To synchronize balance in competitive dynamics, geo-political and economic developments and to stay pro-active in business drives the category growth

Business Intelligence Category - Procurement Intelligence

The business intelligence category is expected to grow at a CAGR of 9.1% from 2023 to 2030. Statistics show that the United States and Canada are the largest users of the software in North America. The growth is fueled by the rising need for digital business processes and obtaining the ideal strategy for effective outcomes. Businesses are concentrating on adopting the technology for efficient functioning, simple data processing, forecasting, transparency, and many other reasons. For instance, the statistical analysis model ARIMA (Autoregressive integrated moving average) analyzes time series data to either better comprehend the data set or forecast future trends. Artificial Intelligence (AI), Machine Learning (ML), Natural Language Processing (NLP), Analytics-as-a-Service (AaaS), data security, and data quality management are several sectors that are growing in importance inside firms and pushing them toward the implementation of business intelligence.

Companies are constantly concentrating on forming alliances or creating their own technology. For instance,

• In July 2023, Thoughtspot, a provider of analytics platforms, purchased Mode Analytics, a developer of business intelligence tools, for USD 200 million. This is done to increase annual recurring revenue (ARR), double the number of customers, and broaden the technological options available to data analysts and data engineers.

• Recently in May 2023, an expansion is done in RISE with SAP by availing it on Google Cloud, a desire of SAP and Google to create better outcomes for customers by simplifying administration, analytics, and operations. In addition, it provides a vast and extremely secure network with high performance and built-in availability. The customers will be able to benefit from a cloud migration roadmap and the Google Cloud Platform's planned global availability of SAP services.

• MicroStrategyONE, an analytical platform built by MicroStrategy, the largest autonomous publicly held analytics and business intelligence company, in alliance with Microsoft. It assists businesses in making the most of their data and advancing their artificial intelligence (AI) capabilities.

• HCL Technologies (HCL), a well-known worldwide technology business, acquired Starschema in January 2022. Starschema is a leading provider of consultancy, technology, and managed services in data engineering to worldwide 2000 companies in the US and Europe. This acquisition will boost HCL's data-driven digital engineering skills and increase its market share in Central and Eastern Europe.

Digital developments have radically revolutionized and altered the corporate sector in this era of technology improvement. Companies now gain access to data-driven tools and methods that allow them to learn more about their customers and self-awareness. The current imperative is to forecast potential futures by pulling data from already-existing data sets. Mining historical data provides companies with future insights, credible alternative scenarios, and risk assessments.

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Business Intelligence Sourcing Intelligence Highlights

• The industry is seen as being highly competitive due to the vast range of vendors offering a variety of solutions to meet the different needs of businesses. The market can be segmented using type, deployment, organization size, and location.

• Finance (67%) and sales & marketing (around 60%) are the sectors gaining the most from self-service BI. Statistics also demonstrate that these industries deal with real-time information the most.

• The fundamental cost of the category is made up of software customization, the number of users, the amount of data being analyzed, and the number of connections. Implementation, support, and training are extra expenditures related to software acquisitions.

• Software builders provide the appropriate systems & tools that facilitate business decision-making. Another key component is data warehousing, which enables users to Extract, Transform, and Load (ETL) data from various platforms and applications to produce insightful information.

Business Intelligence Procurement Intelligence Report Coverage

Grand View Research will cover the following aspects in the report:

• Market Intelligence along with emerging technology and regulatory landscape

• Market estimates and forecasts from 2022 to 2030

• Growth opportunities, trends, and driver analysis

• Supply chain analysis, supplier analysis with supplier ranking and positioning matrix, supplier’s recent developments

• Porter’s 5 forces

• Pricing and cost analysis, price trends, commodity price forecasting, cost structures, pricing model analysis, supply and demand analysis

• Engagement and operating models, KPI, and SLA elements

• LCC/BCC analysis and negotiation strategies

• Peer benchmarking and product analysis

• Market report in PDF, Excel, PPT, and online dashboard versions

Cost Intelligence Highlights:

Grand View Research has identified the following key cost components for the business intelligence category:

• Costs of Implementation (Asset Purchases/Development, Design, Installation, Licenses, Testing, etc.)

• Salaries of Software Developers/Technology Professionals

• Storage, Hardware, and Security

• Type of Deployment (Cloud/On-Premise)

• Training, Repairs, Updates, and Maintenances

• Facilities

• Others

Costs of implementation and Salaries of Software Developers/Technology Professionals form the largest cost components of the business intelligence category.

List of Key Suppliers in the Business Intelligence Category

• IBM Corporation

• Information Builders

• SAP SE

• SAS Institute

• Microsoft Corporation Inc.

• Qlik

• Tableau Software

• Oracle Corporation

• Informatica

• Cloud9 Analytics

• Teradata

• TIBCO Software

• Cisco Systems