Business Intelligence Software - Hong Kong

In 2024, the projected revenue in the Business Intelligence Software market in Hong Kong is estimated to reach US$82.38m.
Looking ahead, the market is expected to display a compound annual growth rate (CAGR 2024-2029) of 5.76%, resulting in a market volume of US$109.00m by 2029.
Furthermore, it is anticipated that the average Spend per Employee in the Business Intelligence Software market in Hong Kong will reach US$22.09 in 2024.
When comparing global revenue, it is noteworthy that United States is expected to generate the highest revenue in the industry, with an estimated amount of US$13.96bn in 2024.
The adoption of Business Intelligence Software in Hong Kong is rapidly increasing, driven by the need for data-driven decision making in the competitive 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 Software in Hong Kong has been on a steady rise in recent years.

Customer preferences: Hong Kong businesses are increasingly adopting Business Intelligence Software to stay competitive in the market. With the growing importance of data-driven decision-making, companies are seeking to leverage technology to gain insights into their operations and customer behavior. Additionally, the rise of e-commerce and digitalization has created a need for businesses to analyze online data to optimize their sales and marketing strategies.

Trends in the market: One of the major trends in the Hong Kong Business Intelligence Software market is the adoption of cloud-based solutions. Cloud-based software offers greater flexibility and scalability compared to traditional on-premise solutions. As a result, more businesses are opting for cloud-based Business Intelligence Software to streamline their operations and reduce costs. Another trend is the integration of artificial intelligence and machine learning capabilities into Business Intelligence Software. These technologies enable businesses to automate data analysis and gain deeper insights into their operations.

Local special circumstances: Hong Kong's position as a global financial hub has contributed to the growth of the Business Intelligence Software market. The city's large financial sector has a high demand for data analytics tools to manage risk and make informed investment decisions. Additionally, the government's push towards digital transformation has created opportunities for businesses in various sectors to adopt Business Intelligence Software to improve their operations.

Underlying macroeconomic factors: Hong Kong's strong economy and business-friendly environment have attracted many foreign companies to set up their operations in the city. This has created a competitive business landscape where companies are seeking to gain an edge through technology. Additionally, Hong Kong's strategic location and connectivity with Mainland China have made it an attractive destination for businesses looking to tap into the Chinese market. As a result, the demand for Business Intelligence Software is expected to continue growing in the coming years.

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.

This report presents a comprehensive analysis and additional information on the Technology market, in a PDF format.

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These activities are planned and put into stages in a logical order, a process known as the software development life cycle (SDLC) or software development. The SDLC often includes six stages: requirement analysis, design, development, testing, implementation, documentation, and evolution. Programming languages such as JavaScript and C++ are used to create software, with JavaScript being the most popular programming language in 2023 and used by roughly 65 percent of software developers.