Self-Service BI Market: Segmented: By Component (Solutions, Services), By Deployment (On-Premise, Cloud), By Application (Sales & Marketing, Customer Engagement & Analysis, Fraud & Security Management, Risk & Compliance Management, Predictive Asset Maintenance, Operations Management, Supply Chain Management & Procurement, Others), By Industry Vertical (BFSI, Retail & E-Commerce, Telecom & IT, Government & Defense, Healthcare, Manufacturing, Media & Entertainment, Transportation & Logistics, Energy & Utilities, Others), And Region - Global Analysis Of Market Size, Share & Trends For 2021-2022 And Forecasts To 2032
[ 170 + Pages Research Report ] Self-Service BI Market to surpass USD 35.5 billion by 2032 from USD 7.23 billion in 2021 at a CAGR of 15.6% in the coming years, i.e., 2022-32.
Self-service Business Intelligence (BI) is a method of data analytics that helps businesses to access and examine data sets, irrespective of their familiarity with BI or similar processes, such as statistical analysis and data mining. Self-service BI tools simplify tasks like filtration, organization, study, and visualization of data without the interference of the enterprise’s IT teams or business intelligence. These improved tools and capabilities are increasingly being used by organizations to streamline every task, starting from executives to the frontline staff, to gain practical business insights from the data generated in BI systems. The key objective is to promote better decision-making that leads to profitable enterprise outcomes, such as more effectiveness, enhanced customer satisfaction, and more revenue.
The Self-Service BI Market is expected to project a notable CAGR of 15.6% in 2032.
The main factors driving the global Self-Service BI market are the introduction of cloud computing in the BI industry, an increase in company data volume, expanding SMB adoption, rising need for in-depth competitive insights, and ease of use. Another major growth of the market is the growing users’ inclination from traditional BI tools for business information examination to modern BI apparatuses and the expanding business sector of organized and unstructured information.
The Services segment is expected to grow with a higher CAGR during 2022-32
The Self-Service BI market is categorized on the basis of Components into Solutions and Services. The services segment is projected to hold the maximum share of the market over the forecast period. The services segment comprises counseling services and these services are experiencing escalating demand for self-service BI programming arrangements in the overall enterprise.
The BFSI segment is expected to grow with a higher CAGR during 2022-32
The Self-Service BI market is categorized on the basis of Industry Vertical into BFSI, Retail & E-Commerce, Telecom & IT, Government & Defense, Healthcare, Manufacturing, Media & Entertainment, Transportation & Logistics, Energy & Utilities, and Others. The BFSI industry accounted for the larger portion of the Self-Service BI Market in the past years and is expected to lead in the future as well. The growth is being driven by end users’ growing need to strengthen their security-associated responsibilities and their growing dependency on information obtained from various IT systems used for financial transactions.
The Growing Use of Data-Driven Decision Making Models in Businesses
The key drivers for the global Self-Service BI Market include the growing need to create inside and out cutthroat information inspection and the increasing volume of business information. Other elements that lift and intensify the development of the market comprise tireless evolving organizations, the requirement for being an improved investigation-driven association, and the failure to meet the business demands within the specified time. Also, the rise in data-driven decision-making models among enterprises is flourishing the analytics market, which has boomed the adoption of self-service BI platforms to gain insights without the need for a dedicated team or technical guidance.
Expanding Volume of Data generated by Businesses
The amount of data produced by business processes has increased due to digitization. Businesses can integrate and examine data from various silos and real-time data into reports using self-service BI tools. Moreover, business developers or main executives desire for systems that provide access to an adaptive semantic model and allow them to function as data modelers. Businesses can modify dashboards and reports using self-service BI tools. They can also assist users in filtering or creating reports based on their key performance indicators. Owing to these factors, the global self-service BI market is anticipated to progress over the forecast period.
High Initial Capital Requirement
The need for high initial capital for executing self-service BI applications is a major controlling variable of the global industry. This is required to hinder the market development to some extent. Besides, the growth of self-service examination instruments among small and medium-scale enterprises (SMEs) is a ground-breaking variable of the Self-Service BI Market.
The Self-Service BI market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. North America dominated the market in terms of revenue in 2018 owing to multiple early adopters of technology. This has resulted in a considerable increase in the number of businesses operating in this region. Asia-Pacific is also anticipated to hold a considerable growth rate during the projected period due to the region's high consumer density and rising SME population.
Since businesses across the globe are implementing BI and analytics to execute their goals and strategies for survival during the pandemic, the self-service BI market is anticipated to expand throughout the Covid-19 epidemic. Self-service BI market demand has increased due to the growing acceptance of the "work from home" idea amid lockdown by industries including media and entertainment, IT and telecom, healthcare, BFSI, and e-commerce & retail.
Self-Service BI is further segmented by region into:
Self-Service BI Market Segments:
|Market size value in 2021||USD 7.23 Billion|
|Revenue forecast in 2032||USD 35.5 Billion|
|Growth Rate||CAGR of 15.6% from 2022 to 2032|
|Base year for estimation||2021|
|Quantitative units||Revenue in USD million and CAGR from 2022 to 2032|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Component, Deployment, Application, Industry Vertical, and Region|
|Regional scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Key companies profiled||Zoho Corporation, Tableau Software, Microsoft Corporation, IBM Corporation, Oracle Corporation, SAP SE, SAS Institute, MicroStrategy, TIBCO Software, QLIK Technologies, Cisco Systems Inc, HCL Technologies Limited, UiPath Inc., Hewlett Packard Enterprise Company, and Others Prominent Players,|
The Self-Service BI market size was estimated at USD 7.23 Billion in 2021 and is expected to reach USD 35.5 Billion in 2032.
Self-service Business Intelligence is a software designed with a data analytics strategy so that businesses can easily access and estimate corporate data without the need for any prior understanding of BI knowledge, statistical analysis, or data mining.
The Services and BFSI industry segments accounted for the larger share of the Self-Service BI Market.
Key players in the Self-Service BI market are Zoho Corporation, Tableau Software, Microsoft Corporation, IBM Corporation, Oracle Corporation, SAP SE, SAS Institute, MicroStrategy, TIBCO Software, QLIK Technologies, Cisco Systems Inc, HCL Technologies Limited, UiPath Inc., Hewlett Packard Enterprise Company, and Others Prominent Players,
The key growth drivers of the self-service BI market include easy usage for the unskilled staff, growing need for in-depth competitive visions, and expanding business data volume.
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