The worldwide business analytics software market is expected to rise at compound annual growth rate (CAGR) of 9.7% through 2017, a report from International Data Corporation (IDC) has discovered.
According to the report, the demand for business analytics applications will be driven by the better and faster decision-making and competitive advantage that results from the ability to analyse and act upon information in a timely manner.
IDC Business Analytics programme VP, Dan Vesset, said that there is growing quantifiable evidence that data-driven decision making enabled by business analytics applications offers a competitive difference.
"This, along with broad interest in big data, has pushed the technology to the top of many executive agendas and ushered it into the mainstream market," Vesset said.
The worldwide business analytics software market grew 8.7% year on year in 2013 resulting in revenues of $34.9bn, 15% less compared to the growth in 2011, due to the macroeconomic issues impacting the global economy and the weak performance of European markets.
Regionally, the market in Asia-Pacific and Latin America grew 13.4% year on year in 2012, followed by North America with 12.1% growth.
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The analysts believe that in 2017 Latin America is expected to record the highest growth rate of 12.4%, followed by North America with 10.9% and Asia-Pacific with 10.5%.
Among the three primary segments of the business analytics software market, the data warehousing platform software segment registered the fastest growth of 10% in 2012 compared to the previous year.
During 2012, the business intelligence and analytic tools segment and the performance management and analytic applications segments each went up by 7.7% year on year in 2012.
