The business analytics software market sustained its growth momentum last year, expanding by an impressive 14.1% compared to 2010. The global market is expected to continue on its upward trajectory through to 2016, growing at a compound annual rate of 9.8% to become worth USD50.7bn by that year, according to a report from IT and telecommunications research group International Data Corporation (IDC).
The market segment enjoying the fastest growth was data warehousing platform software, which expanded by 15.2% year-on-year, IDC said. Next came the analytic applications segment with a growth rate of 13.3%, while the BI and analytic tools segment exited the year with an increase of 13.2%.
Among the primary growth drivers for the global business analytics software market is the increased focus on Big Data, with media attention helping to place broader business analytics among the areas of interest for a growing number of senior executives. Moreover, new business analytics software options using non-relational data management technology are prompting vendors to step up their R&D initiatives and acquisitions targeting new tools and applications, as well as to accelerate the integration of new and existing technologies, the report said.
According to Dan Vesset, IDC's program vice-president of the Business Analytics Solutions division, the media hype surrounding Big Data has had a positive impact on the business analytics software market, as have 30-plus years of progress in technology and best practices. As a result, business analytics software has been transformed into a mainstream market but growing demand for these solutions has also brought into relief the shortage of skilled IT and analytics personnel, Vesset added.
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