Business Intelligence Statistics: State of the Market in 2022
Business intelligence (BI) is a term used to describe the practice of deriving insights from data within an organization. Business intelligence projects range from small, one-off projects implementing a single reporting tool for a specific business question, right up to complex multi-million dollar platforms designed to allow dozens of users access to real-time management information via self-service reporting tools.
This article will provide business intelligence statistics to highlight how BI has evolved over the last few years, showcase the current size and state of the market, and point towards the benefits BI has for the decision-making processes.
Business Intelligence Market Size Statistics
The global business intelligence market was worth $24.05 billion in 2021 and is expected to reach $43.03 billion by 2028.
(Fortune Business Insights)
The global business intelligence market size was estimated at $22.26 billion in 2020 and is predicted to grow with a CAGR of 8.7% over the 2021-2028 period, reaching an estimated value of $43.03 billion by 2028. The growing demand for real-time operational insights is one of the key factors helping boost the growth of this market.
The global mobile business intelligence market was valued at $8.8 billion in 2020 and is forecasted to reach $29.6 billion by 2027.
(Research and Markets)
Business intelligence market statistics indicate that the mobile segment of the BI market is expected to grow at a CAGR of 18.9% in the forecasted period. The Software segment has forecasted growth of 17.4% CAGR and is projected to reach $17.4 Billion by 2027.
The two largest mobile business intelligence markets are the US and China.
(Research and Markets)
Unsurprisingly, the two largest world economies are also the two biggest business intelligence markets. The mobile BI market in the US alone was estimated at $2.6 billion in 2020. According to statistics on business intelligence, China’s economic growth will be echoed in the BI sector as well, with the country’s BI market projected to grow at a CAGR of 18.7% and reach $5.2 billion by 2027.
The global BI adoption rate is 26%.
In 2020, the global Business Intelligence adoption rate sat at 26%. That means that in a department of 100 staff members, an average of 26 people would use BI tools regularly.
Statistics for business intelligence also tell us that the larger the company, the higher the BI adoption rate. According to 360Suite’s Business Intelligence (BI) Survey, a BI adoption rate of over 80% was mainly found among companies with more than 5,000 employees. This makes sense, as larger companies have access to larger data sets that require specialized BI tools to analyze.
The fastest-growing BI segment is cloud analytics, growing at a CAGR of 23%.
According to business intelligence stats, the cloud analytics segment exhibits the fastest growth rate of 23%, and its market value is expected to jump from $23.2 billion in 2020 to $65.4 billion by 2025.
The reason for this growth is simple: ease of use, flexibility, and scalability. Furthermore, with cloud analytics companies providing business information across a wide range of industries, there are no limits on the number of areas you can gather data from.
Business Intelligence Usage Statistics
52% of software companies use BI tools.
To develop and expand their businesses, many organizations (52 percent of software firms and 50% of finance firms) use BI and analytics to find new revenue streams.
Around 54% of enterprises stated that cloud business intelligence tools are either critical or very important to their current and future initiatives.
Drawing from Dresner’s 2020 report on business intelligence and cloud computing, we can see that over half of surveyed enterprises believe that BI tools are important for their business.
This showcases how valuable and integral business intelligence solutions are to all organizations, regardless of their size. In the last few years, cloud BI tools have been growing exponentially thanks to new technologies and enterprise demand for real-time data at their fingertips.
Almost 90% of R&D departments consider BI to be very important or critical for their future endeavors.
Research and Development teams rely heavily on insights derived from big data, which is why we see such an overwhelming percentage of R&D teams considering it essential. Big data has become an integral part of many industries, and it is now considered a necessity for almost all forms of R&D. This is because the amount of data that organizations are collecting continues to grow exponentially year on year, and BI tools are required to make sense of these huge data troves.
Organizations use 3.8 different business intelligence tools on average.
Not only is the number of enterprises that utilize BI tools on the rise, but companies seem to be using multiple tools simultaneously. They have begun to realize the benefits of employing multiple solutions, which offer more data analysis options.
Organizations leave 97% of gathered data unused.
(Towards Data Science)
While it’s certainly true that a portion of the data that enterprises gather isn’t meant for analysis (but gathered for legal and regulatory reasons), wasting effectively 97% of all data collected is still mind-boggling.
Business analytics statistics show that even with increases in BI adoption, companies still have a lot of room for improvement when it comes to making use of the data they gather.
67% of the global workforce has access to business intelligence tools.
(Towards Data Science)
Business intelligence statistics indicate that around two-thirds of employees around the world have access to at least one BI tool. When it comes to general data analytics software, the percentage jumps to 75%. However, despite this increased access to BI tools, the global BI adoption rate still sits at only 26%. This low adoption rate can result in missed opportunities to merge disparate datasets and gain new insights into the company’s business.
The manufacturing industry had the highest cloud BI adoption rate in 2020.
Business intelligence adoption statistics show that the adoption rate for cloud BI tools in the manufacturing industry was 58%. Trailing the manufacturing industry are financial and business services at 40%.
The manufacturing industry has always been massive in terms of employment and economic impact and remains one of America's largest employers. The industry has also changed dramatically over the past twenty years with technology and automation having a major impact on it. Manufacturers are increasingly looking for business intelligence tools to gain insight into how to remain competitive.
Over a third of large organizations will have analysts practicing decision intelligence by 2023.
Decision intelligence is the study of how people make decisions, and it encompasses a variety of fields, including decision management and decision support. It includes applications in the field of complex adaptive systems that combine several traditional and advanced disciplines. Data and analytics leaders may use it to design, compose, model, align, execute, monitor, and tune decision models and processes.
Only 26.5% of enterprises stated that they’d created a data-driven organization.
Stats about business intelligence provided by NewVantage Partners reveal that most companies still haven’t fully incorporated data-driven analysis into their processes. Only 19.3 percent of respondents said they had established a data culture, whereas over half – 54.6 percent -- stated they were competing on data and analytics. Only 39.7% acknowledged that they were managing data as an enterprise business asset, and barely over a fifth (26.5%) claim to have formed a data-driven company.
Following COVID-19, 10% of organizations plan to increase their BI and analytics budgets.
Analytical data is being utilized by businesses in times of need to navigate change and uncertainty better. Data and analytics programs are doubly useful at a time when many enterprises are short on resources and weigh which segments of their budget they can afford to restructure,
In the wake of the COVID-19 pandemic, 10% of organizations stated they plan to increase BI budgets, while 55% said they would maintain current levels of BI spending.
74% of employees feel unhappy or overwhelmed when working with data.
(Towards Data Science)
With the sheer scale of data at our fingertips increasing exponentially, employees are finding it increasingly harder to cope. This exacerbates how important well-designed and easy-to-use BI tools are and shows that the overarching processes for handling data need to improve.
Stats on business intelligence from the same survey by Towards Data Science show that when confronted with data analytics and business intelligence tools, approximately 40% of employees globally are likely to develop feelings of burnout, while 36% of overburdened staff spend at least one hour per week procrastinating over data-related chores.
Lastly, 14% of surveyed employees would avoid data-related tasks altogether.
More than 35% of companies consider data preparation very important.
Data preparation is described as the process of gathering and transforming data into a form that can be analyzed to provide meaningful insights. In a survey conducted by Finances Online, 35.37% of companies said data preparation is very important, 24.15% stated it’s important, and 27.89% described it as critical for current and future initiatives.
Business Intelligence Software Statistics
Microsoft Power BI is the most popular BI tool with a 36% market share.
Microsoft Power BI is a cloud-based business intelligence software. The tool helps users visualize, discover, and share data with ease. It can be used to create dashboards, reports, and analytics visualizations that are interactive, web-based, and mobile-enabled.
Power BI’s market share was at 36% in 2021, followed by Tableau Desktop (20%) and Qlik Sense (11%). One of the main reasons for Power BI’s popularity is that it has full integration with Microsoft Office tools, including Excel, SharePoint, and Microsoft Flow. This makes it easy to access data quickly for all business users and synergize their work across all these tools.
Microsoft Power BI is also the most-compared business intelligence tool on the market.
According to statistics on business intelligence tools provided by TrustRadius, a software review and comparison website, Power BI is the most-compared BI tool on the market. The tool that Power BI is most compared with is SAP Business Objects Platform.
44% of organizations rate Microsoft Azure as critically important for their current business operations.
When it comes to cloud BI tools, another Microsoft product sits at the top - Microsoft Azure. According to a recent study on business intelligence trends, Microsoft Azure is critical or very important to 84% of organizations. Amazon Web Services comes in second with 33% critical importance and 66% of companies rating it critical or very important. Google Cloud is the third choice, with 22 percent of firms considering it crucial for their business and 41% considering it either crucial or very important.
North America is the largest BI software market.
Unsurprisingly, North America is the biggest market for business intelligence tools. Besides being home to the largest economy - the United States - North America is also the staging ground for a large portion of the biggest corporations in the world. These large corporations exhibit a growing need for software capable of data visualization and interpretation, propelling the North American region to the top of the BI global market.
Statistics on the Benefits of Business Intelligence
Companies with CEOs that make data-driven decisions are 77% more likely to succeed.
Deloitte’s business intelligence and analytics statistics found that companies with a data-driven CEO are far more likely to meet their targets and have a much higher success rate than other firms. They're also 59% more likely to gain actionable insights from the analytics they're monitoring. However, only 29% of surveyed organizations had CEOs that spearheaded such decisions.
23. Businesses using business intelligence are five times more likely to reach faster decisions than those that do not.
Business intelligence industry statistics clearly showcase the benefits companies have from using BI tools. Since business intelligence is constantly collecting data, it makes sense that these businesses are more informed about their actions. Furthermore, having information readily available allows companies to respond to changes in the market more quickly and appropriately. This ultimately leads to better decision-making and an increased likelihood of the company’s success.
Bad data costs the US economy $3.1 trillion each year.
A study conducted by IBM has revealed that over $3 trillion is lost every year due to poorly-analyzed or incorrect data. That's 3.1 trillion dollars of potential productivity, engagement and opportunity lost each year due to bad data, which negatively impacts the bottom line of nearly 90% of US companies.
American businesses lose over $109 billion yearly due to data inaccuracy.
Business intelligence risk statistics show that larger businesses stand to lose more individually as they rely more on proper data analysis, making any mistakes very costly. Companies in the UK suffer from similar problems, losing up to $13 billion per year due to inaccurate data.
The term statistical business intelligence describes a set of methods, technologies, and techniques that are used to derive business knowledge from data. Statistical business intelligence can be considered an umbrella term for all activities related to the collection and analysis of data using mathematical and statistical-based methodologies.
There is no statistical data available for all companies in the world, but recent research shows that 52% of software companies and 50% of finance firms use BI tools.
Absolutely. The market is predicted to grow with a CAGR of 8.7%, reaching $43.03 billion by 2028.
The latest year we have business intelligence statistics for is 2021, when the global BI market was valued at $24.05 billion.
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