Business Intelligence Software - Croatia

In 2024, the projected revenue in the Business Intelligence Software market in Croatia is expected to reach US$12.44m.
This indicates a positive growth trend, with an annual growth rate (CAGR 2024-2029) of 5.55%.
By 2029, the market volume is estimated to reach US$16.29m.
Additionally, the average Spend per Employee in the Business Intelligence Software market in Croatia is projected to reach US$7.19 in 2024.
In a global comparison, it is noteworthy that United States is expected to generate the highest revenue in the Business Intelligence Software market, reaching US$13.96bn in 2024.
Croatia's growing demand for Business Intelligence Software indicates a shift towards data-driven decision-making in the country's business landscape.

Definition:

The Business Intelligence Software market covers software applications that support organizations in analyzing, visualizing, and reporting data. They are also used to present information in a business context and thus support rational business decisions. These applications help to access data, implement queries, create reports, and perform advanced predictive analytics.

Products in the Business Intelligence Software market can be obtained in two ways: as on-premises software that is sold via a transactional license or a subscription and as cloud-based software (software as a service/ SaaS) that is most frequently sold as a subscription.

Additional Information:

The Business Intelligence Software market comprises revenue and revenue growth as the key performance indicators. Only the revenues that are generated by primary vendors at the manufacturer price level either directly or through distribution channels (excluding value-added tax) are included and the revenues generated by resellers are excluded. Revenues are generated through both online and offline sales channels and include spending by enterprises (B2B) and governments (B2G).

Key players in this market include SAS Institute, SAP, and IBM.

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Reporting & analysis software, such as Zoho Analytics, IBM Cognos Analytics, and Domo
Advanced & predictive analytics, such as Tableau, Amazon Forecast, and Adobe Analytics

AI software platforms, such as OpenAI, Alphabet, and DeepMind
Supply chain and product analytics, such as Azure Machine Learning, Tableau, and Qlik Supply Chain Analytics
Analytic data management and integration, such as SAS, IBM, TIBCO, and DataStax
Analytics and performance management applications, such as Paycor, BambooHR, and Lattice

The demand for Business Intelligence (BI) software has been steadily increasing in Croatia, driven by the need for businesses to make data-driven decisions and gain a competitive edge in the market.

Customer preferences: Croatian businesses are increasingly looking for BI software that can provide real-time data analysis, predictive analytics, and data visualizations. They also prefer software that is user-friendly, customizable, and can integrate with other business applications. Cloud-based BI solutions are also becoming more popular due to their flexibility and cost-effectiveness.

Trends in the market: One of the major trends in the Croatian BI software market is the adoption of self-service BI tools. These tools allow business users to access and analyze data without the need for IT support. Another trend is the use of AI and machine learning in BI software, which can help businesses gain insights from large datasets and make more accurate predictions. Additionally, there is a growing demand for mobile BI solutions, as more employees work remotely and need access to data on-the-go.

Local special circumstances: The Croatian market is relatively small, with a limited number of BI software vendors. This has led to increased competition among vendors, with many offering specialized solutions for specific industries or business functions. The country's membership in the European Union has also made it easier for Croatian businesses to adopt international BI software solutions.

Underlying macroeconomic factors: Croatia has seen steady economic growth in recent years, with a focus on developing its technology and innovation sectors. This has led to increased investment in IT infrastructure and a growing demand for BI software. Additionally, the COVID-19 pandemic has accelerated the adoption of BI software, as businesses seek to navigate the rapidly changing business environment and make data-driven decisions.

Data coverage:

The data encompasses B2B, B2G, and B2C enterprises. Figures are based on the allocation to the country where the money was spent at manufacturer price level (excluding VAT).

Modeling approach / Market size:

The segment size is determined through a top-down approach. We use financial statements such as annual reports, quarterly earnings, and expert opinions to analyze the markets. To estimate the segment size for each country individually, we use relevant key market indicators and data from country-specific industry associations such as GDP, level of digitization, GDP sector composition, and observed level of software piracy.

Forecasts:

We use a variety of forecasting techniques, for instance, advanced statistical methods, depending on the behavior of the relevant segment. The main drivers are the GDP and the level of digitization.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

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