"Smart Strategies, Giving Speed to your Growth Trajectory"
The global self-service BI market size was valued at USD 5.71 billion in 2023 and is projected to grow from USD 6.73 billion in 2024 to USD 27.32 billion by 2032, exhibiting a CAGR of 19.1% during the forecast period (2024-2032). Self-service BI (Business Intelligence) offers automated report analytics and dashboard that helps management and businesses in drawing new strategies. The tool supports the teams across finance, marketing, human resource, sales, product development and more with valuable data insights to consider before making decision. The increasing demand for accessible tools for non-technical users is expected to rise the demand for self-service BI. Further, its capabilities such as intuitive user interface, semantic datalogs, collaboration skills under lesser time and with lesser reliance on IT team is likely to drive its adoption. Various companies are implementing the services to enable faster data insight acquisition across its teams. For instance,
COVID-19 pandemic has significantly impacted the spending pattern and capacity of the enterprises on business intelligence. Amid the 2020 crisis, enterprises highly invested in perceiving data access and business intelligence tools. The self-service BI emerged as a crucial tool for organization to offer work from home policies. The tool’s ability to co-create insights, collaborate and provide quicker result helped in gaining popularity during pandemic crises.
With the shift on digital platform, the organization witnessed unprecedented changes in the consumer behavior and buying patterns. Thus, the sudden increase in digital data and the significant changes in consumer behavior fueled the demand for self-service BI capabilities during pandemic crises. Post-pandemic, the market is expected to witness significant growth rate considering the growth of the digital data. Thus, soaring set of information owing to the pandemic crisis across channels to boost the self-service BI market growth.
The Growing Volume of Business Data Coupled with AI-driven Visualizations to Boost Market Growth
As organizations collect and generate more data from multiple sources, there is a growing need for tools that aid users to analyze and visualize this data effectively. AI-driven visualizations are crucial in leveraging artificial intelligence algorithms to create insightful and interactive visual representations of data automatically. These visualizations make it easier for users to understand complex data sets and enable them to identify trends, outliers, and patterns that may not be apparent in raw data.
Moreover, AI-driven visualizations enhance self-service BI platforms by providing users with personalized and actionable insights. By analyzing user behavior and data usage patterns, AI algorithms can suggest relevant visualizations and analyses tailored to the user’s needs and preferences. This level of personalization improves the user experience and increases the effectiveness of data analysis, enabling users to make more informed decisions. As organizations continue to rely on data-driven insights to drive business growth, the demand for self-service BI tools with Aid-riven visualizations is expected to grow, further fueling the expansion of the market.
Request a Free sample to learn more about this report.
Rise in SMEs Investment in Self-service Analytics to Drive the Market Growth
Small and medium enterprises (SMEs) around the globe are facing tough competition to sustain in the digital era. The growing customer’s preferences on digital platform has significantly contributed to the expanding volume of business data. Thus, to win the customers, the S MEs are implementing tools to understand the customers buying pattern and changing need of the market. The adoption of self-service BI tools are helping these enterprises in responding to the queries in real-time and with strong dashboard statistics. For instance,
Thus, the increasing investments by SMEs to boost customer engagement is likely to drive the market growth.
Data Protection Law and Inaccuracy in Data to Hamper Market Growth
data is a very important factor in offering self-service report analysis and dashboard. However, any inaccuracy in the collected data might severely impact the output. Thus, any organization can suffer major losses by making strategies on inaccurate data. Thus, enterprises are being skeptical in adopting the tools. Further, many countries have stringent rules in using public data, thus organizations need to be careful in collecting the data. Hence, the regulations on data acquisition and inaccurate inputs is likely to hinder the market share.
Enhanced Performance to Fuel Demand for Cloud-based Solution
The market is segmented on the basis of deployment into cloud and on-premises.
On-premises to dominate the revenue share initially during the forecast period. The organizations are still investing in on-premises owing to the higher security of the data. The enterprises with sensitive stored data still opt for on-premises based self-service BI.
Cloud deployment to gain rapid growth rate during the forecast period. The cloud-based solution can always provide up-graded versions of tools with newest feature. Also, regular updates and software integration on cloud solutions is easier as compared to other deployment options. Similarly, as the data storage is not restricted such as on-premises, the cloud-based solution can draw better scalability and performance.
Increase in Digital Data to Boost the Investments of the Large Enterprises in BI Tools
Based on enterprise type, the market is segmented into large enterprises and small and medium enterprises.
Large enterprises to gain maximum segment share during the forecast period. The collection of huge set of insights from all the potential platforms to fuel the demand for business intelligence tools in large enterprises. Also, the IT spending capacity is more for large organizations and the competition is always tough to sustain dominant market position.
Small and medium enterprises are now steadily investing in BI tools, thus to gain rapid growth rate. It allows non-technical user to quickly access analysis report, thus driving organization investment with limited resources.
To know how our report can help streamline your business, Speak to Analyst
Rapidly Growing Sensitive Data to Surge the Implementation of BI Tools in the Healthcare
By industry, the market is categorized into BFSI, retail & e-commerce, manufacturing, IT & telecom, healthcare & life science, energy & utility, transportation, and others.
Healthcare to grow at a rapid CAGR during the forecast period. The industry is witnessing increase in number of vast sensitive data of patients and healthcare providers. The BI tools support in empowering the healthcare providers with efficient decision making options. Retail and e-commerce to showcase steady growth owing to the rise in online stores and number of shoppers.
IT and telecom to gain dominant share during the forecast period. The presence of vast number of customers across various digital platform is likely to drive the demand. Also, the industry is an early adopter of digital solution, thus the need to manage and analyses data is growing.
BFSI to gain maximum revenue share after IT and telecom. The surge in digital transformation and growing number of customers’ online services preferences to drive the market share.
Further, the industry is sub-segmented by risk and compliance management, fraud, and security management, retail & e-commerce, inventory management, sales & marketing management, supply chain and procurement management, operations management, insight-driven diagnosis, inventory management, and others.
North America Self-service BI Market Size, 2023 (USD Billion)
To get more information on the regional analysis of this market, Request a Free sample
North America to gain dominant revenue share during the forecast period. The growing digital transformation is driving the investment in self-service BI tools to understand the market conditions. Also, the presence of prominent number of key market players in U.S. is expected to fuel the country’s growth rate.
Europe to gain second position in revenue share. The increasing investments in digital tools by start-ups and SMEs to fuel the demand for self-service analytics. The increasing competition across European countries and to sustain market challenges the businesses are keen in implementing innovative digital solutions.
To know how our report can help streamline your business, Speak to Analyst
Asia Pacific to witness rapid growth rate during the forecast period. The increasing population in countries such as India and China is creating huge set of structured and unstructured data. Thus, to understand the market trends and customer’s needs, industries are adopting self-service BI tools. With the rapid investment in digitalization across industries, India is expected to gain rapid CAGR.
Middle East and Africa to showcase significant growth rate during the forecast period. The growing investment in digital solutions to boost the market growth. The non-technical users can easily access the insights, thus likely to fuel self-service analytics tools. Similarly, the digital transformation trend to boost market growth in South America.
Strategic Partnership for Customer Expansion to Boost Key Players Revenue Share
Key market players are strategically entering into partnership and collaboration with the clients to expand its customer base. Globally, the key players are offering new and innovative tools to support growing demand as per industry specification. Also, the companies are integrating the self-service tools with its other solution to provide quicker and reliable insights. Strategic acquisition is growing considering the vast opportunity and ever growing customers and their demand.
The report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product/service types, and leading applications of the product. Besides, the report offers insights into the market trends and highlights key industry developments. In addition to the factors above, the report encompasses several factors that contributed to the growth of the market in recent years.
An Infographic Representation of Self-service BI Market
To get information on various segments, share your queries with us
ATRIBUTE | DETAILS |
Study Period | 2019-2032 |
Base Year | 2023 |
Estimated Year | 2024 |
Forecast Period | 2024-2032 |
Historical Period | 2019-2022 |
Growth Rate | CAGR of 19.1% from 2024 to 2032 |
Unit | Value (USD Billion) |
Segmentation | By Deployment
By Enterprise Type
By Industry
By Region
|
The market is projected to reach USD 27.32 billion by 2032.
In 2023, the market was valued at USD 5.71 billion.
The market is projected to grow at a CAGR of 19.1% during the forecast period.
The IT and telecom industry segment is expected to lead the market.
Rise in SMEs investment in self-service analytics to drive market growth.
Microsoft Corporation, Oracle Corporation, IBM Corporation, SAP SE, SAS Institute, Zoho Corporation, Qlik Technologies, Inc., Microstrategy, Inc. are the top players in the market.
North America is expected to hold the highest market share.
By deployment, the cloud is expected to grow with a remarkable CAGR during the forecast period.
US +1 833 909 2966 ( Toll Free )