Simplified usage of non-technical staff, expanding volume of business data, and rise in need for in-depth competitive insights have augmented the growth of the global self-service BI market. Whereas, high investment costs restrain the market. Nevertheless, expanding the market in SMEs is anticipated to create multiple opportunities in the near future.
According to the report published by Allied Market Research, the global self-service BI market garnered $4.73 billion and is anticipated to reach $14.19 billion by 2026, registering a CAGR of 14.8% from 2019 to 2026.
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The solution segment held the largest share in 2018, contributing to more than four-fifths of the global self-service BI market. The rise in number of applications that resides on smartphones has driven the demand for analytical solutions that can gather data from smart devices and provide insights on the user’s behavior, which contributed to the growth of the segment.
However, the services segment is expected to portray the largest CAGR of 17.4% during the forecast period, owing to the proliferation of BI services among organizations to stay competitive and gain competitive advantage.
Based on component, the software segment held the largest share in 2018, contributing to more than four-fifths of the global self-service BI market. However, the services segment is expected to portray the largest CAGR of 17.4% during the forecast period.
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Based on application, the predictive asset maintenance segment is expected to register the fastest CAGR of 18.2% during the forecast period. The segment is anticipated to dominate the market throughout the forecast period. However, the fraud and security management segment dominated in 2018, accounting for more than one-fifth of the global self-service BI market.
The global self-service BI market is analyzed across various regions including Asia-Pacific, Europe, LAMEA, and North America. The market across North America held the largest share in 2018, contributing to nearly two-fifths of the market. On the other hand, the market across Asia-Pacific is anticipated to manifest the fastest CAGR of 18.0% during the forecast period.
The key market players in the report include IBM Corporation, MicroStrategy Incorporated, Microsoft Corporation, Qlik Technologies, Inc., Oracle Corporation, SAP SE, Tableau Software, SAS Institute Inc., TIBCO Software Inc., and Zoho Corporation Pvt. Ltd.
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COVID-19 Scenario:
- The fact that companies are switching towards BI and analytics to execute their strategies and plans for survival amid the crisis has contributed to the market growth.
- The increased adoption of remote working system amid lockdown by sectors including telecom and IT, healthcare, media and entertainment, BFSI, and retail and e-commerce has increased the demand for self-service BI market.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies. This helps us dig out market data that helps us generate accurate research data tables and confirm utmost accuracy in our market forecasting. Every data company in the domain is concerned. Our secondary data procurement methodology includes deep presented in the reports published by us is extracted through primary interviews with top officials from leading online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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