Business Intelligence Statistics By Industry, Career and Usage
Updated · Oct 21, 2024
WHAT WE HAVE ON THIS PAGE
- Introduction
- Editor’s Choice
- What Is Business Intelligence?
- How Does the Business Intelligence Process Work?
- Best Business Intelligence Software
- General Business Intelligence Statistics
- Business Intelligence Job Statistics
- Business Intelligence Industry Statistics
- Business Intelligence Career Statistics
- Business Intelligence Adoption Statistics
- Business Intelligence Regional Statistics
- Cloud-based Business Intelligence Statistics
- Types of Business Intelligence Applications and Tools
- Business Intelligence Statistics By Sectors By Using Business Intelligence
- Business Intelligence Usage Statistic
- Future of Business Intelligence and Trends Statistics
- Conclusion
Introduction
Business Intelligence Statistics: In today’s competitive business world, every company needs to be at the top of its game to reach the highest level of success. To do this, understanding the market and the company’s operations is crucial. Business intelligence (BI) helps with this by using data to analyze ongoing business processes and gain valuable insights.
BI can handle large amounts of both structured and unstructured data, helping businesses create effective strategies for growth and development. We shall shed more light on Business Intelligence Statistics through this article.
Editor’s Choice
- The revenue for self-service BI tools is expected to hit $12.24 billion by 2026.
- Companies use an average of 27 different BI tools and platforms.
- Business Intelligence Statistics show that almost 74% of companies say their data needs to be better integrated, which makes it harder to use effectively.
- In 2023, 33% of large companies employed analysts skilled in decision intelligence.
- Over 80% of businesses have invested in Business Intelligence (BI) tools.
- The global BI market is expected to reach $33.3 billion by 2025.
- 84% of companies have a BI strategy in place.
- According to Business Intelligence Statistics, companies spend an average of 24% of their time preparing data for BI.
- Only 3% of companies’ data meets basic quality standards.
- By 2022, 90% of corporate plans will highlight information as a key asset and analytics as a critical skill.
- The global market for AI in BI is forecasted to reach $42.29 billion by 2027.
- 61% of companies have added Artificial Intelligence and Machine Learning to their BI systems.
- Businesses using BI are five times more likely to make decisions quickly.
- About 60% of companies rate their data quality as “good” or “very good.”
- 81% of people believe BI is crucial for running their business.
- 53% of companies are using Big Data Analytics, with BI being the most popular application.
- Predictive analytics in BI is used to guess future outcomes based on past business data and statistical methods, as noted in Business Intelligence Statistics.
- According to a survey, 88% of organizations using cloud-based BI said it gave them more flexibility to access and analyze data from anywhere, at any time.
What Is Business Intelligence?
Business intelligence (BI) is a technology-based method for analyzing data and giving actionable insights that help executives, managers, and employees make smart decisions. In BI, organizations collect data from their internal systems and external sources, prepare it for analysis, run queries, and create visual reports, dashboards, and charts. These tools make the data easier to understand and use for daily operations and long-term planning.
The main goal of BI is to help organizations make better decisions, which can lead to increased revenue, improved efficiency, and a competitive edge over rivals. To reach this goal, BI uses a mix of analytics, data management, and reporting tools, along with various methods for handling and analyzing data.
How Does the Business Intelligence Process Work?
Business intelligence (BI) setup involves more than just BI software. Typically, BI data is stored in a large data warehouse that holds information for the entire organization or in smaller data marts that store information for specific departments or business units. These smaller marts often link back to the main data warehouse. Additionally, data lakes, which use systems like Hadoop, are increasingly used to store various types of data, including logs, sensor data, and unstructured or semi-structured data.
BI data can include both historical information and real-time data from source systems, allowing BI tools to support both long-term and immediate decision-making. Before using this data, it must be integrated, combined, and cleaned up using data management tools to ensure accuracy and consistency.
The BI process generally involves these steps:
- Data Preparation: Organizing and modeling data for analysis.
- Analytical Querying: Running queries on the prepared data.
- Distribution: Sharing key performance indicators (KPIs) and findings with business users.
- Decision Making: Using the information to guide business decisions.
(Source: techtarget.com)
Initially, BI tools were mainly used by IT professionals to create queries, dashboards, and reports for business users. Now, thanks to advancements in self-service BI and data discovery tools, business analysts, executives, and other employees can use BI tools directly. These tools allow users to query data, create visualizations, and design dashboards on their own.
BI programs often include advanced analytics, such as data mining, predictive analytics, and statistical analysis. Predictive modeling, for example, helps analyze different business scenarios. Typically, advanced analytics are handled by specialized teams, while BI teams focus on straightforward data queries and analysis.
Best Business Intelligence Software
Best for | Standout Feature | Pricing | |
Metabases | User-friendliness | Intelligent dashboard generation (x-rays) | Offers a free on-premise open-source version from $85/month for five users |
Tableau | Team collaboration | Share and collaborate with 25+ colleagues | From $15/user/month |
IBM Cognos Analytics | AI Functionality | Cognos Analytics Assistant for AI-powered help | From $10.60/user/month |
SAS Viya | Automated data visualization | Automatically generates data visualizations and natural language insights | Custom |
Microsoft Power BI | Microsoft users | Integrates with Microsoft tools, including Power Automate | Offers a free plan from $10/user/month |
Domo | Easy and flexible data management | Vast library of data connectors (400+) | Custom |
Zoho Analytics | Solopreneurs | Zia for AI-powered analysis | Offers a free on-premise plan from $24/user/month |
Qlik | All-in-one functionality | Associative engine for bringing together hundreds of data sources | By request: Cloud Analytics version from $825/month for 20 users |
General Business Intelligence Statistics
- Business Intelligence Statistics reports that the global business intelligence market is set to grow from $29.42 billion in 2023 to $54.27 billion by 2030, with an annual growth rate of 9.1% over this period.
- The mobile business intelligence market is projected to grow at a rate of 15.3% annually from 2024 to 2032, reaching a value of $51.5 billion by 2032.
- Statista predicts that the market for business intelligence and analytics software applications will exceed $18 billion by 2026.
- The market is also divided into large enterprises and small—to medium-sized businesses (SMEs), with large enterprises anticipated to be the dominant segment.
- The Skyquest BI report identifies key segments in the business intelligence market, including dashboards and scorecards, OLAP (Online Analytical Processing) tools, visualization tools, predictive analysis, query tools, reporting tools, and search tools.
- Business Intelligence Statistics forecasts that in 2024, the average spending per employee on business intelligence software will be $7.80.
- Future Market Insights predicts that the sales and marketing segment will see rapid growth from 2023 to 2033.
- In 2023, 33% of large companies employed analysts skilled in decision intelligence.
- Business Research Insights notes that the business intelligence market is divided into cloud-based and web-based segments, with cloud-based solutions expected to lead the market.
- Gartner’s findings indicate that by 2023, over 33% of large organizations employed analysts specializing in decision intelligence, including decision modeling.
- Deloitte’s survey found that companies with CEOs who make data-driven decisions are 77% more likely to succeed.
(Source: pixelplex.io)
- The Business Intelligence Statistics report forecasts that the global business intelligence platform market will grow significantly and reach $45.2 billion by 2030.
- The market for business intelligence software is expected to expand to $42.99 billion by 2030, reflecting a compound annual growth rate (CAGR) of 9.02% from 2024 to 2030.
- Skyquest’s findings show that the global business intelligence market is growing due to the widespread use of cloud-based solutions for better decision-making and increased online consumer activities.
- The growing use of big data and business analytics is boosting the demand for business intelligence platforms.
- The solutions segment is currently the most prominent in the business intelligence market and is expected to remain so until 2033.
- The cost of installing and licensing business intelligence software is expected to limit the growth of the global market for this product.
- Major players in the global business intelligence market include IBM, Oracle, Microsoft, SAP, and Google.
- According to Business Intelligence Statistics, 49% of companies have increased their use of business intelligence analytics compared to before the pandemic.
- Infosys reports that business intelligence platforms rank third among preferred technology choices with a 20% preference rate.
- Cloud technology leads with a 23% preference rate due to its innovation, digital optimization, and contribution to net-zero goals, while digital trust follows with a 22% preference rate.
- Market Research Future states that the cloud-based business intelligence market is the fastest-growing segment.
Business Intelligence Job Statistics
- Business intelligence (BI) jobs are highly sought after. BI analysts are essential for helping companies understand their BI data.
(Reference: upgrad.com)
- They turn complicated data into easy-to-read reports using charts and other tools. Here’s a look at some stats about the job market for BI skills:
- In 2020, there were 2.72 million jobs that required skills in analytics and data science.
- Only 24% of company leaders worldwide are certified in data literacy.
- Business Intelligence Statistics stated that almost 32% of executives think they can use data effectively.
- 85% of company leaders believe big data will greatly change how businesses operate.
- 69% of directors have sped up the use of BI tools.
- Just 25% of recent hires feel confident in accessing company data.
- 1% to 5% of BI users are considered business analysts, as stated in Business Intelligence Statistics.
- 25% of BI users are skilled and need more flexibility and features to solve complex business issues.
Business Intelligence Industry Statistics
Global BI Market:
- The business intelligence market is expected to hit $43.03 billion by 2028.
- This growth is driven by the rise of e-commerce and digitalization, which leads to more data and personalized offers.
- The market is projected to grow at an 8.7% annual rate from 2021 to 2028.
- The market was valued at $24.05 billion in 2021, about $2 billion more than the year before.
Embedded Analytics Market:
- This market, which integrates data analytics into business applications like ERP and CRM systems, was expected to reach $60.28 billion by 2023.
- In 2016, it was worth $25.13 billion, showing a growth rate of 13.6%.
Mobile BI Market:
- The mobile business intelligence market is projected to exceed $20 billion by 2024.
- The increase is due to the pandemic, which has made mobile access to data more important.
- By 2024, mobile devices are expected to account for 72% of all internet traffic.
Cloud BI Adoption:
- About 95% of software vendors support the idea of cloud-based BI.
- In 2021, many companies moved to public or hybrid clouds, and some adopted SaaS plans for BI.
- Cloud BI has become very popular, with 54% of companies considering it very important.
AI in US Companies:
- In 2021, 86% of US companies planned to use AI as a key technology.
- Due to COVID-19, 52% of companies accelerated their AI adoption plans.
- This has led to improvements in decision-making and customer experience.
AI Automation:
- In 2020, 64% of large companies used AI for automating data analysis, up from 55% in 2019.
- Automation helps companies process data faster and avoid errors, which is crucial for large-scale analytics projects.
Global BI Software Market:
- The BI software market is expected to grow at a 10% annual rate from 2019 to 2025.
- In 2018, the market was valued at $24.9 billion, largely due to the growing use of ‘Big Data’ approaches by major companies.
Small Business Analytics:
- After COVID-19, 49% of small businesses increased their use of data analytics as per Business Intelligence Statistics
- Nearly half of these businesses use analytics in operations, finance, sales, and product development.
Big Data and BI Market:
- The combined market for big data and business analytics was $198.08 billion in 2020.
- This market is expected to grow at a 13.5% annual rate from 2021 to 2030, reaching $684.12 billion.
High-Performance Data Analytics (HPDA) Market:
- The HPDA market was valued at $48.6 billion in 2020 and is expected to grow to $193 billion by 2027, with a 21.8% annual growth rate.
- The hardware segment is expected to reach $80.7 billion with a 22.5% growth rate.
US HPDA Market:
- The US HPDA market was worth $14.5 billion in 2020. China is the fastest-growing market, with a 21.3% annual growth rate, and is expected to reach $33.7 billion by 2027.
- Other growing regions include Canada and Japan. (Source: Research and Markets)
Top BI Vendors:
- SAP holds the largest share of the BI market at 16%, followed by Oracle at 12% and SAS at 11%. IBM has a 9% share, while Tableau, Qlik, Mathworks, Palantir, and MicroStrategy have smaller shares. (Source: Finances Online)
ROI from BI Solutions:
- Companies that implement BI solutions see a 127% return on investment (ROI) within three years.
Investments in AI and Big Data:
- 6% of Fortune 1000 companies are increasing their investments in AI and big data to stay competitive.
- Investing in these areas helps improve profitability by providing better customer insights and understanding of market trends.
Cost of Poor-Quality Data:
- Poor-quality data costs the US economy around $3.1 trillion annually.
- This problem arises because bad data affects decision-making and requires extra work to fix errors.
BI in Banking:
- The banking sector accounts for 13.9% of the BI market, generating around $204 million in revenue.
- Many banks see BI as crucial for their operations due to its benefits and innovations.
Analytics in Hospitality and Telecom:
- The hospitality and telecommunications sectors emphasize data analytics, with 58% and 56% focus, respectively.
- These industries use analytics to enhance their services and operations.
Business Intelligence Career Statistics
(Reference: intellipaat.com)
In the above pie chart, we can see the key players competing in this domain and their market shares:
Informatica | 1% |
Tableau | 5% |
Microsoft | 5% |
Teradata Corporation | 4% |
Qlik | 5% |
Microsoft Strategy | 4% |
SAP | 10% |
SAS Institute | 9% |
IBM | 8% |
Oracle | 7% |
Others | 42% |
As Business Intelligence (BI) becomes increasingly important, the demand for BI professionals and data scientists is rising. Here’s why a career in BI is one of the fastest-growing paths:
- Almost half of insurance companies have a Chief Data Officer (CDO), and insurance has the highest rate of CDOs compared to other industries.
- Other sectors with high CDO rates include banking (42%), media and entertainment (40%), retail (29%), and IT/technology (28%). The typical salary for a Chief Data Officer is $269,779.
- Data scientist is the third job on Glassdoor’s Top 50 Jobs in America list.
- The average salary for a business intelligence analyst is $71,758 per year. Data from Payscale shows that BI analysts earn between $53,000 and $97,000 as a base salary and have an average job satisfaction score of 3.8 out of 5.
- According to Glassdoor, data scientists earn a median base salary of $102,000 and have an average job satisfaction rating of 4.1 out of 5.
- As of 2024, there is a big shortage of data scientists.
- Companies need them across many industries. There are three times as many job openings for data scientists as there are searches for these positions.
Business Intelligence Adoption Statistics
Digitalization and more data creation have pushed for better business processes. Here’s a look at how Business Intelligence (BI) is being adopted worldwide:
- Three-quarters of people who buy BI applications rate Microsoft Azure as their top choice.
- Amazon Web Services is second with 33%, and Google Cloud is third with 22%. Microsoft Azure is popular because it offers affordable cloud storage and excellent data analysis tools.
- 49% of manufacturers use BI plans to increase their budgets year over year. Thus, nearly half of manufacturers expect to spend more on BI and analytics in the future.
- North America is the biggest market for BI software. The US and Canada are leading in adopting BI services as a key part of their business strategy.
- Business Intelligence Statistics stated that Cloud-based BI is most popular in the manufacturing, business services, and financial services industries.
- The manufacturing sector generates a lot of data, which helps improve market understanding, product development, cost reduction, revenue growth, and customer base expansion.
- Currently, 58% of manufacturing companies use cloud-based BI, while 40% of financial and business services companies use it.
- 80% of manufacturers using BI for analytics say it works well. This shows that most manufacturers find BI and analytics valuable and effective.
- More than 46% of businesses use a BI tool as a core part of their strategy. These tools help with tasks like data cleaning, reporting, exploration, dashboard creation, and predictive analysis. Business intelligence is so important that almost every business leader wants to use it.
- 29% of companies in North America are committed to using cloud BI, 10% higher than in Europe, where 24% of organizations use cloud BI.
- In North America, 34% of organizations, including those in Mexico, the US, Greenland, and Canada, use cloud BI either fully or partially.
- 90% of sales and marketing teams consider BI essential for their work. BI helps them make quicker and more accurate decisions, track best-selling products, and understand which marketing channels drive the most traffic.
Business Intelligence Regional Statistics
- Revenue in the Business Intelligence (BI) Software market is expected to reach $27.87 billion in 2024.
- The market is projected to grow at an annual rate of 5.52% from 2024 to 2029, reaching $36.46 billion by 2029.
(Source: zionmarketresearch.com)
- In the above chart, we can see the Global Business Intelligence Market Size (2023-2030)
- The average spending per employee in the BI Software market is estimated to be $7.83 in 2024.
- Globally, the United States is expected to generate the most revenue, totaling $13,960 million in 2024.
BI Software Statistics – Africa
- Revenue in the Business Intelligence (BI) Software market is expected to reach $0.34 billion in 2024 as surveyed by Business Intelligence Statistics.
- The market is projected to grow at an annual rate of 8.02% from 2024 to 2029, reaching $0.50 billion by 2029.
- The average spending per employee in the BI Software market is estimated to be $0.67 in 2024.
BI Software Statistics – United States
(Source: grandviewresearch.com)
- Revenue in the Business Intelligence (BI) Software market is expected to hit $15.71 billion in 2024.
- The market is predicted to grow at an annual rate of 4.47% from 2024 to 2029, reaching $19.55 billion by 2029.
- The average spending per employee on BI Software is estimated to be $31.17 in 2024.
BI Software Statistics- Asia
- Revenue in the Business Intelligence (BI) Software market is projected to be $4.96 billion in 2024.
- The market is expected to grow at an annual rate of 7.95% from 2024 to 2029, reaching $7.27 billion by 2029.
- The average spending per employee on BI Software is estimated to be $2.36 in 2024.
BI Software Statistics – Australia & Oceania
- Revenue in the Business Intelligence (BI) Software market is expected to be $0.57 billion in 2024.
- The market is forecasted to grow at an annual rate of 4.78% from 2024 to 2029, reaching $0.72 billion by 2029.
- The average spending per employee on BI Software is estimated to be **$26.62** in 2024.
BI Software Statistics – Caribbean
- Revenue in the Business Intelligence (BI) Software market is expected to hit $50.12 million in 2024.
- The market is predicted to grow at an annual rate of 4.73% from 2024 to 2029, reaching $63.16 million by 2029.
- The average spending per employee on BI Software is estimated to be $2.65 in 2024.
BI Software Statistics- Europe
(Source: tritonmarketresearch.com)
- Revenue in the Business Intelligence (BI) Software market is expected to reach $6.29 billion in 2024.
- The market is projected to grow at an annual rate of 6.01% from 2024 to 2029, reaching $8.42 billion by 2029.
- The average spending per employee on BI Software is estimated to be $15.05 in 2024.
Cloud-based Business Intelligence Statistics
- In 2020, 59% of organizations reported using cloud-based BI platforms for analyzing and reporting data, showing a significant rise from earlier years, as stated by Business Intelligence Statistics.
(Reference: scoop.market.us)
- According to a survey, 88% of organizations using cloud-based BI said it gave them more flexibility to access and analyze data from anywhere, at any time.
- The rise in cloud-based BI is driven by the growing use of Software-as-a-Service (SaaS) solutions, which held the largest market share in 2020.
- 80% of organizations using cloud-based BI saw better scalability, allowing them to manage more data and support larger numbers of users, as per Business Intelligence Statistics.
- In 2020, 59% of organizations reported using cloud-based BI platforms to analyze and report data, a significant rise from earlier years.
(Reference: scoop.market.us)
- The global market for cloud-based business intelligence (BI) is expected to reach $15.2 billion by 2026, growing at an annual rate of 22.8% from 2021 to 2026.
- Cloud-based BI solutions typically take 3 to 4 months to deploy, while on-premise solutions usually require 12 to 18 months to set up, according to Business Intelligence Statistics.
- Cloud-based BI platforms are more cost-effective, with lower initial investments and reduced maintenance costs compared to traditional on-premise systems.
Types of Business Intelligence Applications and Tools
- Operational Intelligence (OI): Also known as operational BI, this tool helps make quick decisions. Frontline managers, such as call center agents, use it to get timely insights.
- Open Source BI (OSBI): This includes tools that are either free with community support or come with a subscription for additional support.
- Software as a Service BI (SaaS BI): Vendors host these BI applications on cloud computing systems. Also known as cloud BI, SaaS BI supports multi-cloud environments.
- Ad hoc Analysis: This is a basic feature in modern BI tools that allows users to create and run queries on the fly to analyze specific business issues. Results are shown on dashboards and reports.
- Online Analytical Processing (OLAP): OLAP is an older BI technology used for analyzing data across multiple dimensions. It’s great for complex calculations and queries.
- Collaborative BI combines BI tools with collaboration features, allowing multiple users to collaborate on data analysis. Users can share information, add comments, highlight data, ask questions, and use discussion tools or online chat.
- Real-time BI: Real-time BI provides up-to-date information about customer behavior, business operations, financial markets, and more. It delivers current, processed data, such as targeted promotions or credit scores, in real-time.
- Mobile BI: Mobile BI creates applications and dashboards that work well on tablets and smartphones and are designed to be user-friendly.
- Location Intelligence (LI): These tools help users analyze data related to locations and maps. They are useful for understanding site locations and making decisions about logistics, choosing locations for corporate offices, and selecting retail store sites.
- Embedded BI: This type of tool helps users understand the functionality of business applications by analyzing the data within the applications that employees use for their daily tasks.
Business Intelligence Statistics By Sectors By Using Business Intelligence
- In the following table, we can see the breakdown of roles or key departments driving business intelligence in the companies that were surveyed:
Role | % to “always” drive business intelligence (Source) |
Operations | 30% |
Executive Management | 27% |
Finance | 27% |
Sales | 20% |
Information Technology(IT) | 18% |
Strategic Planning Function | 13% |
Customer Service/Support | 12% |
Marketing | 12% |
Competency Centre | 10% |
Research and Development (R&D) | 9% |
Human Resource | 2% |
Manufacturing | 8% |
As of 2023, Business Intelligence (BI) is most commonly used in the following sectors:
- Operations: 30%
- Executive Management: 27%
- Finance: 27%
In comparison, BI is less commonly used in:
- Research and Development (R&D): 9%
- Human Resources: 2%
- Manufacturing: 8%
Business Intelligence Usage Statistic
- 26% of companies around the world use BI tools, indicating broad acceptance for handling large amounts of data.
- 52% of software companies and 50% of finance firms use BI tools to discover new revenue opportunities and grow their businesses.
- About 54% of businesses believe cloud-based BI tools are essential for their current and future needs. This reflects how valuable these tools are, especially as demand for real-time data increases.
- The manufacturing industry leads with the highest adoption of cloud-based BI tools at 58%, followed by the financial and business services industries at 50%.
(Reference: researchgate.net)
- Over 33% of large organizations will have analysts using decision intelligence by 2023. Decision intelligence focuses on how decisions are made, using data and analytics to improve decision-making processes.
- 74% of employees feel stressed or overwhelmed by handling data. With the growing volume of data, this highlights the need for more user-friendly BI tools and better data management processes.
- Companies use an average of 4 or more different BI tools to get a range of data analysis options.
- 97% of collected data goes unused. This is surprising because, despite more BI adoption, there’s still a lot of data that companies need to utilize more effectively.
- About 40% of employees feel burned out by data tasks, while 36% spend at least one hour a week procrastinating on data-related work. Additionally, 14% of employees would avoid data tasks altogether.
- Nearly 90% of Research and Development (R&D) teams consider BI crucial for their future projects, as big data becomes vital for their work.
- 67% of employees worldwide have access to at least one BI tool, while 75% have access to general data analytics software. However, the overall global BI adoption rate is still just 26%, which means many companies miss out on valuable insights.
- Business Intelligence Statistics stated that only 26.5% of businesses have fully adopted a data-driven approach. Most companies still need to integrate data analysis into their processes fully.
- For comparison, 54.6% say they compete based on data and analytics, and only 19.3% have established a data culture.
- 35% of companies consider data preparation very important. Data preparation involves organizing and transforming data for analysis, as stated by Business Intelligence Statistics.
- According to a survey, 35.37% of companies see it as crucial, 24.15% see it as essential, and 27.89% view it as critical for their operations.
Future of Business Intelligence and Trends Statistics
- It’s not surprising that artificial intelligence (AI) and machine learning (ML) are the top developing business intelligence (BI) trends for 2023 and beyond.
- AI is becoming more common and can give businesses valuable insights to make better decisions.
- Another trend is real-time analytics, which lets companies make quick decisions by analyzing data instantly.
- Predictive analytics is also gaining traction. It uses past data to forecast future trends and risks, helping businesses plan and improve their operations based on what’s likely to happen, according to Business Intelligence Statistics.
- Lastly, advanced data visualization is on the rise. This means turning data into easy-to-understand graphics, like infographics, maps, and 3D visuals. These visual tools can boost team engagement and help managers spot patterns more easily.
(Reference: techreport.com)
Integration of AI and ML in Business Intelligence:
(Source: techreport.com)
- An enormous amount of data is created every day, which can be overwhelming for people to handle. Around 70% of the data generated by businesses needs to be used.
- However, with AI and ML, this data can become very useful for business intelligence (BI) and decision-making. AI helps ensure that your BI insights are accurate, current, and error-free.
- Business Intelligence Statistics stated that AI processes data much faster than traditional methods and can provide valuable insights and forecasts.
- This means decisions made with AI-enhanced BI are more likely to be based on solid facts and useful information.
Real-Time Analytics
(Reference: techreport.com)
- Real-time analytics in BI (RTBI) is simple—it lets you see data as it comes in, giving you quick answers and insights. It works like a top CRM system.
- With RTBI, you can react to events right away and stay ahead of your competitors.
Here are some ways RTBI is used:
- Monitoring customer behavior during different seasons and how they respond to seasonal sales.
- A real-time dashboard is used to track the status of IT support tickets.
- Updating credit scores instantly.
Predictive Analytics
- Predictive analytics in BI is used to guess future outcomes based on past business data and statistical methods.
- With modern tools, businesses can use predictive analytics to make accurate predictions about customer behavior, sales trends, and possible risks.
- It’s a useful strategy for staying ahead of the competition.
- Facts and Factors predicts that the market for predictive analytics in BI will hit $22.1 billion by 2026, growing at a rate of 24.5% each year.
- As shown in the infographic, the use of predictive analytics in healthcare is high worldwide, with a global average of 56% and an American average of 66%.
Advanced-Data Visualization
- Advanced data visualization makes data easy to understand and visually appealing.
- Since 90% of the information we process is visual, using advanced data visuals can greatly boost your team’s engagement.
Conclusion
Technology has largely taken over manual tasks. Since ChatGPT launched, many jobs are at risk. ChatGPT can help with decision-making for small businesses, but larger companies need help with their many data sets and complex calculations. For these bigger companies, Business Intelligence (BI) is crucial for making faster decisions.BI helps with reporting, analyzing, monitoring, predicting, and modeling future trends.
In short, Business Intelligence is changing the world by improving how we use data and make decisions. We have shed enough light on Business Intelligence Statistics through this article.
Sources
FAQ.
The demand for business intelligence (BI) and analytics tools is increasing rapidly as more companies use data to make decisions. The software market for BI and analytics is expected to reach $13 billion by 2025.
The business intelligence (BI) industry is expanding rapidly. In 2023, the global BI market was worth $29.42 billion. By 2032, it’s expected to grow to $63.76 billion. This increase highlights how important BI has become for making key business decisions.
Natural Language Processing (NLP) is a recent trend in business intelligence that is transforming how companies analyze their data.
Saisuman is a professional content writer specializing in health, law, and space-related articles. Her experience includes designing featured articles for websites and newsletters, as well as conducting detailed research for medical professionals and researchers. Passionate about languages since childhood, Saisuman can read, write, and speak in five different languages. Her love for languages and reading inspired her to pursue a career in writing. Saisuman holds a Master's in Business Administration with a focus on Human Resources and has worked in a Human Resources firm for a year. She was previously associated with a French international company. In addition to writing, Saisuman enjoys traveling and singing classical songs in her leisure time.