According to the press release published by Gartner on February 17th, 2017 the global revenue in the business intelligence (BI) and analytics software market will reach $18.3 billion in 2017. These numbers are an indicator for a 7.3 percent increase in comparison to the year 2016. The analysts forecast further growth of the market to $22.8 billion till the end of 2020.
The press release outlines the fact that business analytics and BI keep expanding more quickly in comparison with other market niches. First of all it is related to the new challenges the business has to deal with as well as to the constantly growing necessity in deep analysis of big data amount.
Gartner analyst’s link the rapid explosion of modern BI and analytics market to the following seven tendencies:
1. Scalability — End users are attracted to new modern tools first of all because they allow not falling back upon IT support assistance. However, the increased need for governance at different levels may become a kind of ‘a bridge’ connecting the user and IT at a new level of interaction. Modern BI tools that support greater accessibility, agility and analytical insight at the enterprise level are a determining factor in the growth of BI sector.
2. New innovative and established vendors will drive the next wave of market disruption — The emergence of smart data discovery capabilities, machine learning and automation of the entire analytics workflow will attract more and more buyers. The secret is quite easy – these technologies allow shortening the timeline reduce for advanced analytics and delivering them to a large number of employees across the enterprise. Gartner analytics forecast that innovative startups and small enterprises will drive the ‘smart’ wave, while traditional BI vendors need more time to adjust to the new circumstances and to win the ‘the customer race’.
3. Need for complex datasets drives investments in data preparation — the necessity to analyze the diverse, often large and more complex combinations of data sources and data models, faster than ever before becomes a reality today. The opportunity to prepare, clean, enrich and find trusted datasets in a more automated way quickly stands for an important factor of broadened use.
4. Extensibility and embeddability will be key drivers of expanded use and value — automation of analysis tools will get widespread within the customers enterprises as well as in internal systems. User will strive to embed analytics into applications they already use. Also, the fusion of both options is feasible. The capability of an extended analytics becomes a lever for onward movement of business intelligence.
5. Support for real-time events and streaming data — With every passing day business gets more and more information collected by different devices, sensors. It makes the fast decision making possible. Thus, according to Gartner, vendors have to put money in capabilities like these. They should be able to offer their customers a single platform that combines real-time events and streaming data with other types of source data.
6. Further growth of cloud deployments — Cloud deployments of BI and analytics platforms have the potential to reduce the cost of ownership and speed time to deployment. Gartner foresees, that despite the fact that the majority of enterprise still prefer data residing on-premise, the number of licenses bought for cloud deployments will prevail by 2020.
7. Creation of specialized marketplaces — such marketplaces become a new tool for the emptio-venditio process. Solutions for analytic, aggregated data sources, custom visualizations and algorithms get involved into the pool of triggering factors increase interest to the business intelligence and analytics area.
Taking all the aforesaid into consideration, it should be noticed that the constantly growing ‘efficiency factor’ of Business Intelligence solutions and the daily necessity for daily analysis of complex and large data sources become objective indexes of the Business Intelligence and analytics market growth.
