Self-Service Business Intelligence Market to Reach $7.31Bn by 2021

A market research report published by MarketsandMarkets, shows that 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.

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.

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.