TechDogs-"Jaw-Dropping Business Intelligence Stats Of 2024 Revealed!"

Business Intelligence

Jaw-Dropping Business Intelligence Stats Of 2024 Revealed!

By TechDogs

TechDogs
Overall Rating

Overview

Can you imagine Batman without his iconic utility belt, or the Avengers marching into battle without Tony Stark's cutting-edge technology? Absolutely not!

That's how important business intelligence is for modern businesses. In this data-driven world, business intelligence is not just a buzzword but rather a crucial tool that allows businesses to stay ahead in the dynamic and competitive landscape. It provides valuable insights into the performance of the organization, helps in identifying potential issues and opportunities while boosting organizational stability and decision-making.

In a world where businesses are moving towards the future at lightning speed, having an edge over others and staying competitive is crucial. That's where BI is the secret weapon that helps business leaders navigate the complex and ever-changing landscape with ease. If you want to do the same, explore these top stats of 2024 from the world of business intelligence!
Business intelligence is not just about numbers and data – it's also about storytelling. BI tools are key in presenting information in a way that’s easy to understand, engaging and personalized for different audiences. Just like the Marvel movies have a compelling storyline, BI can tell the story of a business using engaging and digestible data visualizations. Moreover, with the rise of AI assistants and natural language processing, BI is becoming more accessible and user-friendly than ever before!

With that in mind, we present the latest statistics, figures and facts that will give you a comprehensive understanding of the potential of BI and how it can transform your business. So, buckle up and get ready to embark on a journey through the world of business intelligence — trust us, it's going to be a wild ride!
 

Jaw-Dropping Business Intelligence Stats Of 2024 Revealed!

 
  • 77% increase in likelihood of achieving business goals was witnessed by CEOs who relied on business intelligence. This stat highlights the importance of using business intelligence to drive workflows and processes, leading to successful outcomes. -  Source: Webtribunal

  • 3.8 business intelligence solutions are used by the average business. This figure underscores the widespread adoption of BI tools and how businesses are leveraging multiple BI solutions to gather, organize, analyze and present data-backed insights. - Source: Exploding Topics

  • 33.3 billion dollars is the expected valuation of the global business intelligence market by 2025. This growth signifies the increasing importance of BI in driving positive business results and the growing demand for informed decision-making. - Source: Exploding Topics

  • 204 million dollars of revenue within the BI market was attributed to the banking sector, with 40% of banking organizations asserting that business intelligence is vital to their operations. This stat highlights how critical BI is in enabling the banking sector to enhance risk management, customer experiences and operational efficiency through data-driven insights and analytics. -Source: 99firms

  • 22.43% compound annual growth rate (CAGR) is the predicted growth for the mobile BI market between 2021 and 2026. This stat highlights the rising importance of mobile BI solutions, indicating a shift towards on-the-go access to business intelligence and data-driven insights that will lead to a significant expansion of the mobile BI market. - Source: Exploding Topics

  • 684 billion dollars is the predicted worth of the big data and business analytics market by 2030. This figure indicates the significant contribution of big data and business analytics in driving business intelligence undertakings across industries. - Source: Webtribunal

  • 56% improvement in decision-making, 47% increase in efficiency and a 40% enhancement in financial performance were some of the observed benefits of adopting business intelligence software. These benefits of using BI software can lead to a competitive advantage, better fiscal strategies and improved business outcomes. - Source: Finances Online

  • 58% adoption rate of business intelligence is seen in manufacturing, making it the most popular industry for BI adoption. This fact indicates the industry-specific relevance of BI and its potential to drive growth, efficiency and revenue for manufacturing businesses. - Source: Webtribunal

  • 60% of research and development (R&D) sections value self-service business intelligence strategies, much higher than IT sections trailing at 20%. This stat outlines how R&D professionals prefer self-service BI that empowers even non-technical users to access and analyze data independently for agile decision-making, reducing the dependency on IT teams. - Source: Techjury

  • 20% increase in marketing ROI can be achieved by leveraging BI-driven marketing analytics software. This highlights the impact of business intelligence in marketing analytics by providing insights that enable optimization of marketing campaigns and improved audience targeting. - Source: Clickup

  • 39% of organizations reported enhanced customer satisfaction with the deployment of business intelligence software. This stat indicates that business intelligence software can help customer-facing teams better understand the needs of end-users and tailor their offerings and services accordingly. - Source: Finances Online

  • $18.5 billion is the predicted valuation of the Analytics & BI application market by 2026. This demonstrates the increasing investment in analytics and BI applications, reflecting the growing demand for advanced data analysis and visualization tools. - Source: Exploding Topics

  • 44% of organizations report that they have identified new revenue streams and additional sources of income using business intelligence. This stat highlights the potential for growth and innovation that business intelligence strategies bring, apart from offering real-time, data-driven decision-making. - Source: Finances Online

  • 95% of enterprise software vendors consider cloud BI as a necessity. This stat emphasizes the widespread recognition of the importance of cloud-based business intelligence solutions in meeting the evolving needs of organizations. - Source: 99firms

  • 175 zettabytes of data will exist in 2025, up from 33 zettabytes in 2018, marking a significant increase in the availability of data for business analytics. This stat highlights the rising importance of business intelligence is partly driven by the ever-increasing amounts of data available to businesses. - Source: Finances Online

  • 32% of business executives say they have the capacity to create measurable value from enterprise data. This indicates that a significant portion of businesses are still struggling to derive actionable insights from their data and underscores the need for more effective utilization of enterprise data in BI strategies. - Source: Exploding Topics

  • 90% of Fortune 500 businesses already use competitive intelligence strategies to gain an edge in their industry. This stat shows that most large enterprises are using business intelligence to not only drive their decision-making but also to stay ahead of the curve by gaining a competitive advantage in the industry. - Source: Webinarcare

  • 112% ROI was observed over five years for Enterprise Resource Planning systems with advanced business analytics. ERP systems that house vital enterprise data show a significantly high return on investment when integrated with advanced business analytics. - Source: Michell Consulting Group

  • 73.4% of organizations consider BI adoption to be challenging. This figure highlights that adopting business intelligence is still quite challenging, as most businesses fail to develop a data-driven, data-first culture within the workplace. - Source: Finances Online

  • 9.1% market share makes SAS Institute the biggest player in the business intelligence analytics services market, followed by SAP (8.1%), Microsoft (8.0%), IBM (7.4%), Salesforce (6.4%) and Oracle (6.2%). This highlights that the BI analytics and services market has some major players, of which the top 7 constitute nearly half the market size. - Source: Financesonline

  • 30% of large-scale organizations will have adopted decision intelligence by 2023. This stat shows that decision intelligence is evolving within BI circles, as businesses look to grow by leveraging fact-based data for decision-making. -  Source: Techjury

 

It’s A Wrap – Not Really!


These 21 mind-blowing stats about business intelligence have surely opened our eyes to the power of data. With the rising demand for data-driven decision-making, it's clear that BI will be key in shaping the future of businesses.

Moving into 2024, it's clear that BI will continue to play a greater role in helping businesses stay competitive, adapt to changing market conditions and drive efficiencies. As we wrap up, remember the wise words Yoda said about business intelligence, "The force is strong with this one!"

Master Yoda also suggests:

TechDogs-"It’s A Wrap - Not Really!"-"An Image Of Yoda"
So, bookmark this page and stay tuned for more BI brilliance. Check in soon as we will add more of the latest and hottest business intelligence stats of 2024!

Enjoyed what you've read so far? Great news - there's more to explore!

Stay up to date with the latest news, a vast collection of tech articles including introductory guides, product reviews, trends and more, thought-provoking interviews, hottest AI blogs and entertaining tech memes.

Plus, get access to branded insights such as informative white papers, intriguing case studies, in-depth reports, enlightening videos and exciting events and webinars from industry-leading global brands.

Dive into TechDogs' treasure trove today and Know Your World of technology!

Disclaimer - Reference to any specific product, software or entity does not constitute an endorsement or recommendation by TechDogs nor should any data or content published be relied upon. The views expressed by TechDogs’ members and guests are their own and their appearance on our site does not imply an endorsement of them or any entity they represent. Views and opinions expressed by TechDogs’ Authors are those of the Authors and do not necessarily reflect the view of TechDogs or any of its officials. All information / content found on TechDogs’ site may not necessarily be reviewed by individuals with the expertise to validate its completeness, accuracy and reliability.

Tags:

Workforce Analytics SoftwareBusiness Intelligence Stats BI Stats Data Science BI BI Analytics Business intelligence and analytics Business Intelligence Benefits Business Intelligence Challenges Data Science Jobs Competitive Intelligence Data-Driven Insights Customer Satisfaction Cloud BI Stats ERP Systems Enterprise Data Stats BI Facts BI Stats 2024

Join The Discussion

  • Dark
  • Light