Pune, India, Aug. 10, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global self-service BI market size was valued at USD 4.88 billion in 2022 and is projected to grow from USD 5.71 billion in 2023 to USD 20.22 billion by 2030, exhibiting a CAGR of 19.8% during the forecast period. Rise in the Investments in the Self-Service Analytics to Aid Market Development. Fortune Business Insights™ shares this information in its report titled "Self-Service BI Market Forecast, 2023-2030"
Self-service BI helps in developing new strategies which helps management and businesses. Rise in the investments in the self-service analytics are expected to propel market growth. Growing preferences for the digital platforms is anticipated to fuel market development.
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Key Industry Development
June 2023: ThoughtSpot Inc. announced the acquisition of Mode Analytics for boosting the capabilities of data teams and the ecosystem. The companies can offer quick self-service analytics for all types of use cases.
Key Takeaways
- Growth in Digital Data during Pandemic Crisis to Boost Market Growth
- AI-guided Self-service BI to Boost Market Growth
- Rise in SMEs Investment in Self-service Analytics to Drive the Market Growth
- By Deployment Analysis: Enhanced Performance to Fuel Demand for Cloud-based Solution
Discover the Leading Players Featured in the Report:
“Companies leading the Self-Service BI Market are Microsoft Corporation (U.S.), Oracle Corporation (U.S.), IBM Corporation (U.S.), SAP SE (Germany), ThoughtSpot Inc. (U.S.), Zoho Corporation (U.S.), Qlik Technologies, Inc. (U.S.), Microstrategy, Inc. (U.S.), Tableau Software (Salesforce, Inc.) (U.S.), Domo, Inc. (U.S.)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 19.8% |
| 2030 Value Projection | USD 20.22 Billion |
| Base Year | 2022 |
| Self-Service BI Market Size in 2022 | USD 4.88 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 160 |
| Segments covered | Deployment, Enterprise Type, Industry and Geography |
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Drivers and Restraints
Rise In The Number Of Investments In The Self-Service Analytics To Propel Market Growth
Rise in the number of investments in the self-service analytics is projected to drive self-service BI market growth. Small and medium enterprises (SMEs) have been to sustain in the digital era. The growing preferences on digital platform by the customers has significantly contributed to the expanding volume of business data. The adoption of self-service BI tools are helping these enterprises in responding to the queries in real-time and with strong dashboard statistics.
However, any inaccuracy in the collected data might severely impact the output and organizations can suffer major losses due to inaccurate data which is to impede the market expansion.
Segmentations:
By Deployment
- Cloud
- On-premises
By Enterprise Type
- Large Enterprises
- Small and Medium Enterprises
By Industry
- BFSI
- Risk and Compliance Management
- Fraud, and Security Management
- Others
- Retail & E-commerce
- Inventory Management
- Sales & Marketing Management
- Supply chain & Procurement Management
By Region
- North America
- Europe
- Middle East and Africa
- Asia Pacific
Regional Insights
North America To Dictate Market Share Due to Growth Of The Digital Transformation
North America is expected to hold majority part in the self-service BI market share due to growth of the digital transformation and investments in the self-service BI tools. The market reached the valuation of USD 1.74 billion in the year 2022.
Asia Pacific is projected to have rapid growth rate due to presence of increasing sets of structured and un-structured data sets. China and India have been creating huge sets of data due to growth in the population.
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Competitive Landscape
Partnership and Collaboration Strategies for The Expansion of the Customer Base
Key industry players have been entering into partnership and collaboration strategies for the expansion of the customer base. They have been offering new and innovative tools for the supporting the increasing demand for the tools. Strategic acquisitions are also growing considering the vast opportunity and ever growing customers and their demand.
FAQ’s
How big is the Self-Service BI Market?
Self-Service BI Market size was USD 4.88 billion in 2022.
How fast is the Self-Service BI Market growing?
The Self-Service BI Market will exhibit a CAGR of 19.8% during the forecast period, 2023-2030.
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