The business intelligence software market was valued at USD 37.60 Billion in 2018 and is expected to reach at USD 81.19 Billion by 2026 growing at a Compound annual growth rate (CAGR) of 10.1% from 2018 to 2026. The increasing volume of business data with rising demand for data analysis and data handling coupled with high competition among the leaders of global trade is expected to be the major factors driving the global business intelligence (BI) software market. In addition, rising adoption of the Internet of Things and modern technical solutions towards managing business data are further estimated to create new necessities and augment the market of growth over the forecast period of 2018-2026.
The business intelligence (BI) software market has been segmented based on types which are further divided into software and services. Services segment is further bifurcated into on-premise and on cloud segment. Based on data type the business intelligence and analytics software market has been segmented as structured, semi-structured and unstructured. Based on the end-use industry, the market has further segmented as BFSI, government, education, healthcare, IT & telecom and others. Furthermore, the market is further segmented into small-medium enterprises and large enterprises based on business type. The increasing demand of corporate and personal banking coupled with change in banking habits and steep competition in the developing nations across the globe are expected to be the prime factors owing to which BFSI sector will hold major demand for BI software during the forecast period. In addition, implementations of globally accepted principles across the BFSI industry in every economy is further expected to drive this sector to propel at a significant growth rate during the forecast period.
The global business intelligence software market has been geographically segmented into Asia-Pacific, Europe, North America, Latin America, the Middle East, and Africa region. In addition to this, the North America region holds the largest market share. The reason may be attributed to the presence of established business intelligence software producers coupled with the rapid adoption of technologies in the USA and Canada. In addition, the presence of greater large-scale enterprises across the North America region are further expected to drive the global business intelligence (BI) software market over the years. However, Asia Pacific region is expected to grow at a significant CAGR during the forecast period owing to the rapid increase in investment towards implementing advanced tools and techniques in handling business data coupled with rise in SMEs due to governments supports to strengthen industries in the developing nations of this region.
Some of the key players in the global business intelligence software market include BOARD International S.A., IBM, Microsoft, Microsoft Corporation, Oracle, SAP SE, SAS Institute, Inc., Sisense, Tableau Software, Inc. and Yellowfin International.
o On Cloud
· IT & Telecom
· Small-medium Enterprises
· Large Enterprises
· North America
o Rest of Europe
· Asia Pacific
o Rest of Asia Pacific
· Middle East and Africa
o South Africa
o Rest of Middle East and Africa
· Latin America
o Rest of Latin America
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