The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s BI Software Global Market Report 2024, the BI software market is expected to show significant growth in the forecast period.

The Business Intelligence (BI) software market has witnessed robust growth in recent years, with its size escalating from $47.27 billion in 2023 to a projected $51.85 billion in 2024, signifying a notable Compound Annual Growth Rate (CAGR) of 9.7%. This growth surge is underpinned by factors such as the explosion of data, seamless data integration, gaining competitive advantages, and adherence to regulatory compliance.

Continued Momentum and Future Projections

The trajectory of the BI software market remains dynamic, with an anticipated surge to $107.16 billion by 2028, demonstrating a significant CAGR of 19.9%. In the forecast period, the driving forces behind this remarkable expansion include the integration of advanced analytics and artificial intelligence (AI), the rise of self-service BI, the dominance of cloud-based BI solutions, and the increasing adoption of real-time analytics. Key trends shaping the market in the coming years include a focus on data visualization, the proliferation of mobile BI solutions, the embedding of BI within various applications, and the seamless integration of big data.

Rise In Data-Driven Projects

Data-Driven Projects as Catalysts

The growth of the BI software market is propelled by a surge in data-driven projects, notably contributing to the demand for real-time analytics. With an increasing number of businesses planning or implementing data-driven projects, the International Data Group (IDG) predicts a staggering 69% engagement in such initiatives. Real-time analytics is becoming instrumental in enhancing production and sales, improving decision-making processes, and strategically planning business endeavors. Companies like Starbucks exemplify this trend by leveraging BI software and CRM solutions to predict consumer behavior and tailor their products and services accordingly.

Industry Leaders and Innovations

Major Companies in the Arena
Leading the charge in the BI software market are prominent companies such as SAP SE, Oracle Corp., JDA Software Group Inc., and IBM Corporation. These industry giants play a pivotal role in shaping the landscape of business intelligence software.

Innovation as a Driving Force
Major companies operating in the BI software market are at the forefront of developing innovative technologies, exemplified by IBM Business Analytics Enterprise. This AI-powered platform serves as an all-in-one business analytics solution, tackling challenges associated with data silos and fragmented analytics tools. Launched by International Business Machines Corporation (IBM), this platform provides a unified view of data, streamlining planning and analytics and facilitating faster, more informed decision-making.

View More On The BI Software Market Report 2024 – https://www.thebusinessresearchcompany.com/report/bi-software-global-market-report

Strategic Acquisitions

EPAM Systems Expansion

In May 2021, EPAM Systems, a USA-based provider of custom software solutions, strategically acquired Just-BI BV, a Netherlands-based provider of BI software. The acquisition aimed at expanding EPAM Systems’ comprehensive portfolio of data and analytics services, reinforcing the company’s commitment to staying at the forefront of industry trends.

Market Segmentation and Technological Dimensions

Segmentation Insights

The BI software market is segmented based on data types (Unstructured Data, Semi-Structured Data, Structured Data), deployment options (On-Premise, On-Cloud), and application areas (BFSI, Telecomm, IT, Retail and Consumer Goods, Healthcare and Life Sciences, Manufacturing). This segmentation reflects the diverse applications and capabilities within the market, catering to a wide array of industry needs.

Global Landscape and Growth Forecasts

Regional Dominance and Growth Prospects

In 2023, North America emerged as the largest region in the BI software market. Looking ahead, Asia-Pacific is anticipated to be the fastest-growing region during the forecast period, emphasizing the global nature of the market and its expanding footprint.

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The BI Software Global Market Report 2024  provides an in-depth analysis on the BI software market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the BI software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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