The global self-service business intelligence (BI) market is projected to experience significant growth in the coming years. According to recent projections, the market is expected to expand from USD 5.71 billion in 2023 to USD 27.32 billion by 2032. This represents a compound annual growth rate (CAGR) of 19.1% over the forecast period.
One of the key drivers behind this market expansion is the increasing investments in self-service analytics by small and medium enterprises (SMEs). These organizations are leveraging self-service BI tools to stay competitive in the digital era. The tools allow them to efficiently respond to real-time queries and provide robust dashboard statistics.
However, the accuracy of the collected data remains a critical challenge for the market. Inaccuracies in data can have a significant impact on outcomes and lead to substantial financial losses. This issue has the potential to impede the growth of the self-service BI market.
The report highlights several major companies operating in the self-service BI market. These include Microsoft Corporation, Oracle Corporation, IBM Corporation, SAP SE, ThoughtSpot Inc., Zoho Corporation, Qlik Technologies, Inc., Microstrategy, Inc., Tableau Software (Salesforce, Inc.), and Domo, Inc. These market players are adopting various strategies to maintain their competitive edge and respond to evolving market demands.
Self-service analytics drive market expansion
Some of the prominent strategies include launching new products, collaborating with other companies, and undertaking initiatives aimed at generating better revenue. The self-service BI market can be segmented based on deployment, enterprise type, and industry.
In terms of deployment, the on-premises segment is expected to hold a significant share. The market is also segmented by enterprise type, with large enterprises and small and medium enterprises being the key categories. When it comes to industry segmentation, the self-service BI market caters to various sectors.
These include risk and compliance management, fraud and security management, retail and e-commerce, inventory management, sales and marketing management, supply chain and procurement management, manufacturing, operations management, IT and telecom, healthcare and life sciences, energy and utilities, transportation, and others such as media and entertainment. The regional analysis of the self-service BI market covers North America (USA and Canada), Europe (UK, Germany, France, Italy, Spain, Scandinavia, and the rest of Europe), Asia Pacific (Japan, China, India, Australia, Southeast Asia, and the rest of Asia Pacific), and Latin America (Brazil, Mexico, and the rest of Latin America). The research methodology used in the report combines primary and secondary data analysis to provide a comprehensive understanding of the market.
This approach ensures the reliability, validity, and generalizability of the findings by triangulating data from multiple sources. The methodology involves assessing research design, data collection techniques, sampling methods, and data analysis tools, all aligned with the research objectives and ethical considerations. In conclusion, the self-service BI market is poised for substantial growth, driven by increased investments in self-service analytics by SMEs.
However, ensuring data accuracy remains a critical challenge that companies need to address. To capture market opportunities and mitigate risks, companies should focus on strategic initiatives such as new product launches and collaborations.
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