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Data Analytics: Businesses Outsource to Fill Talent Gap
Business Analytics services will be $51.6 billion in 2014 and will reach $89.6 billion by 2018, according to a recent report by IDC.
Other findings from the IDC report are that:
- The top ten vendors in the Business Analytics sector are Oracle, SAP, IBM and Microsoft. Together these companies account for more than 53 percent of the entire market
- The Business Analytics sector over the next five years is expected to grow at a rate of 14.3 percent annually
- Business Analytics outsourcing will grow at a rate of 12.8 percent
- The lack of skilled professionals in this space, like mathematicians, statisticians and business analysts, is one reason why businesses are looking outside their companies for assistance
A parallel report released by Technavio in August covering Data Analytics estimates that the Data Analytics Outsourcing will grow at at a rate of more than 30 percent annually over the next four years.
Ali Zaidi, senior research analyst at IDC, said that the “talent shortage coupled with the high interest in adoption of new technologies will continue to drive growth in business analytics services spending at the worldwide level. In addition, the desire to consume the entire life cycle of business analytics services will drive spending growth across all business analytics services lines in the near future.”
