The development of business intelligence platform technology is critical to the growth of the software industry. Leading retailers are putting a lot of money into technological advancements. Business intelligence platforms can assist retailers in increasing sales per visit by optimizing prices to align with current trends, better understanding customer needs, providing a better shopping experience for customers, and increasing margins by identifying and analyzing upcoming trends.
Through intuitive dashboards and visually appealing data, an enterprise can gain a comprehensive view of its data, identify correlations in its sales data, analyses patterns, and identify outliers with the help of a business intelligence platform. Based on customer behavior, retail analytics assists businesses in developing an effective strategy for their activities. During the forecast period, this accessibility factor is expected to fuel the growth of the global business intelligence platform market.
The global Business Intelligence Platform market size was predicted to reach over USD 20.2 billion in 2020 and projected to grow at a CAGR of 6.5% over the forecast period. Business processes, systems, and platforms generate massive amounts of data. Adoption of big data and use of business analytics is increasing in order to manage data and understand new technologies. The increased use of apps and mobile devices has resulted in a significant increase in the amount of data produced. Businesses must use business analytics to develop new competitive strategies and provide services. As a result, the growing use of big data and business analytics boosts demand for business intelligence platforms.
Simple terms, a business intelligence platform is a software platform that provides IT developers with the infrastructure and architecture needed to develop, execute, and deploy business intelligence and analytics solutions. This platform enables businesses to create solutions tailored to their specific business requirements at a low and affordable cost. Predictive analytics, data mining, dashboards, reporting and query, OLAP, and visualisation are some of the features that enable SMBs and large enterprises to make better business decisions by analysing available data in real time, precisely, and comprehensively.
Business Intelligence Platform Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 20.2 billion|
|Growth Rate||CAGR of 6.5% during 2021-2028|
|Segment Covered||Industry, User Type, Deployment Type, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Oracle, SAP Se, Microsoft, SAS, DOMO, Inc., IBM, Tableau Software (Salesforce.com, Inc.), Sisense, Tibco Software, Zoho Corporation Pvt. Ltd. and others.|
Key Segments of the Global Business Intelligence Platform Market
Industry Overview, 2019-2028 (USD Billion)
- Telecom & IT
- Media & Entertainment
User Type Overview, 2019-2028 (USD Billion)
- Large Enterprises
Deployment Type Overview, 2019-2028 (USD Billion)
Regional Overview, 2019-2028 (USD Billion)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global Business Intelligence Platform market. Benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on the global Business Intelligence Platform market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the Business Intelligence Platform industry and their strategic initiatives for product development.
- The study covers a qualitative and quantitative analysis of the market segmented based on Industry, User Type, and Deployment Type. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global Business Intelligence Platform market. The report will benefit every stakeholder involved in the Business Intelligence Platform market.
- Managers within the Business Intelligence Platform industry looking to publish recent and forecasted statistics about the global Business Intelligence Platform market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of the global Business Intelligence Platform market.
- Analysts, researchers, educators, strategy managers, and government institutions looking for insights into the market to determine future strategies.
Some of the factors driving the adoption of business intelligence platform market include increased data generation, low cost of data storage, affordability, increasing competition, the need to make better business decisions, and mobile business intelligence.
Some of the factors impeding market growth include the complexity of technology and a lack of skilled labour. However, vendors can capitalise on opportunities such as the integration of business intelligence with marketing channels and cloud-based deployment. Finding the right data, competing with large software companies, and a plethora of vendors offering solutions are some of the challenges that vendors face.
Based on the Industry segment, the market is classified into Healthcare, Retail, Government, BFSI, Telecom & IT, Media & Entertainment, and others. Because of the sensitivity of financial data and the need to coordinate with numerous other sectors, the BFSI vertical is expected to have the largest market size during the forecast period (stock exchanges, tax authorities, central banks, securities controlling authorities, revenue department, etc.). Improving marketing strategies and customer retention policies, developing new investment strategies, and reducing risks are some of the factors driving the BFSI vertical's adoption of business intelligence.
User Type Segment
Based on the User Type, the market is segmented into SMBs, and Large Enterprises. Business intelligence platforms have made it more affordable for small and medium-sized businesses (SMBs) to use business intelligence solutions to improve overall business efficiency and remain competitive in the business intelligence platform market.
Deployment Type Segment
Based on the Deployment Type, the market is segmented into On-premises, and cloud. cloud providers are focusing on a few strategic regions. These include assisting telecom companies in monetizing 5G as a business User Types platform, enabling them to better engage their customers through data-driven experiences, and assisting them in improving operational efficiencies across core telecom systems.
Because of its technological advancement in business management analytics for sales, production, and innovation, North America is expected to have the largest market size in 2020. The majority of the major players in the advancement of business intelligence are based in North America. Because of the commercialization of IoT technology and the increasing adoption of advanced technologies in countries such as China, Japan, and India, APAC is expected to grow at the fastest CAGR during the forecast period, fueling demand for business intelligence solutions and services.
The major players of the global Business Intelligence Platform market are Oracle, SAP Se, Microsoft, SAS, DOMO, Inc., IBM, Tableau Software (Salesforce.com, Inc.), Sisense, Tibco Software, Zoho Corporation Pvt. Ltd. and others. Renowned companies are offering new and modern Business Intelligence Platform. Besides, the previously recognized as well as new market players are approaching the market with advanced and new strategic User Types and Healthcare and to remain competitive in the global market.