Global Business Intelligence (BI) Vendors Market Overview 2024: Size, Growth Rate, and Segments

The business intelligence (bi) vendors from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market. Business Intelligence (BI) Vendors Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities. Market Size - 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%. The growth in the historic period can be attributed to increased penetration of BI within businesses, accelerated decision-making abilities, expanded data availability, greater information availability through mobile BI, and enhanced internal communication through 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 increasing acceptance of data analytics, increased e-commerce usage, growing acceptance of data-oriented business models, increasing use of the internet worldwide, and rising demand for real-time data analysis. Major trends in the forecast period include the use of IoT and big data, demand for mobile business intelligence capabilities, use of predictive and prescriptive analytics tools, the popularity of cloud-based bi tools and services, and adoption of cloud-based bi solutions. Order your report now for swift delivery @ https://www.thebusinessresearchcompany.com/report/business-intelligence-bi-vendors-global-market-report Scope Of Business Intelligence (BI) Vendors Market The Business Research Company's reports encompass a wide range of information, including: 1. Market Size (Historic and Forecast): Analysis of the market's historical performance and projections for future growth. 2. Drivers: Examination of the key factors propelling market growth. 3. Trends: Identification of emerging trends and patterns shaping the market landscape. 4. Key Segments: Breakdown of the market into its primary segments and their respective performance. 5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market. 6. Macro Economic Factors: Assessment of broader economic elements impacting the market. Business Intelligence (BI) Vendors Market Overview Market Drivers - Growing digitalization is expected to propel the growth of the business intelligence (BI) vendors market going forward. Digitalization is the process of 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 driving the growth of digitalization. Business intelligence (BI) vendors help organizations with a more data-driven approach, improving decision-making, operational efficiency, and overall business performance. For instance, in February 2024, according to a report published by gov.uk, a UK-based government website, in 2022, provisional estimates indicate that the digital sector contributed $171.25 million to the UK economy, accounting for 7.2% of the total UK gross value added (GVA). This represents a slight increase from 7.1% in 2021. Therefore, the growing digitalization is driving the growth of the business intelligence (BI) vendors market. Market Trends - Major companies operating in the business intelligence (BI) vendors market are developing AI-powered platforms to enhance data analytics capabilities. The AI-powered analytics platform for business intelligence (BI) vendors is a sophisticated system that leverages artificial intelligence and machine learning technologies to enhance the capabilities of traditional BI tools. For instance, in May 2023, ThoughtSpot, a US-based company that offers AI-based analytics, expanded its platform to empower businesses to provide modern data experiences. The enhanced platform simplifies data discovery, analysis, and visualization using artificial intelligence and machine learning, allowing organizations to make data-driven decisions more efficiently. ThoughtSpot's platform expansion includes conversational business intelligence, AI highlights, and natural language search, which are key features of modern business intelligence solutions. The business intelligence (BI) vendors market covered in this report is segmented – 1) By Component: Platform, Software, Solution, Services 2) By Data Type: Structured Data, Unstru