Business Intelligence (BI) Vendors Global Market Report 2024

Business intelligence (BI) vendors are companies that provide software solutions and tools aimed at collecting, integrating, analyzing, and presenting business data to facilitate improved decision-making. These vendors offer a variety of technologies and applications to assist organizations in managing and analyzing data for gaining insights and driving strategic business decisions.

The primary components of BI vendors include platforms, software, solutions, and services. A BI vendor platform encompasses a comprehensive suite of tools and technologies designed to aid organizations in data collection, analysis, and visualization to support decision-making processes. These platforms handle various types of data, such as structured, unstructured, and semi-structured data, leveraging technologies such as mobile, cloud, and social media. They are deployed via cloud, on-demand, or on-premises models and cater to applications such as CRM analytics, financial performance management, production planning, predictive maintenance, fraud detection, security management, supply chain optimization, network management, workforce management, sales and marketing analytics, among others.

The business intelligence (BI) vendors market research report is one of a series of new reports that provides business intelligence (BI) vendors, market statistics, including business intelligence (BI) vendors, industry global market size, regional shares, competitors with business intelligence (BI) vendors, market share, detailed business intelligence (BI) vendors, market segments, market trends and opportunities, and any further data you may need to thrive in the business intelligence (BI) vendors, industry. This business intelligence (BI) vendors, market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The business intelligence (BI) vendors market size has grown rapidly in recent years. It will grow from $25.71 billion in 2023 to $28.38 billion in 2024 at a compound annual growth rate (CAGR) of 10.4%. During the historic period, growth can be linked to the broader adoption of business intelligence (BI) within enterprises, leading to quicker decision-making, expanded data accessibility, increased mobile BI usage for better information access, and improved internal communication facilitated by mobile BI.

The business intelligence (BI) vendors market size is expected to see rapid growth in the next few years. It will grow to $42.28 billion in 2028 at a compound annual growth rate (CAGR) of 10.5%. The growth in the forecast period can be attributed to the rising acceptance of data analytics, higher e-commerce utilization, increasing adoption of data-driven business models, global internet usage expansion, and growing demand for real-time data analysis. Key trends anticipated in this period include the integration of IoT and big data, heightened demand for mobile BI capabilities, utilization of predictive and prescriptive analytics tools, the popularity of cloud-based BI tools and services, and the adoption of cloud-based BI solutions.

The growth of digitalization is expected to propel the business intelligence (BI) vendors market forward. Digitalization involves converting information, data, or physical objects into a digital format that can be easily processed, stored, and transmitted by computers. The increasing efficiency and connectivity offered by digital technology are fueling the rise of digitalization. BI vendors assist organizations in adopting a more data-driven approach, which improves decision-making, operational efficiency, and overall business performance. For instance, a report published by gov.uk in February 2024 indicated that in 2022, the digital sector contributed $171.25 million to the UK economy, representing 7.2% of the total UK gross value added (GVA), up from 7.1% in 2021. Thus, growing digitalization is driving the expansion of the BI vendors market.

Leading companies in the BI vendors market are developing AI-powered platforms to enhance data analytics capabilities. These AI-powered analytics platforms for BI vendors leverage artificial intelligence and machine learning technologies to boost the functionalities of traditional BI tools. For example, in May 2023, ThoughtSpot, a US-based AI-based analytics company, expanded its platform to empower businesses to provide modern data experiences. The upgraded platform simplifies data discovery, analysis, and visualization using AI and machine learning, allowing organizations to make data-driven decisions more efficiently. ThoughtSpot's platform enhancements include conversational business intelligence, AI highlights, and natural language search, which are essential features of modern BI solutions.

In June 2023, ThoughtSpot, a US-based technology company specializing in BI analytics and search software, acquired Mode Analytics for $200 million. This acquisition aims to revolutionize business intelligence by combining ThoughtSpot's AI-driven analytics tools with Mode Analytics' expertise in bridging data and business teams to create significant impact. Mode Analytics, a US-based data visualization company, provides business intelligence services.

Major companies operating in the business intelligence (BI) vendors market are Microsoft Corporation, Verizon Communications Inc., International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, Salesforce Inc., SAP SE, Juniper Networks Inc., Cloud Software Group, Citrix Systems Inc., Rackspace Technology Inc., SAS Institute Inc., Hitachi Vantara LLC, TIBCO Software, Pegasystems Inc., Tableau Software LLC, QlikTech International AB, MicroStrategy Incorporated, ThoughtSpot Inc., ConnectWise LLC, Sisense Inc., Mode Analytics Inc., Looker, AT&T Intellectual Property.

North America was the largest region in the business intelligence (BI) vendors market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the business intelligence (BI) vendors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the business intelligence (BI) vendors market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The business intelligence (BI) vendors market includes revenues earned by entities by providing services such as data integration, cloud-based services, and data storage and processing. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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