Worldwide Business Intelligence and Analytics Market to Reach $ 18.3 Billion in 2017.
Global revenue in the business intelligence (BI) and analytics software market is forecast to reach $18.3 billion in 2017, an increase of 7.3 per cent from 2016, according to the latest forecast from Gartner, Inc. By the end of 2020, the market is forecast to grow to $22.8 billion.
According to Gartner, modern BI and analytics continues to expand more rapidly than the overall market, which is offsetting declines in traditional BI spending. The modern BI and analytics platform emerged in the last few years to meet new organisational requirements for accessibility, agility and deeper analytical insight, shifting the market from IT-led, system-of-record reporting to business-led, agile analytics including self-service.
The modern BI and analytics market is expected to decelerate, however, from 63.6 per cent growth in 2015 to a projected 19 per cent by 2020. Gartner believes this reflects data and analytics becoming mainstream. The market is growing in terms of seat expansion, but revenue will be dampened by pricing pressure.
"Purchasing decisions continue to be influenced heavily by business executives and users who want more agility and the option for small personal and departmental deployments to prove success," said Rita Sallam, research vice president at Gartner. "Enterprise-friendly buying models have become more critical to successful deployments."
Gartner said that the rapidly evolving modern BI and analytics market is being influenced by the following seven dynamics:
Modern BI at scale will dominate new buying--While business users initially flocked to new modern tools because they could be used without IT assistance, the increased need for governance will serve as the catalyst for renewed IT engagement. Modern Bl tools that support greater accessibility, agility and analytical insight at the enterprise level will dominate new purchases.
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 drive a new flurry of buying because of its potential value to reduce time to insights from advanced analytics and deliver them to a broader set of people across the enterprise. While this "smart" wave is being driven by new innovative startups, traditional BI vendors that were slow to adjust to the current "modern" wave are driving it in some cases.
Need for complex datasets drives investments in data preparation--Business users want to analyse a diverse, often large and more complex combinations of data sources and data models, faster than ever before. The ability to rapidly prepare, clean, enrich and find trusted datasets in a more automated way becomes an important enabler of expanded use.
Extensibility and embeddability will be key drivers of expanded use and value--Both internal users and customers will either use more automated tools or will embed...