BI Market Size is Expected to Reach US$33.3 Billion by 2025

Because of a significant technological shift in the field, the BI market size is growing

One of the top emergents in the software industry is Business Intelligence software BI. The BI market size was worth US$23.1 Billion in 2020 and is expected to reach US$33.3 Billion by 2025, at a CAGR of 7.6% during the forecast period. BI is an analytic data software that tracks data and provides streamlined information to organizations, which helps them take effective business decisions. Rapid digitization leads to enormous data fragmentation, thereby necessitating the need for data analytics software. Further, the emergence of several online businesses and startups may augment the adoption of BI. In addition, the rising demand for effective data management solutions is expected to fuel market development during the upcoming years.

The platform for business intelligence and market research is undergoing a significant technological shift that includes data analysis for free-form text exploration, content authoring, and greater adoption of cloud technologies. Social media has brought a paradigm shift in the operational strategies of businesses. It has generated a huge amount of data from several media channels driving the need for this solution to analyze the data.

The enterprise segment dominated the social business intelligence market in the past years. This segment includes several industries such as retail, IT, BFSI, healthcare, and telecommunication. These industries use business intelligence for predictive analysis as it helps them in segmenting products and services based on the preference of their customers. The higher adoption of business intelligence software by SMEs, the rise in the number of online retail customers, and the favorable government policies in the healthcare and BFSI industries will drive the growth of this market segment.