Business Intelligence Statistics: Emerging Trends & Insights 2023

Business Intelligence Statistics: Emerging Trends & Insights for 2023

Kate Sukhanova Senior Statistics Contributor

Updated: June 12, 2023 | 8:31 AM

The concept of business intelligence (BI) isn’t new, but it can be more powerful than ever in today’s data-driven world. The unprecedented generation of data and rapid technological advancements mean being able to make good decisions can be decisive for business success. Staying abreast of the latest business intelligence statistics and trends is hence critical for organizations seeking a competitive edge.

In this piece, we’ll delve into key BI statistics and trends for 2023 and explore the potential challenges and opportunities of today’s business world. Let’s dive in.

Key Business Intelligence Statistics for 2023

Source: Dresner Advisory Services, LLC

Business Intelligence encompasses the practices and technologies that gather, store, and evaluate the raw data generated through a business’ activities by a variety of sources.

Or, to put it more simply – it’s a way to turn all the information and data flying around a business into a big picture with actionable insights that add value to its activities and operations.

Let’s now look at the key BI statistics for 2023.

Market Size & Growth of Business Intelligence

First, we’ll look at the global business intelligence market size.

According to a study by Fortune Business Insights, the BI market is worth $29.42 billion today, and it’s projected to grow to $54.27 billion by 2030, with a CAGR of 9.1% And the mobile business intelligence (BI) segment is forecast to grow to $34.2 billion by 2028. Those figures tell us that the demand for BI solutions is rapidly increasing.

Adoption Rates & User Satisfaction with BI Tools in 2023

It’s expected that 33% of large businesses worldwide will be using BI solutions in 2023, growing from 26% in 2020. However, BI software adoption rates vary across regions, industries, and company sizes.

For instance, the US has the world’s highest BI tools adoption rate, at 30.9%. It’s also the largest source of BI revenue – with predicted revenue for 2023 at $13.15 billion.

But are BI tools effective? The best metrics for BI software user satisfaction are usage metrics – how many users use BI in an organization and how frequently. You can track usage through server logs, surveys, and feedback forms. But ultimately, the best effectiveness indicators for BI tools are the decisions taken by management on the basis of BI data.

Emerging Trends in Business Intelligence

Source: BARC

It’s no surprise that the top emerging BI trends for 2023 and beyond are AI and ML (Artificial Intelligence and Machine Learning), given AI’s increasing prevalence and its ability to provide actionable insights for the best business decisions.

Another BI trend is lightning-fast real-time analytics, which helps businesses make swift decisions. Predictive analytics, which uses historical data and forecasting to predict future trends and risks, are another trend to pay attention to. These analytics approaches can help businesses strategize and optimize their operations based on predicted trends.

One more BI trend is advanced data visualization. This sees your data being turned into compelling and informative content, such as infographics, maps, and 3D visualizations. Such visualizations can increase team engagement and help management to spot patterns.

Integration of AI and ML in BI

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The amount of data generated every day is mind-boggling. At least to a human mind, that is. And as a result, around 70% of data generated by organizations goes unused.

However, when AI and ML come into play, that data can add value to your business intelligence and decision-making processes. With the help of AI, your BI insights can be relevant, clean, and error-free.

BI number crunching executed by AI is much faster than regular data analysis and can be accompanied by insights and forecasts. Business decisions based on AI-boosted BI can hence be much more rooted in the facts and supported by actionable insights.

Real-time Analytics, Predictive Analytics, and Advanced Data Visualization in BI

Source: Eckerson

Real-time Analytics

RTBI (Real-Time analytics in BI) is fairly self-explanatory – it allows you to track live data as it flows in, giving you instant insights and answers to your questions. So, in essence, it functions rather like the best CRM systems you can imagine.

With RTBI, you can react to events immediately, staying one step ahead of the competition. Some examples of RTBI applications are:

Tracking customers’ behavior during specific seasons and their reaction to seasonal promotions
IT project management dashboard with a real-time view of support ticket status
Real-time credit scoring

Predictive Analytics

Like this infographic? Feel free to use it on your website or blog, but please remember to give us credit by linking back to techreport.com/statistics/business-intelligence-statistics in your post.

Predictive analytics in BI is used to predict future scenarios based on historical business data and statistical models. Thanks to the advanced tools on offer, businesses can use predictive analytics to make reliable forecasts of client behavior, sales trends, and potential risks.

So, it’s a great strategy for staying ahead of the game, and it’s not surprising that Facts and Factors forecasts the predictive analytics market in BI will reach $22.1 billion by 2026, with a CAGR of 24.5%.

And as you can see from the infographic, the adoption of predictive analytics in the healthcare industry is significant around the world. The global average is 56%, and the American average is 66%.

Advanced-Data Visualization

Advanced data visualization, as we mentioned, is a great way for businesses to visualize data to make it accessible and attractive. Since 90% of the information we digest is visual, advanced data visualization can substantially increase your team’s engagement.

Insights & Opportunities for Businesses

One of the most important practices for implementing BI strategies is having a clear goal in mind and splitting it into key questions and objectives. To achieve this, you can call on the power of AI and ML and work on your data governance to ensure your BI data is secure and reliable while you work towards your goals.

Cloud-based BI solutions and augmented analytics can make a huge difference to how you make your business decisions.

Let’s take a closer look at these BI opportunities.

Leveraging AI & ML in BI for Competitive Advantage

Source: Statista

According to Statista, the AI market is poised to grow from $207 billion in 2023 to $1.8 trillion in 2030.

These figures mean that everything is on the table when it comes to AI in BI. With so many AI use cases for BI, ranging from advanced data analytics and insights to predictions about customer behavior, businesses can gain a competitive edge from various angles.

Error and anomaly detection is one. Another is the aggregation of data and real-time analytics. For example, did you know that 33% of healthcare organizations worldwide use AI for BI reports and dashboards? Another significant AI use case for these organizations is NLP (Natural Language Processing), used by 36%.

Data Governance & Ethical Considerations in BI Implementation

Data governance in BI offers a framework for successful data management within the business, and it goes hand-in-hand with ethical considerations.

For optimal BI data governance and compliance, you need to have functional and enforceable policies and procedures in place which can ensure the quality and consistency of BI data. These policies should reflect your business’s mission and values. Those related to data integrity and the transparency of data collection and its use and storage are particularly important.

Having data governance standards in place can ensure that data is managed effectively and appropriately – and it can help prevent BI horrible fails.

Cloud-Based Business Intelligence & the Rise of Mobile BI

Source: Statista

Despite the relatively low overall adoption rate for BI tools (33%), the adoption rate of cloud-based business intelligence tools in manufacturing was 58% in 2020. The finance industry adoption rate was 40% that year.

The best cloud solutions for BI are flexible and scalable on the basis of demand. Usage is one of the top metrics for BI effectiveness, so effective solutions must meet the demands of their clients and enable them to manage data volumes at various scales.

The flexibility and scalability of cloud-based BI also means that investing in cloud-based BI can save the company money in the long term as it wouldn’t have to buy extra hardware and software services as it grows. In fact, cost-saving was the most important reason 54% of companies said they invested in cloud-based data environmentswhen asked.

Finally, the rise of mobile business intelligence is changing how companies use and interact with their data. The instant availability of critical insights and intuitive visualizations on smartphones allows executives to make swift decisions on the go – a must in today’s fast-paced business world. So, it’s no surprise that the mobile BI market is forecast to grow to $96 billion by 2032.

Augmented Analytics & Natural Language Processing in BI

Augmented analytics sees AI and ML assisting with data preparation and insight generation and explanation to augment your work with data in BI platforms. This means you have a ready AI model you can use to make better decisions without having to manually handle your data.

Automated explanation is an example of using augmented analytics to add value to your BI. The concept uses NLP to sum up important relationships between the key variables in a data set and give viewers readable and actionable insights into the data. Automated insights also use NLP to create explanations of critical data.

Here are some more use cases for augmented analytics in BI:

Automated forecasting
Automated outlier detection
Simplification of work for data scientists

Top Takeaways – Key BI Statistics & Insights

The business intelligence market is projected to grow to $54.27 billion by 2030, with a CAGR of 9.1%
The BI software adoption rate will grow from 26% in 2020 to 33% in 2023
The predictive analytics market in BI will reach $22.1 billion by 2026, with a CAGR of 24.5%
66% of US healthcare providers have adopted predictive analytics in BI
The mobile business intelligence market is forecast to grow to $96 billion by 2032

AI & BI: What are the Implications?

As we’ve explored in this article, AI and ML can turbo-charge business intelligence insights, especially in the form of real-time and predictive analytics. Integrating them into your BI strategies can transform how your organization harnesses the power of data. And with the rise of cloud-based and mobile BI tools, insights are available instantly – and they can be much more engaging than old-school spreadsheets.

However, as you gain a competitive edge thanks to AI-powered BI, make sure you’re mindful of data governance and ethical considerations.

References

Kate Sukhanova Senior Statistics Contributor

Kate is an accomplished tech writer and SaaS (Software as a Service) founder, renowned for his expertise in the technology industry. She holds a Bachelor of Laws from the esteemed University of Exeter, where she honed his critical thinking and analytical skills.

Beyond her entrepreneurial endeavors, Kate is a true statistics geek. She revels in the world of data and derives insights that drive decision-making and business strategies. This penchant for numbers enhances her ability to craft data-driven articles, guiding readers through complex topics with clarity and reliability.

Kate's passion for knowledge and curiosity about emerging technologies drive her to learn and stay ahead of the curve continuously. She is deeply committed to sharing valuable information about innovations that have a tangible, positive impact on businesses and society.

View all posts by Kate Sukhanova

Business Intelligence Statistics: Emerging Trends & Insights for 2023

Key Business Intelligence Statistics for 2023

Market Size & Growth of Business Intelligence

Adoption Rates & User Satisfaction with BI Tools in 2023