Self-Service BI Market

Market Overview

The global self-service BI market size was valued at USD 8,087.5 million in 2022. It is estimated to reach USD 26,929.7 million by 2031, growing at a CAGR of 14.3% during the forecast period (2023–2031). With the 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.

Self-service business intelligence (BI) is a set of tools that includes analytics algorithms and accumulates business data to provide insights on dashboards in graphical format such as graphs. The proliferation of data analytics has led to the high adoption of self-service BI tools. They allow businesses to promote collaboration across multiple divisions and utilize ad hoc querying systems for visualizations. The adoption of self-service BI tools is primarily observed in government, IT and telecom, BFSI, and healthcare industry verticals as the need for faster data insights increased among these industries.

Market Dynamics

Global Self-Service BI Market Drivers:

Ease of Use for Non-Technical Staff

Self-service BI software enables users to review data by drilling through, dynamically modifying, or supplementing calculation functions into a report. Self-service software decreases IT resource trench by freeing valuable developmental resources. It allows the company to focus on its core capabilities while empowering its customers with exquisite experiences. The demand for self-service BI tools has increased, owing to the need to analyze business reports and overcome the difficulties faced by traditional BI tools. As self-service BI software has gained high momentum among various businesses, such as sales, marketing, operations, finance, and human resource, the market is expected to grow rapidly in the coming years. This is attributed to self-service BI's ability to provide detailed competitive analysis and ease of implementation of BI services for non-technical staff.

Expanding Volume of Business Data

Digitalization has led to a rise in the volume of data generated by business processes. Self-service BI tools help business users to integrate and analyze data silos and real-time data into reports. Moreover, business developers or key executives opt for solutions that let them act as data modelers and provide them with an adaptive semantic model. With the help of self-service BI tools, business users can modify dashboards and reports as well as help users filter or develop reports based on their key indicators. Enterprises are amid technological changes that drive a humongous amount of data. Enterprises leverage data and analytics technologies to develop business models with improved processes. This has led to a high demand for tools that easily visualize technical knowledge.

Thus, the proliferation of BI tools that enable users to make major decisions based on their analysis is rising significantly. With the 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.

Global Self-Service BI Market Restraint:

High Investment Costs

Organizations opt for analytical solutions in the thriving digital era that help them derive uncovered insights. Thus, BI tools have gained high momentum recently due to their analytical dashboard feature allowing non-technical personnel to gain meaningful insights from their business or organizational data. With the diversity of BI applications or tools available in the global market, the cost of an all-in-one BI suite is extremely high. This has led to the adoption of various or multiple BI tools in an organization for several applications. For example, the BI asset maintenance dashboard visualizes the data related to assets only. Hence, to ensure accurate report generation, various BI tools are highly utilized by the target audience, resulting in a rise in cost for BI tools services.

Global Self-Service BI Market Opportunities:

Expanding Market in SMEs

Vendors and small and medium enterprises (SMEs) are adopting analytical solutions that help them garner high value without the need to gain analytical knowledge. In addition, SMEs are adopting business intelligence products for delivering analytics solutions to different manufacturing and distribution companies. Moreover, SMEs are highly dependent on self-service BI products as they are an instant data analysis tool that offers them a competitor landscape and positioning in the global market. In addition, self-service BI products that offer a turn-key solution to help small and mid-size businesses to focus on profitable growth by leveraging data and automation is an opportunistic factor for the global self-service BI market.

Regional Analysis

North America Dominates the Global Market

Based on region, the global self-service BI market is bifurcated into North America, Europe, Asia-Pacific, and LAMEA.

North America is the most significant global self-service BI market shareholder and is estimated to grow at a CAGR of 12.3% over the forecast period. North American players have developed exquisite BI products such as embedded BI, which integrates analytic content and capabilities within business applications and portals. This has led to the fast growth of business intelligence platforms in the region, which in turn is expected to drive the growth of the global market in the region. Furthermore, high ICT spending and increasing adoption of cloud-based BI analytical tools are aiding the growth of this market in the region.

In addition, the high presence of various developed economies, such as the U.S. and Canada, and a high focus on analytics, R&D innovations, and technology across industry verticals are expected to drive the market's growth. North America is expected to dominate the market of self-service BI due to the presence of major key players such as Microsoft Corporation, IBM Corporation, Oracle Corporation, and others.

Europe is anticipated to exhibit a CAGR of 13.6% over the forecast period. Europe has unexploited digitization opportunities, which is a major factor in boosting the growth of the global market. Moreover, continuous technological innovations in European countries are changing the demand for self-service BI services, which is projected to drive the market in the coming years. Moreover, European businesses are focusing on leveraging innovative BI tools that will help their business uncover opportunities. Further, the increase in the number of registered patents of BI solutions in Europe results in an increase in revenue generation in the self-service BI market.

The Asia-Pacific is expected to show a high growth rate during the forecast period owing to the rapid adoption of business intelligence tools among businesses and the industrial sector to drive revenue growth opportunities, which is projected to make it a key competitor worldwide in the coming years. Asia-Pacific countries are thriving in the digital and online sectors as digitalization initiatives have grown rapidly and contribute significantly to the overall GDP growth of developing economies in the region. The growth of BI solutions in China has been witnessed tactically in various departmental deployments for reporting rather than as a strategic platform to support decision-making. Japan and India have witnessed growth as tech-advanced nations. This has propelled the R&D activities associated with analytical tools in the region, which in turn is expected to drive market growth.

LAMEA is an emerging market due to globalization and has witnessed stagnant growth in adopting self-service BI solutions among businesses to make strategic decisions. Countries in LAMEA are witnessing high growth in four digitalization categories: technological, environmental, organizational, and owner-manager. The rise in IT infrastructure development in this region is a major factor expected to increase the adoption of self-service BI tools. The rise in Cloud investments in the region is also a factor in supporting the growth of the market in the region.

Segmental Analysis

The global self-service BI market is bifurcated into component, deployment, application, and industry verticals.

Based on components, the global self-service BI market is bifurcated into software and services.

The software segment dominates the global market and is projected to exhibit a CAGR of 13.7% over the forecast period. The rise in the number of applications that reside on smartphones has driven the demand for analytical solutions that can gather data from smart devices and provide insights into the user's behavior. This, in turn, helps companies to optimize their product offerings and target their ads depending on the user's location. Moreover, self-service BI solutions with diversified functionalities are widely adopted among industries. For example, a manufacturing industry opts for predictive and visualization self-service BI tools to improve its production facility processes. This, in turn, is a major factor expected to drive the growth of the solutions segment.

Based on deployment, the global self-service BI market is bifurcated into on-premise and on-demand.

The on-premise segment owns the global market and is predicted to exhibit a CAGR of 13% over the forecast period. Among proliferating data warehousing solutions, self-service BI has gained high momentum. It enriches the warehouse data and offers detailed insights with parameters such as which marketing campaign brought the most traffic, conversion rates from different traffic source visitors, and most popular keywords. This is a major factor expected to boost the growth of the segment in the global market. Moreover, availability of huge data silos across the globe with the advent of big data, enterprises are adopting BI analytical solutions that derive insights from the stored data and ingest streaming data to analyze customer activity with interactive visualizations of one's website. This has propelled the demand for on-premises self-service BI tools.

Based on application, the global self-service BI market is segmented into sales and marketing, customer engagement and analysis, fraud and security, management, risk and compliance management, predictive asset maintenance, operations management, supply chain management and procurement, and others.

The fraud and security management segment dominates the global market and is predicted to exhibit a CAGR of 13.5% during the forecast period. Self-service BI for fraud and security management is a set of processes that help C-suite executives identify fraud use cases with pain points of their application's flaws. Also, dashboard platforms help businesses visualize the web applications' security needs. With the rise in concerns associated with fraudulent cases, businesses, especially online ones, have increased the demand for self-service rule generation tools specifically designed to understand fraud detection rule sets. This is a major factor expected to drive the growth of this segment in the market.

Based on industry vertical, the self-service BI market is divided into BFSI, retail and e-commerce, telecom and IT, government and defense, healthcare, manufacturing, media and entertainment, transportation and logistics, energy and utilities, and others.

The BFSI segment is the most significant contributor to the market and is estimated to exhibit a CAGR of 11.2% over the forecast period. The rise in data-driven decision-making models among enterprises thriving in the analytics market has increased the adoption of self-service BI platforms to gain insights without needing technical guidance or a dedicated team. Financial institutes, such as banks, continuously seek technological ways to make their existing workforce more efficient. As self-service, BI tools provide a technology-driven process for analyzing data and representing actionable information that helps corporate executives make more informed and data-driven business decisions. In addition, banks widely adopt BI solutions to analyze operational processes, which helps them to reduce ongoing costs and maximize existing talent utilization and resources.

Recent Developments

• May 2023- QuickSight is a new self-service BI offering from Amazon Web Services (AWS).
• February 2023- Microsoft announced the acquisition of Looker, a rival to Power BI.