Top 10 Business Intelligence Platforms for 2024

Top 10 Business Intelligence Platforms for 2024

Why is Business Intelligence Important in 2024?

Business Intelligence (BI) Market Analysis

The Business Intelligence market is projected to be valued at USD 33.34 billion in 2024, with an expected growth to USD 61.86 billion by 2029. This represents a Compound Annual Growth Rate (CAGR) of 13.16% during the forecast period from 2024 to 2029. The growth is attributed to the increasing demand for data-driven decision-making in business, fueled by the rise in big data and the need for quick and informed decision processes. The market is expected to continue expanding with technological advancements and higher levels of investment.

Business Intelligence Market Trends in 2024

The BFSI (Banking, Financial Services, and Insurance) industry is anticipated to be a key driver for market growth.

The banking sector is experiencing rapid expansion due to digitization and the swift adoption of various technological breakthroughs in recent years. The implementation of technologies and tools, such as Business Intelligence (BI) and data analytics, has been instrumental in helping banks comply with essential regulations, stay competitive, and meet the digital demands of today’s modern clients. These technologies empower financial institutions to make informed financial and operational decisions.

The banking industry is using modern technologies such as blockchain, artificial intelligence (AI), biometrics, and machine learning (ML). Financial institutions are exploring predictive and adaptive analytics, business automation, and the Internet of Things (IoT) to enhance their decision-making capabilities. As a result, it is expected that the banking, financial services, and insurance (BFSI) sectors will soon present lucrative opportunities for market participants.

What is Business Intelligence?

Business intelligence (BI) refers to all the processes, systems and technologies that transform raw data into understandable blocks identifying patterns, trends and relationships. BI can deliver insights to help drive business decisions. There is a clear line between the implementation of BI tools and an organisation’s agility, and ability to achieve its objectives. BI tools provide data analysis, converting large volumes of information into comprehensible blocks, such as reports, dashboards, maps, graphs, charts and so on.

What are the Benefits of Business Intelligence?

Business Intelligence involves the adoption of tools, techniques, strategies, applications, and practices by businesses to gather, integrate, analyze, and visualize information. The key benefits of business intelligence lie in its ability to facilitate better decision-making and gain a competitive edge by harnessing robust predictive analytics capabilities.

Informed Decision-Making:

  • BI provides a platform for data-driven decision-making. By aggregating and analysing vast datasets, organisations gain valuable insights into market trends, customer behaviour, and internal processes. Informed decisions lead to better outcomes and increased adaptability to dynamic business environments.

Improved Operational Efficiency:

  • BI tools streamline data processing, reducing the time and effort required for manual analysis. This operational efficiency not only saves resources but also allows teams to focus on strategic initiatives rather than routine tasks, driving overall productivity.

Enhanced Forecasting with Predictive Analytics:

  • BI incorporates robust predictive analytics capabilities, enabling organizations to forecast future trends and outcomes. By leveraging historical data and patterns, businesses can make proactive decisions and adapt strategies for better preparedness.

Real-Time Insights:

  • BI provides real-time reporting and analysis, allowing organizations to respond swiftly to market changes. Access to up-to-the-minute data ensures that decision-makers have the most current information, promoting agility and responsiveness.

Cost Optimization:

  • Identifying inefficiencies and areas for cost optimization is a key benefit of BI. By analyzing operational data, businesses can make informed decisions to streamline processes, reduce expenses, and maximize resource allocation.

Top Business Intelligence Platforms in 2024

1. Microsoft Power BI

Power BI is many people’s top choice of platform for good reason. In 2016, Microsoft announced more than 5 million subscribers using the platform. Microsoft Power BI is an analytical service that provides interactive data visualisation and business intelligence capabilities, with an interface which is simple enough for an end user to create their own reports and dashboards.


  • Different products with varying price points, but overall, more affordable than alternatives
    • Users can purchase Power BI Pro for $9.99/user per month; Power BI Premium costs $20/user per month. 
    • Free download and trial
  • Easier to use compared with other tools – based on more advanced rendering Excel pivot tables and data visualisation tools 
  • Ability to integrate with the current applications in your existing business environment, allowing you to analyse and create rich personalised dashboards.
  • Connects to hundreds of data sources
  • Supports collaboration between disciplines wherein different users can work together to create visualisations within the app, then publish them for viewing by their audiences.
  • Low IT support required
  • No need for coding knowledge
  • Frequent updates
  • Usable on multiple devices
  • Responsive customer service


  • Awkward user interface
  • Difficult to navigate when moving beyond simple visualisations
  • Inability to automate repetitive tasks, which necessitates a lot of manual effort – pointing and clicking to edit visualisations
  • Free version has limit on amount of data that can be processed around 2GB
  • Limited visual configuration compared to other tools

2. Tableau: Prep, Desktop, Server & Online, Mobile

Tableau Visual Analytics Platform

Tableau is considered the leading visual analytics platform. Tableau is suitable for business and academic use, and is an evolving platform with continuous upgrades. It is hard to estimate the number of active users, but the online “Tableau community” has more than 1 million members and 500 user groups.


  • Different subscription options 
  • Drag and drop functionalities enable creation of impressive visualisations
  • Can be used without coding background
  • Able to handle large volumes of data – millions of rows
  • Ability to connect to multiple data sources
  • Users can include Python or R scripts
  • Mobile device support
  • Free version for individual use


  • Expensive and different pricing or subscription options.
    • Personal use is priced at USD 70 per month billed annually. If there are multiple users, costs can rise dramatically.
  • Pricing for organisations can vary widely depending on number of users, cloud server or on-premises implementation. For example, a Tableau server with minimum deployment can cost USD 1,445 per month, billed annually.  Takes time to learn and can be difficult to pick up for newbies
  • No scheduling option – Reports must be manually refreshed.
  • No custom visual imports unlike other platforms like Microsoft Power BI.
  • Custom formatting for multiple fields must be done manually.
  • Static parameters – When data values change, parameters must be updated manually.
  • Dashboard layouts change if dashboard creators and end users screen resolution is different which means separate dashboards have to be created for mobile and desktop.
  • Limited data processing ability – Data has to be prepped and cleaned in a separate tool, like  Power BI, Excel and Alteryx before loading.
  • Coding know-how is needed to get the best out of the platform.

3. Qlik Sense

Qlik Sense Business Intelligence Platform

Qlik describes itself as a unique analytics engine, enabling users to generate insights missed by other BI query-based tools. It is a Windows application allowing users to create visualisations, charts, interactive dashboards, and analytics apps for local and offline usage. The company declares it has more than 38 thousand customers worldwide. 


  • Many attractive and colourful data visualisation options 
  • Enables complex data analysis, interpretation 
  • Data sharing for different teams and departments
  • Self-service – No need for IT support 
  • Low maintenance software
  • Strict data security
  • Fast analysis
  • Data compression capabilities
  • Direct and indirect data searches


  • Poor real-time data analytics
  • Needs larger RAM space 
  • Difficult end-user application development – needs SQL expertise
  • Extra purchases needed to fully exploit the platform
  • The business cloud solution costs USD 30 per month. Pricing for the Qlik sense Enterprise SaaS solution is not transparent.
  • Not easy to embed or integrate with other applications
  • Poor online and customer support 
  • No drag and drop functionality
  • Old-fashioned interface

4. SAP BusinessObjects BI Suite

SAP BusinessObjects Business Intelligence Tool

On-premises BI layer for SAP’s Business Technology Platform providing centralised capabilities for data reporting, visualisation and sharing. It is the preferred choice for nearly three thousand large companies, mostly based in the US. This is a large enterprise level tool that is not favourable for smaller organisations especially in terms of pricing.


  • Ability to create stunning visualisations 
  • Drag and drop interface
  • API integration features
  • Relatively easy to use web-based interface
  • Ability to upload the data into Excel for sharing conventional way
  • Scalable
  • Versatile integration – can be connected to different data sources like OLAP and XML, and other integration points such as SharePoint, Java, Microsoft Office and .NET.


  • Expensive licensing and overall pricing
  • Platform heterogeneity – SAP has acquired many companies over the years meaning product integration sometimes bumpy
  • Issues with reporting performance and quality
  • Server can be shut down due to heavy loads
  • Software upgrades challenging

5. Sisense

Sisense Business Intelligence Tool

Sisense is marketed as a user-friendly BI tool to manage large and complex datasets and is recognised as a leading cloud analytics platform by Gartner. It boasts 2,000+ customers from among leading international companies


  • Fast implementation
  • Big number of drag-and-drop tools
  • Interactive dashboards for ease of collaboration
  • Supports data export to PDF, Excel and CSV
  • Ability to work with huge data sets (terabyte-scale)
  • On premises & cloud-based options
  • Dashboard published in web environment allowing multiple device access
  • Custom in-chip technology optimising computation to use CPU caching rather than RAM – leading to 10-100x faster computing power
  • Elasticube, Sisense’s high-performance analytics database allows users to take data “snapshots”
  • Ability to integrate data from diverse sources such as Adwords, Google Analytics and Salesforce


  • Although Elasticube gives access to huge datasets, it is not user-friendly, needing substantial technical expertise (SQL)
  • Heavy application – requires server space and resources, and time to set up, and configure
  • Dashboards are only interactive on the web
  • No ability to schedule reports for sharing via email
  • Pricing is not transparent

6. SQL Server Reporting Services (SSRS)

SQL Server Reporting Services (SSRS) Software

SSRS is a server-based report generating software system. It is part of Microsoft’s SQL Server services, such as SSAS and SSIS. SSRS has a web interface used for generating and delivering reports. The SSRS service has an interface with Microsoft Visual Studio, allowing developers and SQL administrators to connect to SQL databases. Users have access to a variety of tools to produce formatted reports, including tables, charts and graphs.  


  • Free if you have Microsoft SQL Server Web-interface
  • Can generate and deliver collection of both interactive and printed reports
  • Ability to connect to multiple data sources such as Microsoft SQL, Oracle, and Excel, and more
  • Server based – users can build, share and view reports on the web
  • Caters to developers – works with other developer programs like Visual Studio
  • Ability to schedule reports with automated delivery
  • Excellent customer support


  • Not user-friendly – designed for use by developers and requires SQL knowledge
  • Takes up a lot of space 
  • Only runs on Windows
  • Extra work to generate reports for access on mobile devices
  • Old-fashioned interface
  • Software upgrades can be complicated
  • Enterprise edition is very expensive
  • Complex licensing . Every device running SSRS has to be licensed as if it was running a SQL server. SQL licences are based on 3 models: per processor, or server licence + charge per every device, or server licence + charge per user

7. TIBCO Spotfire

TIBCO Spotfire Data Analysis Platform

The Spotfire platform was developed in the 90’s and was acquired by TIBCO in 2007. This analytics platform is widely used for self-service data analysis. It is regarded as reliable, flexible, and scalable. One of its key features is the ability to integrate incompatible systems, connecting with over 25 possible data sources. It was recognised as one of the most loved software products by TrustRadius.


  • Designed for use by enterprises, it can significantly reduce cost of ownership because it allows the management of thousands of users over the web using a single database.
  • Cross analysis functions
  • Rich visualisation capabilities including dynamic dashboards and interactive visualisations
  • API features facilitate system set-up. The platform can connect to third-party tools, databases, and applications, enabling more complex data analysis
  • Multi-device access


  • Complicated UX
  • Difficult to learn
  • Lack of support documentation
  • BI and production reporting have to be developed
  • No templates – reports have to be created
  • Suitable for larger enterprises
  • Problems with screen resolution – reports generated on a device with a certain screen size or resolution can be distorted when viewed on other devices with different screen configurations.

8. Microstrategy

Microstrategy Platform

Microstrategy is popular for larger size businesses. With an integrated platform supporting web-based and mobile access, it boasts more than 4000 customers.


  • Ability to customise applications through large collection of APIs
  • Provides advanced analytics, dashboarding and data visualisation
  • Connects to variety of data sources e.g., cloud databases, data warehouses, physical access systems, information repositories, and web-based applications
  • Provides advanced predictive analytics powered by machine learning
  • Ability to schedule and automate reports for specific users based on preferences and security levels
  • Built-in data processing capabilities
  • Digital security credentials


  • Users take time to learn functionalities 
  • Difficult to generate and schedule customised reports
  • Formatting options are limited
  • Challenge dealing with larger data sets
  • Time-out errors when exporting to Excel

9. Domo

Domo Business Intelligence Dashboard

This BI platform is provided as SaaS with mobile, cloud-based, social, and community-based features. Domo provides a single, self-service solution controlling the access to an organisation’s data for all business roles.


  • Attractive real-time visualisations
  • Ability to integrate data from multiple sources
  • Supports collaboration
  • Drag-&-drop features
  • Interactive dashboards, and data exploration tools to help in developing dashboards 
  • Up to 5 users can access demo tool for free
  • Business cloud operations are supported – connection to all business data and applications
  • Social media communication and messaging features
  • Good after-sales service and customer support


  • Difficult learning process
  • User interface not easy to pick up
  • Missing machine learning (ML) and natural language elements which are present in many other BI platforms
  • Not right choice for enterprises with on-premises data preference
  • Too expensive for small-medium enterprises
  • Difficult to export charts to PowerPoint
  • Need to use screenshots to share data outside of Domo

10. SAS Visual Analytics (SAS Viya)

SAS Visual Analytics Business Analytics Dashboard

SAS Viya is one of the tools in the SAS Enterprise Solutions suite. It is described as a complete platform for analytics visualisation facilitating data exploration, analytics and reporting. SAS Viya is a more complex tool than PowerBI or Tableau. It requires users who are comfortable in a coding environment. While less user-friendly,  SAS VIYA  provides more extensive data preparation and modelling capabilities than many other BI tools, with the capacity to manage huge volumes of data.


  • Machine learning and natural language 
  • Interactive reports and dashboards 
  • Predictive analytics features
  • Self-service data preparation facility so that users can prepare own data creatively


  • Not easy to install or implement  
  • Not the most efficient tool for data preparation and data management
  • Forecasting requires manual work
  • Difficult learning curve
  • User interface is not intuitive
  • Limited graphing customization
  • High cost

Key Factors to Choose Best Business Intelligence Platforms

There are many excellent BI products available to meet the need for fast, accurate data analysis. There are few issues to keep in mind when choosing among the available products:

  • Understanding and articulating your data objectives:
    • What do you need the BI tool to deliver? This covers the level of analysis, visualisation, and customisation features.
    • Who will be using the BI tool and why? A small-medium sized company has different needs and resources from that of a large enterprise.
    • Security and customisation 
    • Product Functionality and Performance
    • Breadth of Services
  • Assessing implementation and maintenance requirements
    • What are the costs and time required to accomplish installation, system integration, employee training and upskilling?
    • Hardware or software costs including servers, cloud storage
    • Upgrades
    • After sales and customer support


To conclude, there are indeed a wide range of business intelligence tools out there, and all have their loyal users and a proven track record of providing solutions for data analysis. But once you have established what your goals are for your data journey, it will be easier to narrow down which business intelligence platform will be the best for your organisation. What needs to be kept front of mind is that employees will be using the platform. Their skills and knowledge are the starting point for extracting the maximum value out of your investment in any BI tool.

Data analytics goes beyond the ability to use tools, to code and to generate reports. It is based on the ability to “analyse” – to read and interpret the data. This data awareness needs to be instilled at all levels of the organisation, especially among decision makers. Generating dashboards, charts and reports is fine, but meaningless unless BI outputs are examined, challenged and interpreted.

Want to see how BI and data analytics can lift your business performance to another level? There is nothing more valuable than the insights that skilled data analysts can provide. At Pangaea X, we have a roster of the most highly qualified data experts in the world, experienced in getting the best out of the most commonly used BI tools.  Browse through our data analyst freelancer platform and select the talents that can accelerate your data journey.

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