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The worldwide business analytics software market is expected to grow at a 9.7% compound annual growth rate (CAGR) through 2017, according to a new forecast from International Data Corporation (IDC). Demand for business analytics solutions will continue to be driven by the promise of better and faster decision-making and competitive advantage that results from the ability to analyze and act upon information in a timely manner, according to the research group.
"There is growing quantifiable evidence that data-driven decision making enabled by business analytics solutions provides a competitive difference," says Dan Vesset, program vice president, Business Analytics at IDC (www.idc.com). "This, along with broad interest in big data, has pushed the technology to the top of many executive agendas and ushered it into the mainstream market."
In 2012, the worldwide business analytics software market grew 8.7% year over year with revenues reaching $34.9 billion. This was significantly lower than the 15% year-over-year growth experienced in 2011, and is attributable to the macroeconomic issues plaguing the global economy and the weak performance of European markets. Despite the slower growth, the business analytics software market outperformed the overall software market, which grew 3.6% year over year in 2012.