New York, Dec. 20, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Self-Service BI Global Market Report 2022: Ukraine-Russia War Impact" - https://www.reportlinker.com/p06374552/?utm_source=GNW
The global self service BI market is expected to grow from $7.39 billion in 2021 to $8.70 billion in 2022 at a compound annual growth rate (CAGR) of 17.73%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The self service BI market is expected to reach $15.49 billion in 2026 at a compound annual growth rate (CAGR) of 15.51%.
The self-service business intelligence (BI) market includes revenues earned by managed services, professional services, alterations, maintenance, and repairs.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
The self-service business intelligence (BI) refers to a data analytics approach that allows businesses and users to access and explore data sets.It enables users to create unique data visualizations and make informed decisions without prior knowledge of statistical analysis, data mining, or data manipulation.
Self-service BI allows users to access data anytime and from any location with the help of the cloud.
North America was the largest region in the self-service BI market in 2021.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the self-service BI market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The main components of self-service BI are solutions and services.Self-service BI solutions refer to a strategy and technology combination for gathering, analyzing, and interpreting data from internal and external sources.
Software that can assist business teams in analyzing and visualizing data to generate meaningful insights are included in self-service BI solutions.These solutions are deployed on-premise and cloud.
Sales and marketing, customer engagement and analysis, fraud and security management, risk and compliance management, predictive asset maintenance, operations management, and supply chain management and procurement are the applications of self-service BI. Banking, financial services and insurance (BFSI), retail and e-commerce, telecom and information technology (IT), government and defense, healthcare, manufacturing, media and entertainment, transportation and logistics, and energy and utilities are the industry verticals that use self-service BI.
The rising adoption of cloud computing services in businesses is expected to boost the self-service BI market.Globally, companies have been adopting cloud-based operations in their business processes to enhance the scalability of internet-based database capabilities while lowering costs and risk.
Self-service BI solutions use data insights to make decisions that assist organizations in meeting their objectives.Major business intelligence data is stored in the cloud to secure information and provide on-demand shared data and processing resources to computers connected to the internet.
This increasing use of the cloud generates more businesses that are solved using self-service BI, which drives the growth of the self-service BI market forward.For instance, in November 2021, according to an O’Reilly survey, cloud adoption is increasing across industries, with 90 % of organizations utilizing cloud computing.
Furthermore, according to Gartner Inc., a management consulting firm, the global public cloud services market is expected to grow 17% to $266.4 billion in 2020, up from $227.8 billion in 2019. Therefore, the adoption of cloud computing will drive the self-service BI market.
Technological advancements are a key trend gaining popularity in the self-service market.Technical advancements in BI have become more valuable and essential than ever.
The advanced BI solution help in providing more refined data to businesses, enabling them to gauge customer needs and satisfaction through analytics and insights provided by the business intelligence tool.Major companies in the self-service market are integrating new technologies such as AI and machine learning with BI solutions to strengthen their market position.
Combining these advancements and automated technologies provides companies with improved problem-solving capabilities. For instance, in September 2020, Altizon Inc., a US-based system software company, launched Datonis BI for self-service manufacturing data analytics. It is a business intelligence platform for data exploration and analysis hosted in the cloud. The platform integrates seamlessly with Altizon’s Datonis industrial IoT platform to provide a 360-degree view of key performance indicators (KPIs).
In July 2021, Atos, a France-based information technology service and consulting company, acquired Visual BI for an undisclosed amount.With the acquisition, Atos will strengthen its ability to meet customers’ growing demand for BI and analytics in cloud environments by adding Visual BI’s cloud data-related capabilities, consulting services, and partnerships to its technology portfolio.
Visual BI is a US-based end-to-end BI & Analytics enablement provider company.
The countries covered in the self-service BI market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The self-service BI market research report is one of a series of new reports that provides self-service BI market statistics, including self-service BI industry global market size, regional shares, competitors with a self-service BI market share, detailed self-service BI market segments, market trends and opportunities, and any further data you may need to thrive in the self-service BI industry. This self-service BI market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06374552/?utm_source=GNW
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