Analytics Continues to Elevate its Ceiling
From the cars we purchase to the Internet providers we subscribe to, data is having an increased role in consumer’s lives thus directly affecting the products that businesses produce.
With the demand for data from all markets on the uptick, it should come as little to no surprise that the business analytics market is projected to flourish in the next five years.
International Data Corporation (IDC) has released its latest forecast on the growth of the business analytics market in its “Worldwide Business Analytics Services 2014-2018 Forecast” report.
In the report, IDC projects the market to grow at a compound annual growth rate (CAGR) of 14.7 percent between 2014 and 2018. With an increase from $51.6 billion to $89.6 billion, the business analytics market is projected to grow at a steady rate over the next five years. Also, companies are not only using in-house analytic departments but also hiring outside companies at an increasing CAGR of 12.8 percent over the next five years.
"Talent shortage coupled with the high interest in adoption of new technologies will continue to drive growth in business analytics services spending at the worldwide level. In addition, the desire to consume the entire life cycle of business analytics services will drive spending growth across all business analytics services lines in the near future," said Ali Zaidi, senior research analyst of IDC’s IT Consulting and Systems Integration Strategies service.