BI and Analytics Market : Current Analysis and Forecast (2022-2028)

Report Description

The BI and analytics market is expected to grow at a strong CAGR of around 9% during the forecast period owing to the increasing adoption of cloud computing, big data analytics, and business intelligence tools. A key advantage of BI and analytics is speed and agility, enabling organizations to quickly process multiple data streams through inherent dashboards. The information obtained can be used to identify trends and opportunities and monitor performance in real-time. BI and analytics enable more informed business decisions, by providing stakeholders and users with these detailed insights and predictions. BI and analytics also bring transparency and visibility across siled networks inside and outside the organization. That means the data is not limited to one department or location. And all departments and offices can access the same information at the same time. Further, the growing adoption of digital technologies is one of the most prominent factors contributing to the growth of the market. For instance, according to the World Economic Forum, digital transformation will add USD 100 trillion to the global economy by 2025. Moreover, by 2025, platform-driven interactions are expected to deliver nearly two-thirds of the USD 100 trillion in value from digitization.

 Some of the major players operating in the market include Adobe; Google; IBM, Oracle; SAS Institute Inc.; Salesforce, Inc.; Micro Focus; Cloud Software Group, Inc.; SAP SE; and QlikTech International AB. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst component, the solutions segment held a prominent share of the market in 2021”

Based on component, the market is bifurcated into solutions and services. The solutions segment is further categorized into query & reporting, visualization, multidimensional analysis, data mining & predictive analytics, and others. Amongst solutions and services, the solutions segment catered to a significant share of the market in 2021. This is due to the benefits associated with BI and analytics solutions such as identifying trends & patterns, improved operational efficiency, driving revenue & performance, making informed decisions, etc.

“Amongst industry, the retail & e-commerce segment is expected to grow at a significant CAGR during the forecast period”

By industry, the market is divided into the market is segmented into information & communication technology, banking & financial services, manufacturing, retail & e-commerce, and others. The retail & e-commerce industry is expected to grow at a substantial CAGR during the forecasted period. This is because BI and analytics allow e-commerce companies in accurate decision-making, streamlining business operations, improved business processes, better customer experience, etc.

“North America held a prominent share of the market in 2021”

The demand for BI and analytics is growing in the North America region mainly due to several reasons. The growing adoption of digital technologies across various industries, which generates a massive amount of data is one of the key drivers. BI and analytics tools provide companies with the ability to make sense of this data, gain insights into their operations, and make data-driven decisions. Additionally, there is a growing need for businesses to remain competitive in a fast-paced market, and BI and Analytics can help them identify trends and opportunities quickly. Further on, the increasing emphasis on data privacy and security is driving companies to adopt more sophisticated BI and analytics tools to ensure the safety of their data.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global BI and analytics market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the BI and Analytics Market Analysis (2022-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global BI and analytics market were the three major steps undertaken to create and analyze the adoption of BI and analytics in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global BI and analytics market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the BI and analytics market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the BI and analytics market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as component and industry. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the BI and analytics market. Further, we conducted factor analysis using dependent and independent variables such as component and industry of the BI and analytics market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the BI and Analytics market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global BI and analytics market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the BI and analytics market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global BI and analytics market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global BI and analytics market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the component and industry in the global BI and analytics market.

The main objective of the Global BI and Analytics Market Study

The current & future market trends of the global BI and analytics market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the BI and analytics market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of the component and industry
• Define and analysis of the regulatory framework for the BI and analytics industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the BI and analytics market for the major region
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the BI and analytics market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

You can also purchase parts of this report. Do you want to check out a section wise
price list?

Get in touch with team