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Business Analytics: Businesses Use Data to Understand Their Markets
The Global Business Analytics market grew at a rate of 14.1 percent last year and is expected to grow 10.1 percent annually through 2016, at which point it will reach $50.7 billion. That’s according to a new report by market research company IDC.
The business analytics market can be broken in to three segments:
- Warehousing Software (15.2 percent growth in 2011)
- Analytics Applications (13.3 percent growth in 2011)
- Business Intelligence Tools (13.2 percent growth in 2011)
Dan Vesset, program vice president for IDC’s Business Analytics Solutions, said that “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.”
Other observations from the IDC report include:
- The lack of business analytic skills in many companies is driving a strong interest in obtaining outside business analytics services
- Business analytics software is increasingly targeting specific industries and processes
- Businesses will increasingly focus more on the business benefits rather than on implementation details of the technologies used to deliver them.
Dr. Andrew N. Jennings, FICO’s chief analytics officer and head of FICO Labs, said that “In the era of Big Data, the potential business impact of predictive analytics is great. As the quantity and breadth of data increases, and the speed and precision with which it can be analyzed accelerates, businesses that implement services operations analytics solutions will uncover new insights, hidden patterns and correlations that enable more intelligent decisions. These add up to a decisive competitive advantage.”
