Businesses are increasingly opting for advanced business intelligence techniques such as self-service business intelligence (BI) over the traditional business intelligence techniques. This shift can be mainly attributed to the fact that self-service BI helps businesses reduce their dependence on data scientists and IT teams, by enabling them to implement and deploy advanced BI and analytics techniques on their own.
Self-service BI is an approach to data analytics, where people don’t have to be tech-savvy in order to access and work with corporate data. Conversely, traditional BI techniques require data scientists and IT teams, who control the access to data.
Self-service BI products or tools are specifically designed to be used by managers and business analysts, and these tools help businesses inspect and analyse business data and identify patterns and trends. As a result, self-service BI tools enable fast and intuitive responses, eliminate the need to wait for days to get answers to queries, and reduce the need for extensive training.
The global self-service BI market was valued at USD 3.61 billion in 2016 and is estimated to reach USD 7.31 billion by 2021, growing at a CAGR of 15.2% during this period. The major factors that are fuelling the growth of self-service BI tools and techniques are, the ease of use for non-technical staff, increasing volume of business data, and the growing need for in-depth competitive insights.
Another important factor to drive the growth of the global self-service business intelligence market is the shortage of data scientists. On the other hand, factors such as privacy and security concerns, and the high cost associated with their deployment can restrain the growth of the market.
At present, North America is holding the largest share in the global self-service business intelligence market. In the coming years also, North America is expected to retain its dominant position in the market. However, the Asia-Pacific region is predicted to increase its market share significantly in the coming years. In the Asia-Pacific region, China, India, and Southeast Asian regions are likely to exhibit impressive growth.
Some of the important global players operating in the self-service business intelligence market are, Microsoft Corporation, IBM Corporation, Oracle Corporation, SAP, SAS Institute, SE, MicroStrategy, Tableau Software, TIBCO Software, Zoho Corporation and Qlik Technologies.