The Business Intelligence Market is to Touch $51.5 Billion by 2030; The market for business intelligence (BI) is expanding quickly as businesses from all industries place a higher priority on data-driven decision-making in an effort to obtain a competitive advantage.

The Business Intelligence Market size is estimated to reach $51.5 billion by 2030, growing at a CAGR of 9% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Business Intelligence Market  – By Component: Platform, Software, and Services. By Data Type (Unstructured Data, Semi-Structured Data, Structured Data), By Deployment Model (On-premises and Cloud), By Organization Size: Small and Medium Enterprises and Large Enterprises), By Industry Vertical (Telecommunications & IT, Retail & Consumer Goods, Healthcare & Life Sciences, Manufacturing, Government & Defense, Energy & Utilities, Transportation & Logistics, Media & Entertainment, Others), By Application Predictive Asset Maintenance, Fraud Detection & Security Management, Supply Chain Optimization, Network Management & Optimization, Workforce Management, Sales & Marketing Management, Operations Management, Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030”.

In order to assist organizations make better decisions, business intelligence (BI) includes tools, technologies, applications, and best practices that gather, evaluate, and display business information. From simple analytics and dashboards to sophisticated data mining, predictive analytics, and insights powered by artificial intelligence (AI), these solutions cover a wide spectrum. The necessity for real-time insights and the growing volume of company data have propelled the worldwide business intelligence (BI) market's recent notable expansion. Because they are affordable and scalable, cloud-based BI solutions are particularly well-liked by companies of all sizes. The integration of AI and machine learning has also helped the market by enabling sophisticated predictive and prescriptive analytics capabilities, which assist companies in understanding past performance as well as forecasting future trends and automating intricate decision-making.

North America dominated the Business Intelligence Market in 2023 with a market share of 35%. Due to the extensive use of data analytics and cutting-edge digital solutions in a variety of industries, North America accounted for the highest portion of the business intelligence (BI) market in 2023. BI's quick integration into decision-making processes in sectors including finance, healthcare, and retail was made possible by the region's sophisticated IT infrastructure and large investments in AI and big data technology. North America is home to several of the leading BI suppliers in the globe, which promotes accessibility and innovation. Additionally, North American businesses prioritize data-driven initiatives, particularly in fiercely competitive industries, which helps them keep their dominant position in the BI market.

The BI market has been driven in large part by technological developments in analytics and artificial intelligence (AI). Traditional BI tools are being transformed into intelligent systems that can provide deeper insights thanks to advancements in machine learning, natural language processing, and predictive analytics. Large data volumes can be automatically interpreted by AI-powered BI, which can then find patterns and trends to help make better decisions. Furthermore, AI-powered sophisticated data visualization tools are increasing data accessibility, making complicated datasets understandable to non-technical people as well. This advancement in technology is increasing BI's applicability across industries, fostering corporate expansion and competitive advantage.

Cloud-based BI solutions are becoming more and more well-liked because of their affordability, scalability, and flexibility. With the help of cloud BI, businesses can access data analytics tools without the need for a large on-premises infrastructure, which lowers implementation costs and lets them grow their data processing as needed. Its allure is further enhanced by the capability of remote and real-time collaboration, which is especially advantageous for businesses with dispersed workforces. The use of cloud BI is anticipated to increase as more companies give digital transformation top priority and look for quick, data-driven insights for strategic choices.

• In July 2023, Leading international tech company HCLTech announced the release of HCLTech Advantage Analytics, an AI-powered business intelligence solution that uses Snowflake's Data Cloud to provide businesses with a variety of services by fusing BI (business intelligence) and AI (artificial intelligence) for improved customer experiences and productivity.

• In November 2022, IBM has unveiled new tools aimed at assisting businesses in dismantling data and analytics silos so they can swiftly make data-driven choices and handle unforeseen interruptions. With its range of business intelligence planning, budgeting, reporting, forecasting, and dashboard features, IBM Business Analytics Enterprise gives users a comprehensive picture of all the data sources in their company.

Key companies profiled in the Business Intelligence Market are Microsoft Corporation, Oracle Corporation, Panorama, Pentaho, Qlik Technologies, SAP SE, SAS Institute, Sisense Inc., Tableau Software, Tibco Software and others.