The self-service BI Market is expected to grow at a CAGR of 15.5% during the forecast period 2021 - 2026. Self-service Business Intelligence (BI) allows business users and operators to access business data and examine them to generate insights even if they do not have any data science and analytical skill and expertise. Self-service BI market witnessed a noticeable adoption across numerous business fields such as marketing, sales, human resource, operations, and finance attributed to thorough competitive analysis and comfort of application for non-technical staff.
- Self-service BI aids the business operators from non-analytical background to make insights and data analysis. Self-service BI market is facing a growing demand for the business fields attributed to its capability to convert business establishments into an efficient data-driven organization or business. Self-service BI market is projected to grow over the forecast period owing to its capacity to decentralize the business analytical process.
- Self-service BI market serves as an advantage to the non-technical business customers for studying and analyzing data insights by guiding down the business data. The self-service BI market is rapidly rising because of the shift from conventional BI tools for business data analysis to contemporary BI tools along with the growing market of structured and unstructured data.
- The principal drivers for the global self-service BI market are the rising demand for generating in-depth competitive data analysis and expanding the business data volume. Other factors that amplify and boost up the growth of the global self-service BI market include persistent changing businesses, the need for being an improved analytic-driven organization and inability to meet the business requests within the stipulated time.
Key Market Trends
Self-Service BI has a Dominant Role in Marketing and Sales
- With the bulks of data available today, banks can collect formerly unimaginable information about every customer, giving them a better understanding of customers' wants and helps them to address these needs and wants proactively.
- It also permits diverse departments within a bank, such as marketing, sales, to work more closely as a single unit. Rather than pushing out products to all clients, banks can now merge BI and sales force automation tools to market products tailored to consumers' present situations, whether they're constructing new homes, opening small companies or starting families.
- In fact, financial services companies using BI reported a 7 percent enhancement in cross-sell and up-sell incomes. BI also provides banks up-to-date information on their most profitable clienteles and the banking choices they make. Banks can use that info to hold high-value customers, market the correct products to them and select which products to invest in for the maximum return.
North America Dominates the Self-service BI Market
- Technical advancement and innovation for business management analytics for their production, sales, and advances in the US and Canada are mainly responsible for this region's growth and development. The United States controls this region. Its economy boasts of a highly-developed and technologically or scientifically advanced services area, which accounts for nearly 80% of its output.
- Large US companies also play a chief role on the global stage, with more than a fifth of firms on the Fortune Global 500 coming from the United States. Canada is witnessing an enhanced production and good efficacy in its industries, which is a chief factor in favor of its business intelligence market.
- The vital markets are also being presented by prospects like the upgraded efficiency of BI tools, increasing acceptance of cloud computing in the BI market and varying landscape due to augmented Big Data adoption.
The Self-Service BI Market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. These major players with a prominent share in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging on strategic collaborative initiatives to increase their market share and increase their profitability.
- May 2019 - SAP SE announced a series of innovations to SAP S/4HANA to make it easier to add artificial intelligence (AI) and robotics, and to customize apps. This will help companies improve business results, automate business processes and make accurate predictions for better decisions.
- March 2018 - Microsoft announced the expansion of the Microsoft Intelligent Network for eye care, now AI Network for Healthcare, to create an AI-focused network in cardiology, in partnership with one of the largest health systems in India, Apollo Hospitals.
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