{"id":3204,"date":"2012-08-29T07:00:28","date_gmt":"2012-08-29T15:00:28","guid":{"rendered":"http:\/\/www.formtek.com\/blog\/?p=3204"},"modified":"2012-08-29T07:00:28","modified_gmt":"2012-08-29T15:00:28","slug":"business-analytics-businesses-use-data-to-understand-their-markets","status":"publish","type":"post","link":"https:\/\/formtek.com\/blog\/business-analytics-businesses-use-data-to-understand-their-markets\/","title":{"rendered":"Business Analytics: Businesses Use Data to Understand Their Markets"},"content":{"rendered":"<div id=\"_mcePaste\">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. \u00a0That&#8217;s according to a new report by <a title=\"IDC report on global business analytics\" href=\"http:\/\/www.idc.com\/getdoc.jsp?containerId=235494\" target=\"_blank\">market research company IDC<\/a>.<\/div>\n<div><\/div>\n<div>The business analytics market can be broken in to three segments:<\/div>\n<div>\n<ul>\n<li><strong>Warehousing Software<\/strong> (15.2 percent growth in 2011)<\/li>\n<li><strong>Analytics Applications<\/strong> (13.3 percent growth in 2011)<\/li>\n<li><strong>Business Intelligence Tools<\/strong> (13.2 percent growth in 2011)<\/li>\n<\/ul>\n<\/div>\n<div id=\"_mcePaste\"><a title=\"Dan Vesset bio\" href=\"http:\/\/www.linkedin.com\/in\/danvesset\" target=\"_blank\">Dan Vesset<\/a>, program vice president for IDC\u2019s Business Analytics Solutions, said that &#8220;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.&#8221;<\/div>\n<div><\/div>\n<div>Other observations from the IDC <a title=\"IDC benefits of business analytics\" href=\"http:\/\/www.virtual-strategy.com\/2012\/07\/11\/worldwide-business-analytics-software-market-continues-stellar-recovery-driven-big-data-h\" target=\"_blank\">report include<\/a>:<\/div>\n<div>\n<ul>\n<li>The lack of business analytic skills in many companies is driving a strong interest in obtaining outside business analytics services<\/li>\n<li>Business analytics software is increasingly targeting specific industries and processes<\/li>\n<li>Businesses will increasingly focus more on the business benefits rather than on implementation details of the technologies used to deliver them.<\/li>\n<\/ul>\n<\/div>\n<p>Dr. <a title=\"Andrew N Jennings bio\" href=\"http:\/\/www.linkedin.com\/pub\/andrew-jennings\/0\/b48\/a84\" target=\"_blank\">Andrew N. Jennings<\/a>, FICO\u2019s chief analytics officer and head of FICO Labs, said that &#8220;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.&#8221;<\/p>\n<div><\/div>\n<div class=\"lightsocial_container\"><div class=\"lightsocial_element\"><a class=\"lightsocial_a\" href=\"http:\/\/digg.com\/submit?url=https%3A%2F%2Fformtek.com%2Fblog%2Fbusiness-analytics-businesses-use-data-to-understand-their-markets%2F&amp;title=\" target=\"_blank\"><img decoding=\"async\" class=\"lightsocial_img\" src=\"https:\/\/formtek.com\/blog\/wp-content\/plugins\/light-social\/digg.png\" alt=\"Digg This\" title=\"Digg This\" \/><\/a><\/div><div class=\"lightsocial_element\"><a class=\"lightsocial_a\" href=\"http:\/\/www.reddit.com\/submit?url=https%3A%2F%2Fformtek.com%2Fblog%2Fbusiness-analytics-businesses-use-data-to-understand-their-markets%2F&amp;title=\" target=\"_blank\"><img decoding=\"async\" class=\"lightsocial_img\" src=\"https:\/\/formtek.com\/blog\/wp-content\/plugins\/light-social\/reddit.png\" alt=\"Reddit This\" title=\"Reddit This\" \/><\/a><\/div><div class=\"lightsocial_element\"><a class=\"lightsocial_a\" href=\"http:\/\/www.stumbleupon.com\/submit?url=https%3A%2F%2Fformtek.com%2Fblog%2Fbusiness-analytics-businesses-use-data-to-understand-their-markets%2F&amp;title=\" target=\"_blank\"><img decoding=\"async\" class=\"lightsocial_img\" src=\"https:\/\/formtek.com\/blog\/wp-content\/plugins\/light-social\/stumbleupon.png\" alt=\"Stumble Now!\" title=\"Stumble Now!\" \/><\/a><\/div><div class=\"lightsocial_element\"><a class=\"lightsocial_a\" href=\"http:\/\/buzz.yahoo.com\/buzz?targetUrl=https%3A%2F%2Fformtek.com%2Fblog%2Fbusiness-analytics-businesses-use-data-to-understand-their-markets%2F&amp;headline=\" target=\"_blank\"><img decoding=\"async\" class=\"lightsocial_img\" src=\"https:\/\/formtek.com\/blog\/wp-content\/plugins\/light-social\/yahoo_buzz.png\" alt=\"Buzz This\" title=\"Buzz This\" \/><\/a><\/div><div class=\"lightsocial_element\"><a class=\"lightsocial_a\" href=\"http:\/\/www.dzone.com\/links\/add.html?title=&amp;url=https%3A%2F%2Fformtek.com%2Fblog%2Fbusiness-analytics-businesses-use-data-to-understand-their-markets%2F\" target=\"_blank\"><img decoding=\"async\" class=\"lightsocial_img\" src=\"https:\/\/formtek.com\/blog\/wp-content\/plugins\/light-social\/dzone.png\" alt=\"Vote on DZone\" title=\"Vote on DZone\" \/><\/a><\/div><div class=\"lightsocial_element\"><a class=\"lightsocial_a\" href=\"http:\/\/www.facebook.com\/sharer.php?t=&amp;u=https%3A%2F%2Fformtek.com%2Fblog%2Fbusiness-analytics-businesses-use-data-to-understand-their-markets%2F\" target=\"_blank\"><img decoding=\"async\" class=\"lightsocial_img\" src=\"https:\/\/formtek.com\/blog\/wp-content\/plugins\/light-social\/facebook.png\" alt=\"Share on Facebook\" title=\"Share on Facebook\" \/><\/a><\/div><div class=\"lightsocial_element\"><a class=\"lightsocial_a\" href=\"http:\/\/delicious.com\/save?title=&amp;url=https%3A%2F%2Fformtek.com%2Fblog%2Fbusiness-analytics-businesses-use-data-to-understand-their-markets%2F\" target=\"_blank\"><img decoding=\"async\" class=\"lightsocial_img\" src=\"https:\/\/formtek.com\/blog\/wp-content\/plugins\/light-social\/delicious.png\" alt=\"Bookmark this on Delicious\" title=\"Bookmark this on Delicious\" \/><\/a><\/div><div class=\"lightsocial_element\"><a class=\"lightsocial_a\" href=\"http:\/\/www.dotnetkicks.com\/kick\/?title=&amp;url=https%3A%2F%2Fformtek.com%2Fblog%2Fbusiness-analytics-businesses-use-data-to-understand-their-markets%2F\" target=\"_blank\"><img decoding=\"async\" class=\"lightsocial_img\" src=\"https:\/\/formtek.com\/blog\/wp-content\/plugins\/light-social\/dotnetkicks.png\" alt=\"Kick It on DotNetKicks.com\" title=\"Kick It on DotNetKicks.com\" \/><\/a><\/div><div class=\"lightsocial_element\"><a class=\"lightsocial_a\" href=\"http:\/\/dotnetshoutout.com\/Submit?title=&amp;url=https%3A%2F%2Fformtek.com%2Fblog%2Fbusiness-analytics-businesses-use-data-to-understand-their-markets%2F\" target=\"_blank\"><img decoding=\"async\" class=\"lightsocial_img\" src=\"https:\/\/formtek.com\/blog\/wp-content\/plugins\/light-social\/dotnetshoutout.png\" alt=\"Shout it\" title=\"Shout it\" \/><\/a><\/div><div class=\"lightsocial_element\"><a class=\"lightsocial_a\" href=\"http:\/\/www.linkedin.com\/shareArticle?mini=true&amp;url=https%3A%2F%2Fformtek.com%2Fblog%2Fbusiness-analytics-businesses-use-data-to-understand-their-markets%2F&amp;title=&amp;summary=&amp;source=\" target=\"_blank\"><img decoding=\"async\" class=\"lightsocial_img\" src=\"https:\/\/formtek.com\/blog\/wp-content\/plugins\/light-social\/linkedin.png\" alt=\"Share on LinkedIn\" title=\"Share on LinkedIn\" \/><\/a><\/div><div class=\"lightsocial_element\"><a class=\"lightsocial_a\" href=\"http:\/\/www.technorati.com\/faves?add=https%3A%2F%2Fformtek.com%2Fblog%2Fbusiness-analytics-businesses-use-data-to-understand-their-markets%2F\" target=\"_blank\"><img decoding=\"async\" class=\"lightsocial_img\" src=\"https:\/\/formtek.com\/blog\/wp-content\/plugins\/light-social\/technorati.png\" alt=\"Bookmark this on Technorati\" title=\"Bookmark this on Technorati\" \/><\/a><\/div><div class=\"lightsocial_element\"><a class=\"lightsocial_a\" href=\"http:\/\/twitter.com\/home?status=Reading+https%3A%2F%2Fformtek.com%2Fblog%2Fbusiness-analytics-businesses-use-data-to-understand-their-markets%2F\" target=\"_blank\"><img decoding=\"async\" class=\"lightsocial_img\" src=\"https:\/\/formtek.com\/blog\/wp-content\/plugins\/light-social\/twitter.png\" alt=\"Post on Twitter\" title=\"Post on Twitter\" \/><\/a><\/div><div class=\"lightsocial_element\"><a class=\"lightsocial_a\" href=\"http:\/\/www.google.com\/buzz\/post?url=https%3A%2F%2Fformtek.com%2Fblog%2Fbusiness-analytics-businesses-use-data-to-understand-their-markets%2F\" target=\"_blank\"><img decoding=\"async\" class=\"lightsocial_img\" src=\"https:\/\/formtek.com\/blog\/wp-content\/plugins\/light-social\/google_buzz.png\" alt=\"Google Buzz (aka. Google Reader)\" title=\"Google Buzz (aka. Google Reader)\" \/><\/a><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>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. \u00a0That&#8217;s according to a new report by market<span class=\"ellipsis\">&hellip;<\/span><\/p>\n<div class=\"read-more\"><a href=\"https:\/\/formtek.com\/blog\/business-analytics-businesses-use-data-to-understand-their-markets\/\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-3204","post","type-post","status-publish","format-standard","hentry","category-business-intelligence"],"_links":{"self":[{"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/posts\/3204","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/comments?post=3204"}],"version-history":[{"count":0,"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/posts\/3204\/revisions"}],"wp:attachment":[{"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/media?parent=3204"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/categories?post=3204"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/tags?post=3204"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}