PUBLISHER: IMARC | PRODUCT CODE: 1560937
PUBLISHER: IMARC | PRODUCT CODE: 1560937
The global self-service BI market size reached US$ 9.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 28.0 Billion by 2032, exhibiting a growth rate (CAGR) of 13.1% during 2024-2032. The rising number of structured and unstructured data, owing to the increasing penetration of the internet, is one of the key factors bolstering the market.
Rising Use of Augmented Analytics
The increasing adoption of machine learning and AI to automate insight generation, data preparation, and visualization is acting as a significant growth-inducing factor. Additionally, these technologies make it easier for users to discover actionable insights and patterns without deep technical skills. For example, in January 2024, TextQL, a startup set to transform business intelligence, garnered approximately US $4.1 Million in funding to develop AI solutions that integrate with existing business intelligence and documentation tools. As per the self-service BI market analysis report, augmented analytics tools simplify complex analysis by providing automated recommendations and narrative explanations.
Increasing Need for Data Democratization
The rising emphasis on data democratization, which involves making data accessible to a broader range of users within an organization, is augmenting the market. Additionally, it helps employees at all levels access and analyze data independently. For example, in March 2024, Coforge launched a Gen AI-based autonomous self-service solution called Coforge Orion that orchestrates a seamless customer experience. In addition, it automates both outbound and inbound calls, thereby allowing it to provide intelligent responses to inquiries, proactively engage customers, and autonomously take necessary actions. This is bolstering the self-service BI market forecast report.
Growing Focus on Embedded BI
The widespread integration of embedded BI, as it allows users to access analytics within the tools they use daily, is catalyzing the overall market. This ensures that insights are readily available in the context of users' regular activities and enhances productivity. For instance, in June 2024, MicroStrategy introduced new generative AI capabilities that enable customers to embed AI-powered insights within employee workflows. It makes data-driven decision-making a natural part of their routine.
IMARC Group provides an analysis of the key trends in each segment of the market, along with the self-service BI market forecast at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on the component, deployment model, application, and industry vertical.
Software currently exhibits a clear dominance in the market
The report has provided a detailed breakup and analysis of the market based on the component. This includes software and services. According to the report, software represented the largest market segmentation.
Self-service BI software has revolutionized how businesses approach data analysis by making powerful analytics tools accessible to users without deep technical expertise. Power BI by Microsoft integrates seamlessly with other Microsoft products and offers robust data visualization capabilities, making it a popular choice for organizations looking to leverage their existing software ecosystem.
Currently, on-premises holds the largest self-service BI market demand
The report has provided a detailed breakup and analysis of the market based on the deployment model. This includes on-premises and cloud-based. According to the report, on-premises represented the largest market segmentation.
Self-service BI on-premises solutions offer organizations the flexibility and control to manage their data analytics infrastructure within their environment. QlikView is a powerful on-premises BI tool that enables users to create guided analytics applications and dashboards, giving them the ability to explore their data deeply within the confines of their secure network.
Fraud and security management accounted for the majority of the self-service BI market share
The report has provided a detailed breakup and analysis of the market based on the application. This includes 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. According to the report, fraud and security management represented the largest market segmentation.
Self-service BI on-premises solutions offer organizations the flexibility and control to manage their data analytics infrastructure within their environment. For instance, IBM Cognos Analytics provides comprehensive data analysis and reports features that help security teams uncover anomalies and suspicious patterns in large datasets.
BFSI accounted for the majority of the self-service BI market outlook
The report has provided a detailed breakup and analysis of the market based on the industry vertical. This includes BFSI, retail and e-commerce, telecom and IT, government and defense, healthcare, manufacturing, media and entertainment, transportation and logistics, energy and utilities, and others. According to the report, BFSI represented the largest market segmentation.
Self-service BI tools are transforming the BFSI industry by providing comprehensive data analysis capabilities that drive better decision-making and enhance customer experiences. Tableau is widely used in the BFSI sector for its ability to create detailed, interactive dashboards that help financial analysts and bankers visualize complex data trends and improve portfolio management. As per the self-service BI market outlook report, the rising requirement for tracking financial performance is stimulating the segment's growth.
North America currently dominates the market
The self-service BI market research report has also provided a comprehensive analysis of all the major regional markets, which include 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 the Middle East and Africa. According to the report, North America accounted for the largest market share.
The rising demand for data-driven decision-making across industries is catalyzing the regional market. Furthermore, the U.S. and Canada are mainly responsible for this growth and development in North America. The U.S. economy boasts of a highly developed and technologically or scientifically advanced services area, which accounts for nearly 80% of its output.
(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)