5 Data Analytics Statistics to know for 2022
1. The global business intelligence market will be valued at $30.9 billion by 2022
According to research by Beroe, Inc., a leading provider of procurement intelligence, the global business intelligence market is estimated to reach $30.9 billion by 2022. and key drivers include big data analytics, demand for data-as-a-service, demand for personalized, self-servicing BI capabilities.
2. 60% of organizations report company culture as being their biggest obstacle to success with business intelligence.
Dresner’s Business Intelligence Market Study 2021 revealed that the most significant obstacle to success with business intelligence is “a culture that doesn’t fully understand or value fact-based decision-making.” 60% of respondents reported this factor as most damaging.
3. Retail/Wholesale, Financial Services, and Technology organizations are increasing their BI budgets by over 50% in 2022
Retail/Wholesale, Financial Services, and Technology organizations are the top industries increasing their investment in business intelligence. Each of these industries is planning to increase budgets for business intelligence by over 50%, according to Dresner’s Business Intelligence Market Study 2021.
4. 63% of companies say that improved efficiency is the top benefit of data analytics, while 57% say more effective decision-making
Finances Online reports that organizations identify improved efficiency and more effective decision-making as the top two benefits of using data analytics.
5. The global big data analytics in retail market generated $4.85 billion in 2020, and is estimated to increase to $25.56 billion by 2028, with a CAGR of 23.1% from 2021 to 2028.
Retail is investing heavily in data, according to a report by Allied Market Research. The rise in expenditure on big data analytics tools, the need to deliver personalized customer experience to increase sales, and the growth of e-commerce are all contributing to this growth.
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