Business analytics software market will continue to grow
As more businesses turn to business analytics for synthesizing big data and making it actionable, the market for analytics software will continue to grow. A recent report by the International Data Corporation projected a sustained rise of the market at least through 2017 at a 9.7 percent compound annual growth rate. Business analytics software assists companies in forming better data-driven insights and leveraging frameworks like Apache Hadoop to better structure data. The report found that revenues for analytics software rose to $34.9 billion in 2012, an increase of 8.7 percent from 2011 numbers.
"In hindsight, 2012 will be seen as the year when business analytics became a mainstream market adopted broadly across industries, organization sizes, and geographic regions," stated IDC VP Dan Vesset. "There is growing quantifiable evidence that data-driven decision making enabled by business analytics solutions does provide a competitive differentiation."
Business analytics is rapidly becoming a true global methodology, as the study also projected rapid growth in emerging markets, according to Misco. The Asia-Pacific and Latin American markets each experienced the highest gains in business analytics revenues, with each achieving a 13.4 percent growth rate. Buoyed by an improving economy, the North American market performed almost as well, posting a 12.1 percent growth rate. Latin American markets, however, are expected to rise to the top, in terms of growth rate, over the next several years, with a projected 12.4 percent CAGR by 2017.
Market highlights and growth drivers
The report also looked at three major categories of software products – data warehousing platforms, business intelligence and analytics tools, and performance management and applications. Of the three, data warehousing platform software experienced the highest market growth, at 10.8 percent. The other two product categories both grew at a 7.7% rate from their 2011 performance. As the benefits of migrating to business analytics-driven models continue to become more apparent, IDC analysts positioned 2012 as a critical juncture in the spread of its software.
Hadoop big data strategies will contribute to making business analytics strategies more dynamic and user-friendly over the next several years, as more organizations purchase software and reorient organizational models and require the personnel necessary to put the software into motion. Sustained success from this rapid growth will be dependent on businesses reinforcing their user analytics acumen with focused strategies like Hadoop certification and self-service training. This will be the best way to optimize the market trickle down effect, where more data begets more software to leverage it. The software needs more capable users to put it into action.
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