Business analytics software is set to continue its strong growth through to 2017, one expert has suggested.
The International Data Corporation (IDC) found that the market is expected to grow at a 9.7 per cent compound annual growth rate to the year, with demand for business analytics solutions to be driven by the promise of better decision making and competitive advantages.
As data becomes more widespread and important for businesses, it is vital that new workers are able to understand the information and use it to better inform their strategies.
Recruiters in IT should look for individuals who are comfortable using large amounts of data to find patterns in consumer purchases.
Last year, the worldwide business analytics software market grew 8.7 per cent year-over-year as revenues reached $34.9 billion (£22.8 billion), which is much lower than the 15 per cent year-over-year growth recorded in 2011.
These figures can be attributed to the macroeconomic issues plaguing the global economy, along with the weak performance of the European markets.
Even though there is slower growth, the business analytics software market outperformed the overall software market, where growth of 3.6 per cent year-over-year was seen in 2012.
Dan Vesset, program vice president of business analytics at IDC, said: “There is growing quantifiable evidence that data-driven decision making enabled by business analytics solutions provides 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.”
In the three primary segments of the business analytics software market, the data warehousing platform segment recorded 2012’s fastest growth, as it rose 10.8 per cent over the previous year.
Posted by Jon Aspinell on 28th June 2013
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