Business Analytics in High Demand
A recent report from analyst firm IDC reveals that the business analytics market grew by more than 14 percent in 2011, and that it will continue to grow by nearly 10 percent through 2016 to reach $50 billion.
The study, Worldwide Business Analytics Software 2012–2016 Forecast and 2011 Vendor Shares, examines the business analytics software market for the period from 2007 to 2016, with vendor revenue trends and market growth forecasts.
Report author Dan Vesset, program vice president for IDC’s Business Analytics Solutions, had this to say: “Driven by the attention-grabbing headlines for Big Data and more than three decades of evolutionary and revolutionary developments in technology and best practices, the business analytics software market has crossed the chasm into the mainstream mass market.”
Of the three primary segments of the worldwide business analytics software market, the data warehousing platform software segment grew the fastest in 2011 at 15.2% year over year, followed by the analytic applications segment, which grew at 13.3%, and the BI and analytic tools segment, which grew at 13.2%.
IDC reports that a growing emphasis on industry and business process-specific analytic applications will take hold over the forecast period. This will be a long-term trend that will likely accelerate M & A activity in the business analytics market. Recent acquisitions by large business analytics vendors will require these vendors to execute go-to-market strategies that depend on ever finer segmentation of target audiences by industry, region, and organization size.