The latest report by IMARC Group, titled “Self-Service BI Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global self-service BI market size reached US$ 6.8 Billion in 2021. Self-service business intelligence (BI) is a software developed with a data analytics approach. It enables business users to access and analyze business data without statistical analysis, BI knowledge, or data mining background. The software allows the implementation and installation of analytical solutions without the need for IT or data professionals. Self-service BI tools also permit the average employee to gain understanding and insights from data, enabling informed business strategies and decision-making. It also helps businesses promote collaborations on different divisions and utilize ad hoc querying. As a result, it finds application across a multitude of business functions, including operations, sales, marketing, finance, production, and human resources sectors.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Self-Service BI Market Trends:
The market is primarily driven by the rising data-driven decision-making models among enterprises that require technical guidance or a dedicated team. In addition, the increasing adoption of cloud computing services and the growing volume of business data are fueling the market growth. For instance, there has been increasing volume of structured and unstructured data across the globe, which is escalating the demand for self-service BI. Moreover, financial institutions like banks are aiming to make their workforce efficient using technology-driven processes for analyzing data and representing actionable information. Due to this, the adoption of BI solutions in banks reduces ongoing costs and maximizes existing talent utilization and resources, thereby fueling the need for self-service BI solutions. Besides this, self-service BI helps corporate executives to make data-driven business decisions and decentralize the business analytical process. Furthermore, factors such as rapid urbanization, increasing penetration of the internet, and the rising influence of social media platforms are positively influencing the market growth. Looking forward, the market is expected to grow at a CAGR of 15.09% during the forecast period (2022-2027).
- Based on the component, the market has been segmented into software and services.
- On the basis of the deployment model, the market has been classified into on-premises and cloud-based.
- The market has been categorized based on the application into sales and marketing, customer engagement and analysis, fraud and security management, risk and compliance management, predictive asset maintenance, supply chain management and procurement, and others.
- On the basis of the industry vertical, the market has been segregated into BFSI, retail and e-commerce, telecom and IT, government and defense, healthcare, manufacturing, media and entertainment, transportation and logistics, energy and utilities, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being cisco Systems Inc., HCL Technologies Limited, Hewlett Packard Enterprise Company, International Business Machines (IBM) Corporation, Microsoft Corporation, MicroStrategy Incorporated, Oracle Corporation, QlikTech International AB, SAP SE, SAS Institute Inc., Tableau Software LLC (Salesforce.com Inc.), TIBCO Software Inc., UiPath Inc., and Zoho Corporation Private Limited.
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