Business analytics market to surpass $50bn

CBR notes.

The market is expected to grow at 9.8% year-on-year to reach $50.7 billion in 2016, according to a new report by IDC.

The business analytics market grew 14.1% in revenues across 2011. The market is being driven by companies focusing on big data.

Additionally, new business analytics software options based on non-relational data management technology are forcing all vendors to accelerate R&D efforts and acquisitions focused on new tools and applications and the integration of new and existing technologies, EON reveals.

“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,” says Dan Vesset, programme VP for IDC's Business Analytics Solutions.

“The demand for business analytics solutions is exposing the previously minor issue of the shortage of highly skilled IT and analytics staff.”

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 business intelligence and analytic tools segment, which grew at 13.2%, BizTech2.com says.