IDC Finds Demand for Business Analytics Software and Solutions Growing As End Users Become More Aware of the Technology’s Benefits
FRAMINGHAM, MA – October 7,2010 – A new report published by International Data Corporation (IDC) reveals how the market for business analytics software and solutions will grow as end users become more familiar with how the technology and related business practices can be used to improve competitiveness. As a result, IDC forecasts the business analytics market to grow at a compound annual growth rate (CAGR) of 7.0% over the 2009-2014 forecast period with even greater growth expected over the next ten years.
"After three decades of existence, the business analytics market is finally reaching the mainstream market and gaining status as a formal management discipline," said Dan Vesset, program vice president for IDC's Business Analytics Solutions research. "As the benefits of business analytics become better known, especially among executives, the demand for a wider range of solutions and services will create new opportunities and drive the market to new heights."
IDC's research shows that end users are hearing more about the benefits of business analytics from widely publicized cases about large retailers, social networking sites, search engines, intelligence agencies, and other organizations that generate and analyze vast amounts of data. Previous cases of advanced uses of business analytics were either poorly publicized or they were from "boring" industries that didn't catch the attention of the press.
As business analytics becomes better understood, IDC believes both vendors and end users should shift away from the discussion of data (or content) and toward discussions about decision making. The lessons learned from the past two decades are that end users will never be able to fully predict their data needs nor will the technologies be able to pre-build data models that will satisfy end users. Understanding decision processes will, however, enable a closer collaborative relationship between IT and business and enable the development of more flexible systems that take into account ways in which end users make decisions.
The IDC study, Worldwide Business Analytics Software 2010–2014 Forecast and 2009 Vendor Shares (Doc #225038), examines vendor revenue performance in the business analytics software market for 2007–2009 and presents a forecast of the market, including its 11 segments, for 2010–2014. The study further presents short profiles of the leading business analytics software vendors and IDC's Competitive Market Map of this market as well as of the analytic applications segment of the market.
To learn more about the latest developments, best practices, and emerging trends in the business analytics market, join the discussion on the IDC Business Analytics Blog. This user-focused blog serves as a cross-industry interactive dialogue to share valuable information and ideas, promote discussion, and bring together business analytics thought leaders and practitioners. IDC analysts contributing to the Business Analytics Blog include:
* – Decision ManagementDan Vesset
* – Business Intelligence, Advanced Analytics, Data Warehousing, Pervasive BI, Spatial Analytics, Intelligent EconomyBrian McDonough
* – Performance Management and Analytic Applications, Business Analytics SaaSAlys Woodward
* – European Performance Management and Business Analytics ServicesCarl Olofson
* – Data Integration, Data Quality, Master Data ManagementSusan Feldman
* – Content analytics, Unified Access and AnalysisMary Wardley
* – CRM Analytics, Web Analytics, Pricing Analytics
The IDC Business Analytics Blog is part of the IDC Insights Community, the leading global, interactive, online community for business and IT professionals to network, share and engage around technology issues within the context of their business. Visit the IDC Insights Community at http://idc-insights-community.com [http://idc-insights-community.com].
International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets. IDC helps IT professionals, business executives, and the investment community to make fact-based decisions on technology purchases and business strategy. More than 1,000 IDC analysts provide global, regional, and local expertise on technology and industry opportunities and trends in over 110 countries. For more than 46 years, IDC has provided strategic insights to help our clients achieve their key business objectives. IDC is a subsidiary of IDG, the world's leading technology media, research, and events company. You can learn more about IDC by visiting http://www.idc.com [http://www.idc.com].
All product and company names may be trademarks or registered trademarks of their respective holders.