What do you know about the latest state of business intelligence market size?
Uncertainty, risk, complexity, rapid changes and instability of today’s world have made companies and organizations constantly face many challenges in their decisions. Challenges that we all know cannot be easily managed with old and traditional methods.
Many organizations have realized the importance of using business intelligence so that they can improve and increase the productivity of their organization by analyzing data and making the right decisions. In 2020, the global business intelligence adoption rate was reported to be 26%. This means that in a department with 100 employees, an average of 26 people regularly use BI tools (source: Wiiisdom).
- Survey results show that data-driven organizations are 77% more likely to succeed in their business (source: Deloitte).
Despite the development of data-driven decision-making approaches, there are still organizations that use traditional or sometimes tasteful methods. If you still have doubts about using business intelligence tools in order to make your organization data-oriented, maybe the statistics that we will review below will be interesting for you too!
Business intelligence market size
The global business intelligence market size reached USD 27.24 billion in 2022 and is expected to reach USD 54.9 billion by 2032, growing at a CAGR of 7.26% during the forecast period from 2023 to 2032. (Source: Fortune Business Insights)
BI Market Size from 2022-2023 ($ Billion)
BI market share from end-user perspective
On the basis of end-user insight, the global business intelligence markets are segmented into manufacturing, healthcare, retail and consumer goods, banking, finance, services, insurance (BFSI), information and communication technology. The IT and telecommunications sector accounted for more than 26% of the revenue share in 2021. The BFSI segment is expected to dominate the business intelligence market during the forecast period.
Businesses that use business intelligence are five times more likely to make faster decisions. (Source: Better Buys)
Business intelligence industry statistics clearly show the benefits of using business intelligence tools. Since BI is constantly collecting data, it makes sense for these businesses to know more about their actions. Additionally, having information readily available allows companies to respond to market changes more quickly and appropriately. This ultimately leads to better decision making and increases the likelihood of company success.
The fastest growing segment of BI is cloud analytics with a growth rate of 23%. (Source: MarketsandMarkets)
According to Business Intelligence, the cloud analytics segment is showing the fastest growth rate at 23%, and its market value is expected to reach $65.4 billion by 2025, from $23.2 billion in 2020.
Global growth of business intelligence in cloud computing platform
The presented data represents the increasing awareness of business owners in order to become data-driven. In this regard, the use of business intelligence tools as a platform to achieve this goal has grown significantly.
If you are also encouraged to take advantage of the benefits of being data-centric in your organization, first of all, the level of data maturity of your organization should be evaluated.
Data maturity assessment steps by OMEKTA data science team:
1- Field investigation and evaluation of the organization
2- Selection of data governance maturity evaluation model
3- Designing a data governance maturity assessment questionnaire
4- Preparing the final report and determining the maturity level of the organization’s data governance
5- Providing services and consulting in the field of improving the organization’s data governance maturity
After the initial assessment, your organization’s data maturity level is at one of the following levels. Then, according to the level of data maturity in your organization, executive measures will be provided to improve the level of data maturity of the organization in the form of project implementation or consulting.
Data Governance maturity level