The market is expected to grow at 9.8% year on year to reach $50.7bn in 2016, according to a new report by IDC.
The business analytics market grew 14.1% in revenues across 2011.
The market is being driven by companies focusing on big data especially.
IDC’s Business Analytics Solutions vice president Dan Vesset believes that the attention-grabbing headlines surrounding Big Data have made it mainstream.
"The demand for business analytics solutions is exposing the previously minor issue of the shortage of highly skilled IT and analytics staff," Vesset said.
The report categorises three primary segments in the business analytics software market: performance management and analytic applications, business intelligence and analytic tools and data warehousing software.
Out of three segments, the data warehousing segment grew at 15.2% in 2011. Analytic applications grew 13.3%, while business intelligence and the analytic tools segment grew at 13.2%.
