Ease of use for non-technical staff, expanding volume of business data, and rising need for in-depth competitive insights drive the growth of the global self-service BI market
PORTLAND, Oregon, March 10, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "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 & Defense, Healthcare, Manufacturing, Media & Entertainment, Transportation & Logistics, Energy & Utilities, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, the global self-service BI market garnered $4.73 billion and is anticipated to reach $14.19 billion by 2026, registering a CAGR of 14.8% from 2019 to 2026.
Driving factors for the market
Ease of use for non-technical staff, expanding volume of business data, and rising need for in-depth competitive insights have boosted the growth of the global self-service BI market. However, high investment costs hamper the market. On the contrary, expanding the market in SMEs is expected to create lucrative opportunities in the near future.
Solutions segment held the largest share
The solution segment held the largest share in 2018, contributing to more than four-fifths of the global self-service BI market. The rise in number of applications that resides on smartphones has driven the demand for analytical solutions that can gather data from smart devices and provide insights on the user's behavior, which contributed to the growth of the segment. However, the services segment is expected to portray the largest CAGR of 17.4% during the forecast period, owing to the proliferation of BI services among organizations to stay competitive and gain competitive advantage.
Predictive Asset Maintenance segment to manifest fastest growth through 2026
The predictive asset maintenance segment is expected to register the fastest CAGR of 18.2% during the forecast period, as IIoT has enabled the significant adoption of BI analytics tools in existing process operations of manufacturing facilities which in turn is expected to drive growth of the market. However, the fraud and security management segment dominated in 2018, accounting for more than one-fifth of the global self-service BI market, owing to surge in demand for self-service rule generation tools that are specifically designed to understand fraud detection rule-sets.
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