DUBLIN–(BUSINESS WIRE)–The “Business Intelligence Market by Component (Solutions and Services), Solution (Dashboards and Scorecards, Data Integration and ETL), Business Function (Finance, Operation), Industry Vertical (BFSI, Telecom and IT), and Region – Global Forecast to 2025” report has been added to ResearchAndMarkets.com’s offering.
The Global Business Intelligence Market Size to Grow from USD 23.1 Billion in 2020 to USD 33.3 Billion by 2025, at a CAGR of 7.6%
Various factors such as the growing focus on digital transformation, rising investments in analytics, rising demand for dashboards for data visualization, an increase in adoption of cloud, and an increase in data generation are expected to drive the growth of the business intelligence market. The objective of the report is to define, describe, and forecast the business intelligence market size based on component, organization size, deployment mode, business function, vertical, and region.
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.
The support and maintenance service 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.
The finance business function segment to grow at the highest CAGR during the forecast period
The business intelligence market by business function has been segmented into finance, operations, sales and marketing, and human resources. The finance business function segment is estimated to hold a larger market share during the forecast period. The growth is attributed to the increased need for 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 for workforce management.
The healthcare and life sciences segment to grow at the highest CAGR during the forecast period
The business intelligence market by industry vertical has been segmented into 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). Healthcare and life sciences vertical is expected to register the highest CAGR during the forecast period as the industry vertical generates significant volumes of data comprising clinical, administrative, and financial data on a regular basis. This has increased the need for data insights, improved data quality, and accurate data consolidated in a single document.
Among regions, Asia Pacific (APAC) to grow at the highest CAGR during the forecast period
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.
- Rising Demand for Dashboards for Data Visualization to Enhance the Ability in Making Business Decisions
- Increasing Adoption of Cloud
- Increasing Growth in Data Generation
- Difficult to Justify the Roi of Business Intelligence
- Leveraging Business Intelligence and Data Visualizations During COVID-19
- Rising Need to Create Valuable Insights from Unused Data
- Embedded Business Intelligence
- Data Integration
- Lack of Skilled Professional Workforce
Case Study Analysis
Evolution of Business Intelligence
Value Chain Analysis
- Business Intelligence and Artificial Intelligence
- Business Intelligence and Big Data
Market: COVID-19 Impact
- Amazon Web Services
- Amlgo Labs
- Board International
- Element Data
- Hitachi Vantara
- Information Builders
- Pentation Analytics
- Sas Institute
- Tibco Software
For more information about this report visit https://www.researchandmarkets.com/r/u8jmai