Published Date: 3-Nov-2023
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According to a new report, published by KBV research, The Global Self-Service BI Market size is expected to reach $21.5 billion by 2030, rising at a market growth of 15.8% CAGR during the forecast period.
The Services segment is exhibiting a CAGR of 18% during (2023 - 2030). In the self-service BI market, service components are essential to support the implementation, adoption, and ongoing usage of self-service BI solutions. These services are typically offered by BI vendors, consulting firms, or specialized service providers and can help organizations get the most out of their self-service BI tools. Service providers can manage and operate the self-service BI environment on behalf of the organization, handling tasks like data integration, report development, and maintenance. These service components are essential for organizations looking to implement and maintain self-service BI solutions successfully.
The On-Premise segment is leading the Global Self-Service BI Market by Deployment in 2022; thereby, achieving a market value of $10.6 billion by 2030. Organizations that choose on-premises self-service BI solutions are responsible for procuring, maintaining, and upgrading their hardware and servers. This includes ensuring server availability, storage capacity, and hardware performance to support the BI software. On-premises BI solutions require organizations to install and configure the BI software on their servers. This involves setting up databases, data warehouses, and the BI platform.
The Small & Medium Enterprises segment is capturing a CAGR of 17.7% during (2023 - 2030). Self-service BI equips SMEs with the ability to make data-driven decisions. Business users can independently analyze data, track key performance indicators (KPIs), and identify growth opportunities. SMEs often need more IT budgets. Self-service BI tools are typically cost-effective, allowing SMEs to access powerful data analytics capabilities without substantial upfront investments. Self-service BI has gained popularity in SMEs due to its accessibility, cost-effectiveness, and ability to empower smaller organizations with data-driven insights.
The Fraud & Security Management market dominated the Global Self-Service BI Market by Application in 2022; thereby, achieving a market value of $4.4 billion by 2030. Fraud and security management in the self-service BI market is paramount to protect sensitive data, ensure its integrity, and prevent unauthorized access to information. Self-service BI tools empower users to access and analyze data, but this accessibility must be balanced with robust security measures. These tools encrypt data in transit (using protocols like HTTPS) and at rest (data storage) to protect against interception and data theft. Managing fraud and security in the self-service BI market requires a combination of technical controls, user education, and proactive monitoring. Organizations should continuously assess and enhance security measures to adapt to evolving threats and compliance requirements.
The BFSI market would witness a CAGR of 13.6 % during (2023-2030). Self-service BI enables BFSI companies to analyze customer data, including transaction history, account balances, and demographic information. This helps in customer segmentation, personalization, and targeted marketing campaigns. BFSI institutions use self-service BI to assess and mitigate risks by analyzing data related to credit portfolios, market conditions, and economic indicators. It aids in making informed lending and investment decisions.
The North America region dominated the Global Self-Service BI Market by Region in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $7.3 billion by 2030. The Europe region is exhibiting a CAGR of 15.4% during (2023 - 2030). Additionally, The Asia Pacific region would witness a CAGR of 16.8% during (2023 - 2030).
Full Report: https://www.kbvresearch.com/self-service-bi-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country-wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles Microsoft Corporation Oracle Corporation, IBM Corporation, SAP SE, ThoughtSpot, Inc., Zoho Corporation Pvt. Ltd., Domo, Inc., QlikTech International AB, MicroStrategy, Inc., Salesforce, Inc. (Tableau Software, LLC).
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