Business intelligence ( BI) refers to the tools and systems that businesses use to collect, store, and analyze data to support their decision-making processes. Business intelligence systems essentially include a combination of software applications, databases, and tools that allow businesses to access, analyze, and visualize their data. Using BI, businesses can gain insights about their operations, customers, and markets that can help them make better decisions and improve their performance.
Worldwide Business Intelligence Statistics
Let’s examine the data of the Business Intelligence sector together, according to Statista data, which has proven to be valid and reliable worldwide:
- Revenue in the Business the significance of statistics in Intelligence Software segment is estimate to reach $23.43 billion in 2022.
- Revenue is expecte to grow at a CAGR of 6.75% (CAGR 2022-2027) and reach a market volume of USD 32.48 billion by 2027.
- Average Spend per Employee in the Business Intelligence Software segment is estimate to reach $6.78 in 2022.
- IBM’s global market share was 0.0% in 2020.
- In global comparison, most of the revenue will be generate in the United States ($11,710.00 million in 2022).
The market size of business while you should naturally intelligence and analytics software applications is estimated to grow from $15.2 billion in 2020 to over $18 billion in 2025 worldwide. The business intelligence and analytics software application market is a sub-segment of the enterprise application software market. A market with a global turnover of $212 billion in 2020, enterprise application software aims to serve the needs of businesses. These software programs help improve supply chain management, manage resources, or better interact with customers, among others, making it easier for companies and businesses to achieve their corporate goals.
Business intelligence and analytics
The leading companies in consumer data the business intelligence and analytics market are Microsoft, SAP, and IBM. With revenues of $2.6 billion, $2.1 billion, and $1.9 billion in 2018, respectively.
Some common examples of business intelligence tools and technologies include:
1. Data warehouses
These are centralize repositories for storing and managing large amounts of data.
2. Data mining and analytics tools
They are tools that allow businesses to extract insights and trends from their data.
3. Dashboards and visualization tools
They are tools that allow businesses to display their data in visual formats such as graphs, charts, and maps.
4. Reporting and query tools
They are tools that allow businesses to create reports and make queries on their data.
Overall, business intelligence is an important tool for businesses looking to gain a deeper. Understanding of their operations and markets and make more informed decisions.