The global business analytics services spending is expected to reach $89.6bn in 2018, notes a new report from IDC, which also anticipates it would reach $51.6bn this year, growing at a compound annual growth rate (CAGR) of 14.7%.
The forecast also noted that business analytics services’ spending dropped in 2013, despite maintaining double digit growth.
IDC Consulting and Systems Integration Strategies IT senior research analyst Ali Zaidi said: "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."
The report expects that the overall five-year CAGR for the project-based business analytics services will be 14.3%, while there would be a 12.8% CAGR for the business analytics outsourcing services.
Businesses are seeking external options to meet their analytics needs due to lack of analytics resources, such as mathematicians, business analysts, and statisticians.
However, continuous investments by business analytics services in hiring relevant talent would directly impact the adoption of these services.
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