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Business Intelligence: Modern BI and Analytics Sector Growing 8 Times Faster Than Total BI Market
The worldwide Business Intelligence and Analytics software market will grow to $18.3 billion in 2016, an increase of 7.3 percent from 2016, according to Gartner. By 2020, it is expected to reach $22.8 billion.
It’s the piece within the BI market called “Modern BI and Analytics” that has seen tremendous growth and hype over the last few years. This sector is growing at a rate of more than 60 percent annually. But Gartner sees the growth for modern BI saturating by 2020 when the growth rate will have slowed to an annual rate closer to 20 percent.
Gartner has identified the following characteristics of the Modern BI and Analytics market.
- BI in the Cloud will become increasingly popular and be more common than on-premise solutions by 2020
- Enterprise-level BI tools will dominate buying patterns
- The key technical components driving modern BI are smart data discovery, machine learning, and automation of the analytics workflow
- Complex data is driving a need for improved data preparation
- Analytic features will increasingly be embedded and integrated into other enterprise software
- Support for real-time and streamed data for analytics will grow
