According to a recent report published by Allied Market Research, titled, "Self-Service BI Market by Component, Deployment, Application, and Industry Vertical: Opportunity Analysis and Industry Forecast, 2019–2026," the self-service BI market size was valued at $4.73 billion in 2018, and is projected to reach $14.19 billion by 2026, growing at a CAGR of 14.8% from 2019 to 2026.
Proliferation of data analytics coupled with rise in adoption of business intelligence tools are major factors expected to drive the growth of the global market during the forecast period. Rise in focus toward data-driven decision making modeling among businesses that are thriving to gain insights from data analytics without prior knowledge is also a major factor expected to boost growth of the market in the coming years.
Enterprises are in the midst of technological changes that drive huge amount of data. Enterprises are leveraging data and analytics technologies to develop business models with improved processes. This has led to high demand for tools that visualize the technical knowledge at ease. Thus, proliferation of BI tools that enables users to make major decisions based on their own analysis is rising significantly. With increase in demand for BI tools that provide data quality management, data discovery or visualization, and open data-driven culture, BI experts identified these trends to experience a boost in the coming years.
By component, the software segment dominated the overall self-service BI market in 2018 in terms of revenue and is further expected to endure traction for self-service BI among enterprises during the forecast period. Self-service BI software enables users to review data by drilling through, dynamically modifying, or even by supplementing calculation functions into a report. This use of self-service software decreases IT resource trench by freeing up valuable developmental resources and allows the company to focus on its core capabilities whilst empowering its customers with exquisite experiences. Moreover, the services segment witnessed a significant growth in the market, in terms for CAGR during the forecast period. This is attributed to self-service BI services suite that includes consulting, installation, maintenance, and support services.
North America self-service BI market is expected to dominate in 2018, and is expected to continue this trend during the forecast period. Early adoption of technologies has benefited the region with high GDP growth, which in turn has supported the market growth. In addition, compatible IT infrastructure has resulted into high availability of number of players operating in the countries such as the U.S. and Canada in the region. Asia-Pacific is expected to anticipate high CAGR in the global market in the coming years.
Key Findings of the Study:
- By component, the software segment dominated the self-service BI market. However, the services segment is expected to exhibit significant growth during the forecast period in the self-service BI industry.
- By deployment, the cloud segment dominated the self-service BI market in 2018. However, the on-premise segment is expected to exhibit significant growth during the forecast period.
- By application, the predictive asset maintenance segment accounted for the highest revenue in 2018 owing to advent of predictive maintenance technology among various industry verticals.
- Depending on industry vertical, the healthcare industry generated the highest revenue in 2018. However, the manufacturing sector is expected to witness a considerable growth in the near future.
- Region wise, Asia-Pacific is expected to witness significant growth in terms of high CAGR in the coming years.
Some of the key market players profiled in the report include IBM Corporation, Microsoft Corporation, MicroStrategy Incorporated, Oracle Corporation, Qlik Technologies, Inc., SAP SE, SAS Institute Inc., Tableau Software, TIBCO Software Inc., and Zoho Corporation Pvt. Ltd. Major players operating in this market have witnessed high growth in demand for self-service BI, especially due to proliferation of BI tools for diverse applications among various industry verticals. This study includes market analysis, trends, and future estimations to determine the imminent investment pockets.