Business Intelligence and Analytics Platforms Market Size to Reach USD 84.25 Billion in 2028 | Rising demand for cloud-based business analytics platforms is a factor driving Industry Demand, says Emergen Research
Steady market revenue growth of business intelligence and analytics platforms can be attributed to rising demand by enterprises to enhance operational efficiency.
VANCOUVER, BC, March 28, 2022 /PRNewswire/ -- The global business intelligence and analytics platforms market size is expected to reach USD 84.25 Billion at a revenue CAGR of 11.9% in 2028, according to latest analysis by Emergen Research. Steady market revenue growth of business intelligence and analytics platforms can be attributed to rising demand by enterprises to enhance operational efficiency. Business intelligence and analytics platforms combine multiple data sources enabling businesses to reduce time spent on information tracking and focus on faster delivery of precise reports. Easy accessibility to up to date and precise business information and market dynamics, enable defining short and long term organizational goals and evaluate its impact on revenue generation. Business intelligence and analytics platforms help in delivering a 360-degree assessment on all business dimensions to aid firms recognize issues and enhance operations and improve sales, thereby increasing revenue.
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Rising demand for business intelligence and analytics platforms is due to their immense significance in helping companies gain competitive edge. These platforms help in budgeting, forecasting, and planning, as well as track sales and marketing performance of competitors and provide insight on differentiating products. However, lack of skilled professional and constraints associated with budget allocation for business intelligence tools in small and medium sized organizations may hinder market revenue growth over forecast period.
Some Key Highlights from the Report
- In May 2021, Kaleyra, Inc. announced about entering into a partnership agreement with Trellance. As per the agreement, Kaleyra's innovation lab, K--lab, will create communication solutions for credit unions supported by data from M360 platform by Trellance.
- By platform type, Corporate Performance Management (CPM) suite segment revenue is expected to grow at a rapid rate over forecast period. A corporate performance management solution aligns business goals with operations to lead to improved budget control and cash flow. Corporate performance management suite cuts time required for information gathering, financial data consolidation, and report generation.
- By industry vertical, healthcare segment revenue is expected to grow at a rapid rate over forecast period. Business intelligence and analytics platforms help in enhancing risk management in healthcare facilities. Predictive analytics helps in preventing any potential healthcare challenges that a patient may face on basis of various metric, such as clinical and hereditary by enabling healthcare professionals to carry out appropriate precautionary procedures to alleviate the impact.
- Market revenue in Asia Pacific is expected to register fastest CAGR over forecast period, due to increasing adoption of cloud computing business analytics solutions and growth of e-commerce
- Major companies in the market report include Microsoft Corporation, SAS Institute Inc., IBM Corporation, MicroStartegy Inc., Tableau Software LLC, Tibco Software Inc., Oracle Corporation, QlikTech International AB, SAP SE, and Hitachi Vantara Corporation
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Emergen Research has segmented the global business intelligence and analytics platforms market on the basis of platform type, organization size, mode of deployment, industry vertical, and region:
- Platform Type Outlook (Revenue, USD Billion; 2018–2028)
- Business Intelligence Platforms
- Advanced & Predictive Analytics Platforms
- Corporate Performance Management (CPM) Suite
- Others
- Organization Size Outlook (Revenue, USD Billion; 2018–2028)
- Large Enterprise
- Small & Medium Sized Enterprises
- Mode of Deployment Outlook (Revenue, USD Billion; 2018–2028)
- Cloud-based
- On-Premises
- Industry Vertical Outlook (Revenue, USD Billion; 2018–2028)
- BFSI
- IT & Telecom
- Retail
- Healthcare
- Government
- Manufacturing
- Energy
- Media & Entertainment
- Education
- Others
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- Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
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