( Press Release by IDC ) A new report published by International Data Corporation (IDC) reveals how the market for business analytics software and solutions will grow as end users become more familiar with how the technology and related business practices can be used to improve competitiveness. As a result, IDC forecasts the business analytics market to grow at a compound annual growth rate (CAGR) of 7.0% over the 2009-2014 forecast period with even greater growth expected over the next ten years.
"After three decades of existence, the business analytics market is finally reaching the mainstream market and gaining status as a formal management discipline," said Dan Vesset, program vice president for IDC's Business Analytics Solutions research. "As the benefits of business analytics become better known, especially among executives, the demand for a wider range of solutions and services will create new opportunities and drive the market to new heights."
IDC's research shows that end users are hearing more about the benefits of business analytics from widely publicized cases about large retailers, social networking sites, search engines, intelligence agencies, and other organizations that generate and analyze vast amounts of data. Previous cases of advanced uses of business analytics were either poorly publicized or they were from "boring" industries that didn't catch the attention of the press.
As business analytics becomes better understood, IDC believes both vendors and end users should shift away from the discussion of data (or content) and toward discussions about decision making. The lessons learned from the past two decades are that end users will never be able to fully predict their data needs nor will the technologies be able to pre-build data models that will satisfy end users. Understanding decision processes will, however, enable a closer collaborative relationship between IT and business and enable the development of more flexible systems that take into account ways in which end users make decisions.
The IDC study, Worldwide Business Analytics Software 2010-2014 Forecast and 2009 Vendor
Shares (Doc #225038), examines vendor revenue performance in the business analytics software
market for 2007-2009 and presents a forecast of the market, including its 11 segments, for
2010-2014. The study further presents short profiles of the leading business analytics software
vendors and IDC's Competitive Market Map of this market as well as of the analytic applications
segment of the market.
Read the full press release here .