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In both of these critical tasks, BI is a valuable asset, that’s why we have provided the answer to the much-hyped question – why is business intelligence important for your organization? Before answering the why, let’s quickly understand what is BI all about. Organizations must be flexible in today’s business environment to keep ahead of the competition and cater to a constantly changing consumer base. According to Datanyze, the global market size of the Business Intelligence industry is 236,320 companies, and there are 273 companies producing Business Intelligence technologies.Factors such as rising competition, intense technological R&D, and a growing trend of data proliferation are aiding the market’s expansion in the country. According to the same report, North America is predicted to have the largest market share in BI from 2020-2025, due to the presence of key industry players in the area.As per Mordor Intelligence, the Business Intelligence Market was valued at USD 20.516 billion in 2020 and is expected to reach USD 40.50 billion by 2026 to grow at a CAGR of 12% over the forecast period (2021-2026).By utilizing BI effectively, the organization gets access to actionable data, gains valuable insights into industry trends, and enables a strategic decision-making approach.īelow are a few stats that tell the increasing use of Business Intelligence. Organizations use BI to identify company trends and implement processes to simplify various activities and services.īusiness intelligence refers to the ability of an organization to make informed judgments, choose measured actions, and implement proficient business progressions. They enable businesses to transform massive amounts of data into useful insights. Business Intelligence (BI) solutions are becoming an essential part of every company’s operations.