Haitong Securities International·2025-04-16 12:31Investment Rating - The report suggests that Tableau Next has the potential to dominate the high-end market due to its AI-driven insights and enterprise-level workflow integration, despite Power BI's advantages in pricing and accessibility [4][11]. Core Insights - Tableau Next represents a significant shift from traditional BI tools to AI-driven decision-support platforms, addressing critical pain points such as time-consuming data cleaning and the need for real-time insights [2][8]. - The product features innovative tools like Data Pro for automated data cleaning, Concierge for natural language queries, and Inspector for real-time monitoring, enhancing its integration with Salesforce's Data Cloud and CRM [2][8][6]. - Initial feedback from the Tableau Conference 2025 indicates strong market acceptance, with significant enthusiasm from the community, customers, and partners since the product's launch [9][10]. Summary by Sections Product Launch and Features - Tableau Next was launched at the Tableau Conference 2025, utilizing Agentic Analytics to enable collaboration with AI agents and embedding actionable insights into existing dashboards and applications [1][7]. - Key features include Data Pro for automated data preparation, Concierge for natural language processing, and Inspector for real-time data monitoring, all designed to enhance user experience and decision-making [6][8]. Market Position and Competition - Over 75% of business leaders are under pressure to demonstrate data value, increasing the demand for trusted insights [2][8]. - Tableau Next's subscription fee starts at $70 per month, significantly higher than Power BI's $10 per month, which may limit its penetration in price-sensitive markets [3][10]. - Power BI currently holds a larger market share (36%) compared to Tableau (26%), attributed to its lower pricing and integration with the Microsoft ecosystem [3][10]. Future Potential - Tableau Next's AI capabilities and integration with Salesforce are expected to attract high-end clients, particularly those already using Salesforce CRM [4][11]. - To remain competitive, Salesforce may need to consider flexible pricing or added-value services, as Tableau Next's high subscription fees could restrict its appeal to small and medium-sized enterprises [4][11].