Bi Market Size

Business intelligence (BI) market size is growing rapidly due to the increasing demand for real-time data analytics and the need to make data-driven decisions. The global BI market size was valued at USD 23.1 billion in 2019 and is projected to reach USD 55.48 billion by 2027, growing at a CAGR of 10.1% from 2020 to 2027.

The BI market includes various segments such as software, services, and hardware. The software segment dominates the BI market and held the largest market share of 78.2% in 2019. The increasing adoption of BI software solutions by various industries is the primary factor contributing to the growth of this segment. The services segment includes consulting, training, and maintenance services. The hardware segment includes servers, storage, and other devices.

The increasing adoption of cloud-based BI solutions is one of the major trends in the BI market. Cloud-based BI solutions provide scalability, agility, and cost-effectiveness, which are driving the adoption of these solutions. The retail segment is expected to be the fastest-growing segment in the BI market due to the increasing adoption of data analytics solutions in the retail industry to improve operational efficiency and customer experience.

North America dominated the BI market in 2019 and is expected to continue its dominance during the forecast period. The increasing adoption of BI solutions by various industries, the availability of advanced technology infrastructure, and the presence of major market players are some of the factors driving the growth of the BI market in this region. Europe is expected to be the second-largest market for BI due to the increasing adoption of BI solutions by small and medium-sized enterprises (SMEs) and the presence of major market players in this region.

The BI market is highly competitive, with the presence of several major players such as IBM Corporation, Microsoft Corporation, SAP SE, Oracle Corporation, and Tableau Software. These companies are focusing on product innovation, partnerships, and mergers and acquisitions to maintain their market position and expand their customer base.

In conclusion, the BI market size is growing rapidly due to the increasing demand for real-time data analytics and the need to make data-driven decisions. The software segment dominates the BI market, while the cloud-based BI solutions are one of the major trends in the market. North America dominates the BI market, and the retail segment is expected to be the fastest-growing segment in the market.