Self-Service BI Market Estimated to Grow $7.31 Billion by 2021

(IT-NEWSWIRE.COM, August 09, 2019 ) According to research report "Self-Service BI Market by Type (Software, Services), Application (Sales & Marketing Management, Customer Engagement & Analysis, Predictive Asset Maintenance), Business Function, Deployment Model, Vertical, & Region - Global Forecast to 2021", The self-service Business Intelligence (BI) market is estimated to grow from USD 3.61 Billion in 2016 to USD 7.31 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 15.2%.

The major forces driving the self-service BI market are the ease of use for non-technical staff, increasing need for in-depth competitive insights, and expanding volume of business data. The self-service BI market is growing rapidly because of the transformation from traditional BI techniques for analyzing business data to advanced techniques and massive surge of structured and unstructured data.

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Human Resources business function is expected to grow at the highest CAGR

Self-service BI tools and services are used for various business functions, which include marketing, finance, sales, operations, and Human Resources (HR). HR is expected to witness the highest CAGR during the forecast period, among all business functions, due to the increasing need for HR departments across industry verticals to understand the complex interaction between staffing levels, competencies, compensation structures, workforce profile, and other factors, which would help them maximize their return on human capital.

Banking, Financial Services, and Insurance (BFSI) is estimated to have the largest market size in 2016

The self-service BI market is also segmented into various industry vertical. Out of them, the adoption of self-service BI is expected to be the highest in the BFSI vertical as the volume and variety of data in this vertical is increasing day by day with the growing demand of IT systems for financial transactions in banks and other financial services institutes.

North America is expected to dominate the self-service BI market during the forecast period

North America is expected to hold the largest share of the self-service BI market in 2016 due to the technological advancements and early adoption of BI solutions in the region. The market in APAC is expected to grow at the highest CAGR between 2016 and 2021. The primary driving forces for this growth are increasing technological adoption and huge opportunities across industry verticals in APAC countries, especially India, China, and Japan.

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The report also encompasses different strategies, such as mergers & acquisitions, partnerships & collaborations, and product developments, adopted by major players to increase their share in the market. Some of the major technology vendors include Microsoft Corporation (U.S.), IBM Corporation (U.S.), Oracle Corporation (U.S.), SAP SE (Germany), SAS Institute (U.S.), Tableau Software (U.S.), MicroStrategy (U.S.), TIBCO Software (U.S.), Qlik Technologies (U.S.), and Zoho Corporation (U.S.).

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Self-Service BI Market Estimated to Grow $7.31 Billion by 2021