Article by Luka Leško, Ph.D, President of SSBM Geneva.
Business intelligence (BI) is a technology-driven process for delivering actionable analysis for making quality and timely business decisions. The BI market is expanding rapidly as companies increasingly rely on data to make informed decisions and gain a competitive edge. Factors such as the proliferation of big data or the widespread adoption of cloud computing and artificial intelligence are expected to continue driving the growth of BI in general. Nowadays, about one-quarter of enterprises have created a data-driven organization. At the same time, according to Deloitte, companies with CEOs who make data-driven decisions are 77% more likely to succeed. In terms of application, Marketing & Sales as well as Finance or Customer Service represent the areas of the widest BI application. It is also important to emphasize that almost 90% of Research & Development departments consider BI critical for future achievements.
The review of scientific and professional research categorizes the benefits of applying BI in detecting early business-related warnings, achieving competitive advantage, neutralization of market-related risks, positive financial effects in general, etc. In recent times, there have been numerous BI trends that stand out for their usefulness, depending on the type and size of the company.
Based on type in general, the global BI market can be categorized into Descriptive Analytics (processing of past data to detect patterns) and Predictive Analytics (combining machine learning and statistical models to predict), while some of the most prevalently used are Big Data Analytics, Natural Language Processing, Data Quality Management, Cloud, Mobile BI, etc. Trends indicate a continued evolution of BI, emphasizing the need for agility, user empowerment, and stronger data governance as organizations navigate an increasingly complex data landscape. Also, BI tools are increasingly being integrated with other business applications (CRM or ERP for example) to provide a more holistic view of performance across various functions. For example, augmented analytics combines AI with BI to enhance data preparation, insight generation, and sharing. This approach allows businesses to democratize data and analytics across the organization.
According to Precedence Research, the global business intelligence market size is estimated at USD 31.34 billion in 2024 and is anticipated to reach around USD 63.17 billion by 2034. Based on enterprise size, the large-size segment is dominating the market and holding the biggest revenue share. In geographical terms, the United States traditionally represents the largest BI market. Observing Europe in which the healthcare BI market is rapidly increasing, Germany leads in the use of BI especially due to manufacturing and automotive industries while the UK’s BI market is witnessing significant growth over the past few years. It is interesting to point out that Indian SMEs are increasingly adopting BI for affordability and scalability, partially fueled by governmental digital initiatives while China is emerging as a BI powerhouse, driven by government support for big data, AI, and digital transformation across various sectors from manufacturing to finance and e-commerce (Straits Research). BI in Japan is on an upward trajectory, influenced by technological advancements and the need for fast and quality data-driven decision-making. Companies that strategically invest in BI capabilities can expect to enhance their competitiveness in both domestic and global markets.
The landscape for BI in South America has been evolving rapidly, driven by advancements in technology, increasing data availability, and a growing focus on data-driven decision-making among organizations. This market is expected to further evolve with the rise of self-service BI tools especially, enabling end-users to generate insights independently. BI in Africa holds significant potential to transform industries by enabling data-driven decision-making. Despite the challenges, the increasing emphasis on technology and data analytics suggests a bright future for BI across the continent. Many African governments are recognizing the importance of data in policymaking and have started to develop national data strategies. At the same time, a lot of African startups are developing homegrown BI solutions tailored to local needs, focusing on affordability and ease of use. BI in Australia is a dynamic field influenced by technological advancements, changing business needs, and regulatory environments. The demand for BI professionals in Australia is growing, driven by the increasing importance of data in making informed business decisions. Sectors such as finance, healthcare, retail, and technology are particularly active in seeking BI experts.
Accordingly, BI Analysts are increasingly needed in the global labor market with skill sets involving data analysis, and statistics, especially when combined with business acumen. Key skills often include proficiency in BI tools (e.g. Tableau, Power BI, Looker), data management platforms, and a solid understanding of data warehousing concepts while the most sought-after positions include Data Analyst, Data Scientist, BI Solutions Architect, BI Developer, Data Visualization Specialist, etc. The job market for BI analysts is expected to grow by approximately 20% from 2024 to 2030.
SSBM Connection
Students at the SSBM have the opportunity to acquire the aforementioned knowledge and skills through various programs, such as Business IT which provides both formal and skills-oriented background for a quality BI Analyst combining theoretical and practical knowledge in finance, management, entrepreneurship, but also in innovation, and change management, digital business acceleration, artificial intelligence, big data, data visualization, cloud computing, SQL, etc. Based on Swiss Quality educational standards, programs were designed in partnership with over 30 international companies, while students use the world-class learning management system used by Harvard and MIT.