The self-service business intelligence (SSBI) is a set of tools including analytics algorithms and accumulates business data to provide insights on dashboards in graphical format for instance graphs. Self-service BI assistances the business operators from non-analytical background to make insights & data analysis. Some of the key benefits of SSBI include increasing response time, improving organizational decision making, improve organizational results, improve allocation of resources, and reduces organizational risks.
Based on type, self-service BI
market is bifurcated as services and software. Services include professional
services (support & maintenance, deployment & integration and
consulting services) and managed services. Based on business function, market
is bifurcated as sales, finance, operations, marketing and Human Resources
(HR). Based on deployment model, marker is bifurcated as on-demand deployment
and on-premises deployment. Based on application, market is bifurcated as
predictive asset maintenance, fraud & security management, risk & compliance
management, supply chain management & procurement, customer engagement
& analysis, operations management and others. In addition, based on
industry vertical, market is bifurcated as retail & ecommerce,
telecommunications & IT, banking, financial services, and insurance (BFSI),
healthcare & life sciences, transportation & logistics, government
& defense, energy & utilities, media & entertainment and others.
BFSI segment dominates the market owing to rise in need of people to simplify
their workload related to security and their increasing dependence on data
generated from numerous IT systems used for financial transactions.
Additionally, the healthcare & life sciences vertical is projected to grow
at the highest CAGR due to increase in need to store or manage data coming from
several connected healthcare devices and health record systems used across
healthcare organizations during the forecast period.
The self-service BI market is
driven by increase in volume of business data, followed by rise in need for
in-depth competitive insights and ease of use for non-technical staff. However,
Lack of Proper Data Governance Process and High Investment Costs may impact the
market. Moreover, expand in market in small and medium enterprises (SMEs)
segment and growth in advancement of cloud computing in the BI market are key
opportunities for market.
Based on geography, the
North-American is a prevalent region in global self-service BI market owing to
increase in technical advancement coupled with growth in innovation for
business management analytics for their production, sales, and advances in the
US and Canada. Whereas, the Asian-Pacific region is estimated to exhibit
substantial growth rate due to rise in government initiatives such as smart
cities over the forecast period.
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