Inkwood Research anticipates the Global Business Intelligence Market to accelerate with a 9.68% CAGR during the forecast period 2023-2032.
“Browse 71 market data Tables and 89 Figures spread over 200+ Pages, along with an in-depth TOC on the Global Business Intelligence Market Forecast 2023-2032.”
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The global business intelligence market is expected to grow significantly during the forecast period owing to the rising benefits from globalization’s impact on business. The need for real-time information and decision-making leads to an increase in purchasing power of BI applications. This need indirectly boosts the growth in business intelligence components like platforms, software, and services, along with the end uses like IT & telecom, BFSI, energy & power, etc. Also, the growing demand for digital transformation from the technology side, along with the digitally driven innovations of companies operating globally, has contributed significantly to the growth of the global business intelligence market.
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The Growing Need For a Customer-Centric Approach Boosts Market Growth
A customer-centric (also known as client-centric) business strategy is based on placing the customer first and at the core of the business to provide a positive experience and build long-term relationships. It ensures an overall positive customer experience to enhance their loyalty and improve business growth.
For example, customer analytics enables businesses to see the big picture. It also enables businesses to take note of relevant growth processes without drowning in reports. Its specialty is delivering business intelligence that matters so that it can lead to immediate action.
Predictive Asset Maintenance is Set to Lead the Market by Function
The key components of an effective manufacturing system are the servicing and maintenance of machinery and equipment. Its effect in terms of price and duration must not be undervalued. Predictive maintenance is being used by businesses increasingly. It is imperative to reduce maintenance costs while creating chances for new business models. Predictive maintenance defines the best time to work on an asset to ensure high reliability and low frequency without unnecessary costs.
Leading Region – Asia-Pacific
Increasing IT skills, outsourcing trends, and a high rate of IT adoption in emerging countries like China, India, etc., are driving the Asia-Pacific business intelligence market. Further, lucrative business expansion projects in the region are accelerating the demand for BI-based technologies among major market players.
Prominent players in the global market are expanding their reach by employing different strategies, such as partnerships and distribution agreements. These strategies are aimed at increasing their market footprints in different economies. Thus, their impact on the industry is significantly high.
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