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In 2023, the use of business intelligence tools is anticipated to increase as more companies become aware of the value of proper data management and its role in fostering insight-based decision-making.
With a 7.6% CAGR, the worldwide business intelligence market is anticipated to increase from US$23.1 billion in 2020 to around US$33.3 billion by 2025. In organizations of all sizes, data-driven cultures have been transformed by the data boom and rising data literacy.
Organizations must successfully use data and insights in daily decision-making due to the proliferation of data sources and their growing relevance in corporate operations.
Businesses may automate several laborious and time-consuming operations thanks to business intelligence. Businesses may now rely on business intelligence for data automation thanks to a variety of tools and technologies including AI and machine learning, as well as low-code and no-code frameworks.
Businesses may more easily enable non-technical team members to access the value of business intelligence by integrating contemporary technology like AI and machine learning. The entire team can quickly construct powerful data analytics models and gain insightful knowledge from them thanks to augmented analytics.
Among BI experts, predictive intelligence has been one of the most talked about subjects. It has the potential to be the primary focus of business intelligence in 2023 since it enables a company to comprehend the prospective results and may serve as a guiding force.
NLP will continue to be the main factor driving the acceptance of business intelligence's rising relevance in 2023 as computers become more adept at comprehending human language and the context of inquiries.
In the upcoming year, artificial intelligence is probably going to become more involved in the business intelligence ecosystem. Businesses are demanding more real-time online data analysis, and business intelligence systems are expected to create powerful adaptive AI models that can react to changing conditions in the real world.
In 2023, conversational intelligence will probably be used more often in a variety of commercial settings. It enables voice or text analysis by AI-powered business intelligence platforms, which may then be used to provide insights to accelerate corporate growth.
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