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.
Business intelligence refers to technologies, applications, and practices for the collection, integration, analysis, and presentation of business information. The purpose of business intelligence is to support better business decision-making. Business intelligence systems are data-driven Decision Support Systems (DSS). Business intelligence is used interchangeably with briefing books, reports, query tools, and executive information systems.
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Top Key Players
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).
Domo was founded in 2010 and is headquartered in American Fork, US. The company went public in 2018 to gain access to equity markets and become more transparent about its financial performance. It is a niche player. Its fully mobile, cloud-based OS unifies every business component and delivers it on phones. The company brings together people, data, and systems into one place for a digitally connected business. It provides both micro- and macro-level visibility and analysis from cash balances and top-selling product lines to forecast revenue by region and marketing RoI by channel, among others. It offers real-time dashboards with data related to multiple business areas and performance metrics (KPIs and RoIs). Domo also offers interactive visualization tools and instant access to company-wide data via a centralized dashboard.
The finance business function to hold a larger market size during the forecast period
Finance business function segment is expected to hold a larger market share during the forecast period. The growth is attributed to the increased need of financial organizations to analyze vast amounts of customer data to gain insights about the customers regarding banking, which can be used to improve products and services. HR business segment is projected to register a higher CAGR during the forecast period due to the growing need of workforce management.
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The BFSI vertical to hold the largest market size during the forecast period
The business intelligence market is segmented on the basis of vertical. The verticals include retail, manufacturing, government and public services, media and entertainment, transportation and logistics, BFSI, telecom and IT, healthcare and life sciences, tourism and hospitality, and others (real estate, education, and energy and utilities). 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.
Among services, the support and maintenance segment to grow at a higher CAGR during the forecast period
The support and maintenance service segment is projected to grow at higher during the forecast period. The growth of the support and maintenance services segment can be attributed to the complexities of business intelligence solutions and existing skill gaps, resulting in the need for continuous support post deployment.