Global Business Intelligence Market Analysis 2023-2032 | ICT

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Global Business Intelligence Market Analysis
2023-2032 By Sukanya Mukherjee Business
intelligence (BI) transforms raw data into
applicative information for better
decision-making. BI allows organizations to
process, analyze, and visualize large amounts of
data, allowing them to make data-driven
decisions. Besides, businesses use BI to gain a
competitive edge by analyzing large amounts of
data to identify trends, patterns, and insights.
According to Inkwood Research, the global
business intelligence market is predicted to
surge with a 9.68 CAGR by the end of 2032,
generating a revenue of 53761.82 million during
the forecast period 2023-2032.
Digital Transformation is Lucrative to Business
Intelligence Digital transformation integrates
digital technology into all business areas,
fundamentally changing how the organization
operates and delivers value to customers. It is a
strategic process of leveraging digital
technologies, data, and other assets to drive
significant improvements in organizational
performance, customer experience, and stakeholder
outcomes. The rise of digital transformation has
created a significant demand for BI solutions.
The insights gained from business intelligence
can inform and guide digital transformation
initiatives, such as implementing new
technologies, optimizing business processes,
advancing transaction monitoring software, and
developing new products services. For instance,
business intelligence can help organizations to
better understand their customers, identify areas
for improvement in their operations, and make
informed decisions about their digital strategy.
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• SAP SE introduced RISE with SAP in 2021 the
  intelligent enterprise's basic components in one
  bundle are complemented with premium services and
  tools. Moreover, the company will come with SAP
  S/4HANA Cloud, enabling businesses to transform
  their processes with intelligent automation. This
  can result in improved customer satisfaction,
  increased efficiency, and boosted competitive
  position in the market. Additionally, business
  intelligence can monitor and track key
  performance metrics, enabling organizations to
  respond quickly to market changes and adjust
  their digital transformation efforts as needed.
• Role of Cloud-Based Business Intelligence
  Solutions
• Cloud-based business intelligence solutions have
  gained popularity in recent years due to their
  ability to store, process, and analyze large
  amounts of data in real time. This eliminates the
  need for organizations to invest in expensive
  hardware and software, making it easier for them
  to access and analyze their data.
• Cloud-based business intelligence (BI) plays a
  critical role in digital transformation by
  providing organizations with scalable, flexible,
  and cost-effective business intelligence
  capabilities.
• Some of the key benefits of cloud-based BI
  solutions include the following
• Scalability Cloud business intelligence can
  scale to meet the changing needs of an
  organization, providing the ability to add or
  remove resources as needed without the need for
  significant upfront investments in hardware and
  infrastructure.
• Accessibility Cloud-based business intelligence
  provides remote and mobile access to data and
  analytics, enabling decision-makers to access
  critical insights from anywhere, at any time.
• Cost-effectiveness Business intelligence
  typically has lower upfront costs, maintenance
  costs, and reduced IT overhead compared to
  traditional, on-premises BI solutions.
• Integration The solutions can easily integrate
  with other cloud-based technologies and services,
  such as customer relationship management (CRM)
  systems, enterprise resource planning (ERP)
  systems, and data warehousing platforms.
• Security These solutions provide robust security
  features, including encryption, data backup and
  recovery, and multi-factor authentication, to
  protect sensitive data.
• Cloud is anticipated to lead the deployment
  segment with a 10.77 CAGR in the global business
  intelligence market from 2023 to 2032.
• BI Market Strategic Undertakings by Tech Giants
• Digital transformation has a profound effect on
  companies across all industries. It enables
  organizations to improve efficiency, increase
  competitiveness, and better serve their customers
  by leveraging digital

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• technologies, data, and other assets. In
  addition, integrating digital technology into all
  business areas can significantly improve
  organizational performance, customer experience,
  and stakeholder outcomes.
• Some of the major strategic initiatives by key
  market players are as follows
• Microsoft invested 1 billion in the Series G
  funding round of Databricks, a data-and-AI
  company that interacts with corporate information
  stored in the public cloud.
• Cisco invested 24 million in the Series B
  funding round of Illusive Networks, a
  cybersecurity software company.
• In 2022, Fivetran extended its partnership with
  Microsoft Azure, including support for the
  Microsoft Intelligent Data Platform and
  integrations with Azure Data Lake Storage (ADLS)
  and Azure Synapse products.
• In 2021, Domo entered into a partnership with
  Snowflake and introduced Snowpark, Snowflake's
  new developer experience, to make it easier with
  languages like Scala and Java to build custom
  solutions within Domo's modern business
  intelligence platform.

• All in All
• Integrating digital technology into business
  intelligence practices is a key aspect of digital
  transformation. Organizations that embrace this
  transformation will benefit from increased
  efficiency, better-informed decision-making, and
  competitive advantage. Besides, due to the latest
  advancements and boom in the cloud industry, many
  organizations are expected to increase their
  cloud spending budget by almost 50.
  Organizations can unlock new insights and
  opportunities to drive their digital
  transformation efforts forward by leveraging the
  power of the cloud and data, further advancing
  the growth of the global business intelligence
  market.
• Frequently Asked Questions (FAQs)
• What are some prominent growth drivers of the
  global business intelligence market?
• A The effect of globalization on businesses,
  reliance on real-time information and
  decision-making, and the need for a
  customer-centric approach are some prominent
  growth drivers of the global business
  intelligence market.
• Which country is dominating the global business
  intelligence market during the forecast period?
  A The United States is dominating the global
  business intelligence market during the forecast
  period.