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The Business Intelligence (BI) and Analytics market is forecast to increase 7.3 percent this year compared to 2016 to $18.3 billion and reach $22.8 billion by 2020, according to a recent report by Gartner.
Gartner has identified one sector of this market that it called Modern BI and Analytics which has been growing at a rate of more than 60 percent annually over the last couple of years. Visualization and Natural Language interactions are some of the technologies driving a remake of the BI market.
Gartner notes some of the factors that are influencing the growth and change in this market space:
- New technologies are creating a new wave of products and vendors in areas like smart data discovery, machine learning and analytics
- Bigger data sets require businesses to invest in technologies to capture and clean data and support analysis of large data sets.
- Analytics are increasingly embedded in other tools and software
- BI and Analytics are increasingly being applied to real-time and streamed data
- The Cloud makes adoption easier. Cloud deployment of BI and analytics can cost efficiently speed time to deployment
- The size of the BI and analytics marketplace will expand and offer more targeted and custom applications and algorithms