Self-Service BI Market Evolution 2024: Unlocking Business Analytics

"The Business Research Company recently released a comprehensive report on the Global Self-Service BI Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The self-service bi market size has grown rapidly in recent years. It will grow from $9.77 billion in 2023 to $11.24 billion in 2024 at a compound annual growth rate (CAGR) of 15.0%. The growth in the historic period can be attributed to growth in data-driven decision making, increased complexity of business data, demand for faster and agile business intelligence, emphasis on user empowerment in data analysis, rise of business users as data consumers.

The self-service bi market size is expected to see rapid growth in the next few years. It will grow to $20.7 billion in 2028 at a compound annual growth rate (CAGR) of 16.5%. The growth in the forecast period can be attributed to increasing integration of artificial intelligence and machine learning in self-service bi, adoption of augmented analytics for enhanced insights, increased focus on data governance and security in self-service bi, expansion of self-service bi in cloud environments, growth in natural language processing for querying and reporting. Major trends in the forecast period include self-service bi for real-time data analytics, mobile and collaborative features in self-service bi platforms, integration with data preparation and data wrangling tools, customization and personalization in self-service bi dashboards, use of self-service bi in embedded analytics for applications.

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Market Drivers and Trends:

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 was 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 size 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 growth.

Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.

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Major Key Players of the Market:

Microsoft Corporation, The International Business Machines Corporation., Oracle Corporation., SAP SE, SAS Institute Inc., Alteryx Inc., Birst Inc., BOARD International S. A., Domo Inc., GoodData Corporation, InetSoft Technology Corp., Information Builders Inc., Logi Analytics Inc., Looker Data Sciences Inc., MicroStrategy Incorporated, Panorama Software Ltd., Pentaho Corporation., Phocas Software, Qlik Technologies Inc., Sisense Inc., Tableau Software LLC., Targit A/S, Tibco Software Inc., Yellowfin International Pty Ltd., Zoho Corporation Pvt. Ltd., 1010data Inc., Workday Inc., Arcadia Data Inc., Datameer Inc., Hitachi Vantara LLC., Sweetspot Intelligence Inc.

Self-Service BI Market 2024 Key Insights:

• The self-service bi market size is expected to see rapid growth in the next few years. It will grow to $20.7 billion in 2028 at a compound annual growth rate (CAGR) of 16.5%.
• Cloud Computing Services Boost Self-Service Bi Market Growth.
• Technological Advancements Driving The Self-Service Bi Market
• North America was the largest region in the self-service BI market in 2023

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