Global BI, analytics software market crossed $12 billion in revenues last year
Key forces like cloud, mobile, social and big data will play a key role in increased adoption of BI tools and software over the next 10 years, says Gartner.
Worldwide business intelligence (BI) platform, analytic applications and performance management (PM) software revenue reached $12.2 billion in 2011, a 16.4 percent increase from 2010 revenue of $10.5 billion, according to Gartner.
The BI, analytics and PM software market was the second-fastest growing sector in the overall worldwide enterprise software market in 2011, the firm said.
“BI, analytics and PM have been identified as one way to filter vast and growing amounts of information to reach insights and decisions in the digitized world, which is transforming industry after industry,” said Dan Sommer, Principal Analyst at Gartner.
According to Gartner the strong growth was driven by two major forces.
“The first is that IT continues to spend and earmark money to BI, despite constrained budgetary environments. BI projects remain relatively shielded, while a healthy portion of any discretionary money will be available for upcoming analytic initiatives,” Mr. Sommer said
Gartner’s 2012 CIO survey showed that analytics and BI is the top technology priority for CIOs in 2012.
Second, new buying centres are opening and expanding outside of IT, in line-of-business initiatives, and taking an increasingly large stake of the spending pie. “Key drivers for this are self-service data discovery tools, the race among vendors to provide business context through packaged analytics, and CFOs taking a renewed interest in BI and Performance Management,” Sommer said.
All three sub-segments of the market showed fairly even growth the report said. According to Gartner this goes to show that clients prefer a balanced approach to sourcing, across a portfolio of technologies, rather than focusing on just one sub-segment.
“It is not a build or buy decision; it is both,” said Sommer.
The report said that, the market is still dominated by traditional on-premises solutions linked to PCs.However, key forces like cloud, mobile, social and big data will play a key role in increased adoption over the next 10 years, and help shift the centre of gravity away from BI and analytics being only an enterprise IT push adopted by key stake-holders in lines of business, to one with a strong focus on the individual context, inside and outside the firewall.
“In 10 years time, everyone will be touched by analytics in a much denser and more frequent way than today,” said Sommer.
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