and learning, and manage retention and retirement plans. Business intelligence solutions further provide HR managers, real-time insights into the cost, capacity, capability, and quality of the global workforce. Companies are integrating business intelligence solutions with their existing HR applications to better understand engagement and employee turnover, predict the number of promotions based on the experience, potential, skill set, and other relevant factors for promotion and appraisal activities. It is achieved through predictive analysis and evidence-based analysis of the captured employee data and processes involved in the Human Resource Management (HRM).

Asia Pacific to grow at the highest CAGR during the forecast period

North America is expected to hold the largest market size in 2020 owing to its technical advancement in business management analytics for their sales, production, and innovation. Most of the major players involved in the advancement of business intelligence are headquartered in North America. APAC is projected to grow at the highest CAGR during the forecast period due to the commercialization of IoT technology and the increasing adoption of advanced technologies in countries such as China, Japan, and India, which are fueling the demand for business intelligence solutions and services. Also, the increasing demand and market for IOT and big data have also provided a more accurate and reliable advantage to the business intelligence market.

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Key Market Players

The business intelligence vendors have implemented various types of organic as well as inorganic growth strategies, such as new product launches, product upgradations, partnerships and agreements, business expansions, and mergers and acquisitions, to strengthen their offerings in the market. The major vendors in the global business intelligence market include IBM (US), Oracle (US), Microsoft (US), SAP (Germany), SAS (US), Google (US), AWS (US), Salesforce (US), MicroStrategy (US), Teradata (US), DOMO (US), TIBCO (US), Information Builders (US), Sisense (US), Yellofin (Australia), Qlik (US), Board International (Switzerland), Infor (US), Dundas (Canada), Targit (Denmark), Zoho (India), Vphrase (India), dotdata (US), Amlgo Labs (India), Pentation Analytics (India), Hitachi Vantara (US), Outlier (US), ConverSight AI (US), Element Data(US), Alteryx (US), and ThpughtSpot (US). The study includes an in-depth competitive analysis of these key players in the business intelligence market with their company profiles, recent developments, and key market strategies.

Scope of the Report

Report Metric Details Market size available for years 2016�2025 Base year considered 2019 Forecast period 2020�2025 Forecast units USD Million Segments covered Component, deployment mode, organization size, business function, industry vertical, and region Geographies covered North America, Europe, APAC, Latin America, and MEA Companies covered IBM (US), Oracle (US), Microsoft (US), SAP (Germany), SAS (US), Google (US), AWS (US), Salesforce (US), MicroStrategy (US), Teradata (US), DOMO (US), TIBCO (US), Information Builders (US), Sisense (US), Yellofin (Australia), Qlik (US), Board International (Switzerland), Infor (US), Dundas (Canada), Targit (Denmark), Zoho (India), Vphrase (India), dotdata (US), Amlgo Labs (India), Pentation Analytics (India), Hitachi Vantara (US), Outlier (US), ConverSight AI (US), Element Data(US), Alteryx (US), and ThpughtSpot (US)

This research report categorizes the business intelligence market based on components, deployment modes, organization size, business functions, verticals, and regions.

By component:

Solutions Dashboards and Scorecards Data Integration and ETL Reporting and Visualization Query and Analysis

Services Consulting Deployment and Integration Support and Maintenance



By deployment mode:

Cloud

On-premises

By organization size:

Large Enterprises

Small and Medium-sized Enterprises (SMEs)

By business function:

Human Resource

Finance

Operations

Sales and Marketing

By vertical:

Retail

Manufacturing

Government and Public Services

Media and Entertainment

Transportation and Logistics

BFSI

Telecom and IT

Healthcare and Life Sciences

Tourism and Hospitality

Others (Real Estate, Education, and Energy and Utilities)

By region:

North America US Canada

Europe UK Germany France Rest of Europe

APAC China Japan India Rest of APAC

MEA KSA UAE South Africa Rest of MEA

Latin America Brazil Mexico Rest of Latin America



Recent Developments:

In June 2020, IBM launched Watson Works to address challenges of returning to workplaces. Watson Works is a curated set the of products that embed Watson AI model and applications to help companies navigate many aspects of the return-to-workplace challenge due to lockdowns put in place to slow the spread of COVID-19.

In June 2020, Microsoft and SAS announced an extensive technology and go-to-market strategic partnership. As part of the partnership, both companies will migrate SAS� analytical products and industry solutions to Microsoft Azure as the preferred cloud provider for SAS Cloud.

In April 2020, the Coca-Cola Company announced a five-year agreement with Microsoft to standardize its business operations on Microsoft�s cloud and deliver rich new digital experiences that will provide innovative solutions to modernize the company�s engagement with employees and customers. With this agreement, both companies will utilize the capabilities of Microsoft Azure, Dynamics 365, and Microsoft 365. These solutions will help The Coca-Cola Company gain new insights from data across the enterprise, enabling a 360-degree view of the business and providing enhanced customer and employee experience.

In March 2020, with the help of IBM Cognos Analytics, IBM developed a new, interactive global dashboard to show the spread of COVID-19 across the world. The COVID-19 data reflected in this dashboard is pulled from state and local governments, and World Health Organization (WHO).

In August 2019, Salesforce completed the acquisition of Tableau, a leading analytics platform provider. The acquisition would enable Salesforce to deliver powerful AI-driven insights across all types of data and use cases to people of every skill level.

Frequently Asked Questions (FAQ):

What is Business Intelligence? As per Tableau, business intelligence combines business analytics, data mining, data visualization, data tools and infrastructure, and best practices to help organizations to make more data-driven decisions. In practice, organizations use modern business intelligence when they have a comprehensive view of their data. The data is used to drive change, eliminate inefficiencies, and quickly adapt to market or supply changes. Which countries are considered in the European region? The report includes analysis of UK, Germany, and France in the European region. Which are key verticals adopting business intelligence solutions and services? Key verticals adopting business intelligence solutions and services include retail, manufacturing, government and public services, media and entertainment, transportation and logistics, BFSI, telecom and it, healthcare, pharma, and life sciences, tourism and hospitality. Which are the key drivers supporting the growth of business intelligence market? The key drivers supporting the growth of business intelligence market include growing focus on digital transformation, rising investments in analytics, rising demand for dashboards for data visualization, increase in adoption of cloud, and increase in data generation. Who are the key vendors in the business intelligence market? The key vendors operating in the business intelligence market include IBM (US), Oracle (US), Microsoft (US), SAP (Germany), SAS (US), Google (US), AWS (US), Salesforce (US), MicroStrategy (US), Teradata (US), DOMO (US), TIBCO (US), Information Builders (US), Sisense (US), Yellofin (Australia), Qlik (US) and Board International (Switzerland). These vendors have adopted different types of organic and inorganic growth strategies such as new product launches, product enhancements, partnerships, and mergers and acquisitions. .

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