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Business Intelligence Software - South Korea

South Korea

Revenue in the Business Intelligence Software market is projected to reach US$0.40bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 5.20%, resulting in a market volume of US$0.49bn by 2028.
The average Spend per Employee in the Business Intelligence Software market is projected to reach US$14.19 in 2024.
In global comparison, most revenue will be generated in the United States (US$13,790.00m in 2024).

Key regions: Germany, United States, Canada, South Korea, United Kingdom

Market

Region

Region comparison

Currency

Analyst Opinion

The South Korean market has been experiencing a steady growth in the Business Intelligence Software market.

Customer preferences: South Korean businesses are increasingly turning to Business Intelligence Software to efficiently manage their operations. The software enables businesses to analyze their data and make informed decisions. The software has become popular among businesses of all sizes and across various industries in South Korea.

Trends in the market: One trend in the South Korean Business Intelligence Software market is the increasing adoption of cloud-based solutions. Cloud-based solutions offer greater flexibility and scalability, making it easier for businesses to manage their data and access insights from anywhere. Another trend is the growing demand for mobile-friendly solutions. As more people rely on mobile devices, businesses are looking for solutions that can be accessed on-the-go.

Local special circumstances: South Korea has a highly competitive business environment, which has led to a strong emphasis on innovation and technology. This has created a favorable environment for the growth of the Business Intelligence Software market. Additionally, South Korea has a high level of internet penetration, which has made it easier for businesses to adopt cloud-based solutions.

Underlying macroeconomic factors: South Korea has a strong economy and is home to several large corporations. This has created a demand for sophisticated data analysis tools. Additionally, the government has been promoting the use of technology and innovation to drive economic growth. This has led to increased investment in the technology sector, including the Business Intelligence Software market.

Methodology

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.