Market Trends of Self-service BI Industry
Self-Service BI has a Dominant Role in Marketing and Sales
- With the bulks of data available today, banks can collect formerly unimaginable information about every customer, giving them a better understanding of customers' wants and helping them to address these needs and wants proactively.
- It also permits diverse departments within a bank, such as marketing, and sales, to work more closely as a single unit. Rather than pushing out products to all clients, banks can now merge BI and sales force automation tools to market products tailored to consumers' present situations, whether they're constructing new homes, opening small companies, or starting families.
- As a result of digitalization and the fast adoption of several technological advancements in recent years, the banking sector is quickly expanding. The emergence of technology and tools such as business intelligence and data analytics has aided banks in adopting all essential standards and keeping competitive while serving today's modern customer's digital requirements. These solutions aid financial organizations in making more informed financial and operational decisions. This is further driving the market growth.
- In fact, financial services companies using BI reported a 7 percent enhancement in cross-sell and up-sell incomes. BI also provides banks with up-to-date information on their most profitable clientele and the banking choices they make. Banks can use that info to hold high-value customers, market the correct products to them and select which products to invest in for the maximum return.
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North America Dominates the Self-service BI Market
- The North American region has a significant share of the Self-Service BI market. Major key players like IBM Corporation, Oracle Corporation, and Microsoft Corporation are expected to boost market development in the region. In addition, factors such as increasing competition, intense R & D activities in technology, and an evolving trend of data proliferation are surging the market expansion in North America.
- Technical advancement and innovation for business management analytics for their production, sales, and advances in the US and Canada are mainly responsible for this region's growth and development. The United States economy boasts of a highly-developed and technologically or scientifically advanced services area, which accounts for nearly 80% of its output.
- Large US companies also play a vital role on a global scale, accounting for about one-fifth of the Fortune Global 500. Canada is experiencing increased output and efficacy in its sectors, which is a major aspect favoring its business intelligence market.
- The vital markets are also being presented by prospects like the upgraded efficiency of BI tools, increasing acceptance of cloud computing in the BI market, and varying landscape due to augmented Big Data adoption.
- As per Cisco Systems, near around 50% of ERP projects failed because of the lack of data integration. ERP software restrictions have encouraged the development of BI tools across the region. Further, this expansion will continue as BI enters new verticals across industries, which is further bolstering the self-service BI market's growth in the coming years.
- For instance, in December 2022, ThoughSpot, the Modern Analytics company, and dbt Labs, an analytics engineering provider, established a formal partnership to deliver self-service analytics to the modern data stack. The new collaboration between dbt Labs and ThoughtSpot allows for an exponential rise in the value of analytics engineering work by making it easily available to every business person through search.
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