November, 2024
As the above graph shows, most readers of BI tools are owners and managers of the companies who access these tools. BI tools enable millions of people to access real-time data with actionable insights. BI-business intelligence is the term that refers to briefly explaining the insights in chart or infographic format, which is majorly driven by the data source from an organization. A diverse range of projects use at least one BI tool for specific business questions, and complex strategies must be applied to expand the business further. Today, 52% of software companies use BI tools, with Microsoft Power BI being the most popular BI tool, holding a 36.53% market share.
Organizations currently leave 97% of gathered data unused. Due to tremendous untapped potential, the BI market has significant scope for growth. Currently, the manufacturing industry has the highest cloud BI adoption rate, with 58% of companies using at least one BI tool. This is expected to grow significantly during the coming years as over 90% of research and development departments consider BI critical for future endeavors.
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