Worldwide Business Intelligence Industry to 2030: BI Applications in Healthcare Promises Significant Opportunities - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--The "Business Intelligence Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2022 to 2030" report has been added to ResearchAndMarkets.com's offering.
The global business intelligence market is expected to grow at a CAGR of 9.5% during the forecast period of 2022-2030.
The market is primarily driven by exponential growth in data generation. The increasing amount of data offers new opportunities for business development.
Connecting analytics has resulted into new approaches of customer engagement that is the capability to amplify the skills and intelligence among employees, new services and products and more opportunity to explore the models of business.
360 Degree Analysis Concludes That Retail Industry Leads Among Other Verticals in terms of Market Revenues
Global business intelligence market has been segmented on the basis of application, component, organization size, data type, deployment, verticals. The industry vertical segment is further sub-segmented into manufacturing, healthcare, energy and utility, BFSI, transportation & distribution, IT & telecom, retail, media and entertainment, government and others.
Retail industry market leads the industry vertical segment in terms of revenue in the global business intelligence market with around 17.02 % in 2020. Retailers gather data from their operational and external systems that include financial systems, POS systems, and E-commerce initiatives.
BI Applications in Manufacturing Industry to Grow Fastest
Manufacturing market is anticipated to be the fastest growing market with a CAGR of 9.9% during the forecast period. The entire manufacturing industry is undergoing a radical change. The adoption of Industry 4.0 initiative that emphasizes on the use of automated machines and use of IOT to efficiently predict failures and autonomously trigger maintenance processes, has given boost to the growth of BI market in manufacturing sector.
Further, adoption of new advanced technologies that include IoT and robotics, efficiency within supply chain network, operational efficiency, and costs are the factors driving the changes. The BI solution in the manufacturing enables efficient operations management, improves supply chain efficiency and offers plenty of other advantages.
BI Applications in Healthcare Promises Significant Opportunities
Manufacturing, retail, healthcare, energy & utilities and BFSI are amongst the emerging applications within global business intelligence market. Healthcare business intelligence market accounts for 11.02% of market share in 2021, with a projected growth at CAGR 9.4% during the forecast period. Healthcare sector specifically pharmaceutical, biopharmaceutical and medical device industry is undergoing change.
The change is a result of patent expiry of key drugs, competition from generic drug versions, stringent regulatory compliance rules, low returns on current product pipelines and increasing drug R&D costs. Healthcare organizations are looking forward as sustainable alternative towards business, streamline the entire manufacturing process and find metrics that provide high return on investment in drugs and medical device research.
North America Holds the Lions Share
Geographically, global business intelligence market has been segmented into North America, Europe, Asia Pacific and Rest of the world (ROW). North America leads the global business intelligence market by capturing largest market share in terms of revenue of 42.5% in 2021.
Growth is majorly driven by the presence of technologically sound infrastructure and key players based in this region such as Microsoft (U.S), Oracle (U.S), SAS (U.S) and others. Also, owing to the presence of highly-developed and technologically-advanced services sector and wide adoption of business intelligence in the service sector, government organization, BFSI and others have positively influenced the business intelligence market.
Furthermore, Asia Pacific is anticipated to grow with the highest CAGR 11.1% during the forecast period, owing to exponential growth in big data generation in the region is also boosting the growth in the market.
M&A - Most Adopted Strategy Leading to Market Expansion
Merger and Acquisition (M&A) is the primary strategy adopted by the companies in global business intelligence market. The companies to increase their dominance and market share acquire other companies that can increase their product portfolio. M&A also enables the companies to expand their market in unexplored regions.
Product launch is the secondary strategy adopted by the companies in the business intelligence market. New and advanced products help to improve company market visibility while competing effectively with the key competitors. Top companies in this market includes SAP, SAS Institute, IBM Corp, Microsoft Corp, Oracle Inc. and others.
- SAS Institute
- IBM Corp
- Microsoft Corp
- Oracle Inc.
- Network Management and Optimization
- Operations Management
- Predictive Asset Maintenance
- Sales and Marketing Management
- Supply Chain Optimization
- Workforce Management
- Small and Medium Business
- Large Enterprises
- Service Market
- Managed Service
- Professional Service
- Software Market
- Semi-Structured Data
- Structured Data
- Unstructured Data
- On Premise
- Cloud Based
- Energy and Utilities
- Transportation and Distribution
- IT & Telecom
- Media & Entertainment
- Others (Hospitality)
For more information about this report visit https://www.researchandmarkets.com/r/o0y6ny
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