Business Intelligence Software - Kuwait

In 2024, the projected revenue in the Business Intelligence Software market in Kuwait is expected to reach US$9.29m.
This forecast indicates that the market is likely to experience an annual growth rate (CAGR 2024-2029) of 2.42%, resulting in a market volume of US$10.47m by 2029.
Furthermore, the average Spend per Employee in the Business Intelligence Software market in Kuwait is projected to reach US$3.65 in 2024.
When compared globally, it is worth noting that United States is expected to generate the highest revenue, reaching US$13.96bn in 2024.
Kuwait's growing demand for Business Intelligence Software reflects its commitment to leveraging data-driven insights for strategic decision-making in the software market.

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 Kuwait has been on the rise in recent years, with many companies adopting these tools to gain insights into their operations and make data-driven decisions.

Customer preferences: Kuwaiti companies are increasingly looking for software solutions that can help them analyze large amounts of data quickly and easily. Business Intelligence Software allows them to do just that, by providing real-time data analysis and reporting capabilities. Additionally, many companies are looking for software that is user-friendly and can be easily integrated with their existing systems.

Trends in the market: One of the key trends in the Business Intelligence Software market in Kuwait is the growing adoption of cloud-based solutions. This allows companies to access their data from anywhere, at any time, and also helps to reduce the cost of maintaining on-premise infrastructure. Another trend is the increasing use of Artificial Intelligence and Machine Learning technologies, which can help companies to identify patterns and insights in their data that would be difficult to detect manually.

Local special circumstances: One of the unique challenges in the Kuwaiti market is the relatively small size of the business community. This means that there is a limited pool of potential customers for Business Intelligence Software providers, which can make it difficult for new entrants to gain traction. Additionally, there is a strong cultural preference for face-to-face interactions, which can make it challenging for software providers to sell their products remotely.

Underlying macroeconomic factors: The Kuwaiti economy has been heavily reliant on the oil and gas industry for many years, but the government is now looking to diversify the economy and encourage the growth of other sectors. This has led to increased investment in areas such as technology and innovation, which is likely to drive demand for Business Intelligence Software in the coming years. Additionally, the government has launched several initiatives to support small and medium-sized businesses, which could also create new opportunities for software providers.

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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