The self-service business intelligence (SSBI) is a set of tools including analytics algorithms and accumulates business data to provide insights on dashboards in graphical format for instance graphs. Self-service BI assistances the business operators from non-analytical background to make insights & data analysis. Some of the key benefits of SSBI include increasing response time, improving organizational decision making, improve organizational results, improve allocation of resources, and reduces organizational risks.
According to study, “Self-Service BI Market by Component (Software and Services), Deployment (On-premise and On-demand), Application (Sales & Marketing, Customer Engagement & Analysis, Fraud & Security, Management, Risk & Compliance Management, Predictive Asset Maintenance, Operations Management, Supply Chain Management & Procurement, and Others), and Industry Vertical (BFSI, Retail & E-Commerce, Telecom & IT, Government & Defence, Healthcare, Manufacturing, Media & Entertainment, Transportation & Logistics, Energy & Utilities, and Others): Global Opportunity Analysis and Industry Forecast, 2019-2026”. Some of the key companies operating in the global self-service BI market are IBM Corporation, Micro Strategy Incorporated, Microsoft Corporation, Oracle Corporation, SAP SE, Qlik Technologies, Inc., SAS Institute Inc., TIBCO Software Inc., Tableau Software, and Zoho Corporation Pvt. Ltd.
Based on type, self-service BI market is bifurcated as services and software. Services include professional services (support & maintenance, deployment & integration and consulting services) and managed services. Based on business function, market is bifurcated as sales, finance, operations, marketing and Human Resources (HR). Based on deployment model, marker is bifurcated as on-demand deployment and on-premises deployment. Based on application, market is bifurcated as predictive asset maintenance, fraud & security management, risk & compliance management, supply chain management & procurement, customer engagement & analysis, operations management and others. In addition, based on industry vertical, market is bifurcated as retail & ecommerce, telecommunications & IT, banking, financial services, and insurance (BFSI), healthcare & life sciences, transportation & logistics, government & defense, energy & utilities, media & entertainment and others. BFSI segment dominates the market owing to rise in need of people to simplify their workload related to security and their increasing dependence on data generated from numerous IT systems used for financial transactions. Additionally, the healthcare & life sciences vertical is projected to grow at the highest CAGR due to increase in need to store or manage data coming from several connected healthcare devices and health record systems used across healthcare organizations during the forecast period.
The self-service BI market is driven by increase in volume of business data, followed by rise in need for in-depth competitive insights and ease of use for non-technical staff. However, Lack of Proper Data Governance Process and High Investment Costs may impact the market. Moreover, expand in market in small and medium enterprises (SMEs) segment and growth in advancement of cloud computing in the BI market are key opportunities for market.
Based on geography, the North-American is a prevalent region in global self-service BI market owing to increase in technical advancement coupled with growth in innovation for business management analytics for their production, sales, and advances in the US and Canada. Whereas, the Asian-Pacific region is estimated to exhibit substantial growth rate due to rise in government initiatives such as smart cities over the forecast period.
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Ankur Gupta, Head Marketing & Communications