IDC: China's business intelligence and analytics software market was $520 million in the second half of 2023, up 3.7% year over year

The Zhitong Finance App learned that according to the “China Business Intelligence and Analysis Software Market Tracking Report, 2023H2” recently released by IDC, in the second half of 2023, China's business intelligence and analysis software market size was 520 million US dollars, an increase of 3.7% over the previous year. Among them, local deployment revenue accounted for 89.3%, up 1.7% year on year; public cloud model revenue accounted for 10.7%, up 17.9% year on year.

According to IDC's latest forecast data for the next five years, the overall market growth rate for business intelligence and analysis software in China will return to a high point in 2025. China's business intelligence software market is expected to reach US$1.74 billion by 2028, with a compound annual growth rate (CAGR) of 13.7% over the next 5 years.

The depth of use of business intelligence and analytical software products by Chinese companies varies greatly. Most users' needs focus on data visualization and simple analysis requirements such as reports, cockpits, dashboards, and large data screens. Judging from the share of China's business intelligence and analytical software sub-market in the second half of 2023: business intelligence software is still the most important demand in the current market, accounting for 89.3% of the market share; advanced analysis and predictive analysis accounts for 10.7% of the market share.

In the second half of 2023, the top ten manufacturers in China's business intelligence market accounted for a total of 68.0%. The share of each manufacturer is as follows:

Wang Nan, IDC China Enterprise Software Market Research Manager, said that in 2023, integration with artificial intelligence, especially big language models and generative artificial intelligence technology, will become the most important development trend for business intelligence and analytical products. Most vendors have introduced question-and-answer queries and intelligent assistant (Copilot) features, which have greatly improved product ease of use and significantly lowered the threshold for professional business analysis. In order to make better use of the effectiveness of artificial intelligence technology, most manufacturers have also begun to establish or improve data models and business index systems at the bottom of the product. With the deepening integration with artificial intelligence technology, business intelligence and analytics products will help enterprises achieve greater intelligence and automation in business decisions.