IDC’s New Worldwide Business Analytics Services Forecast Shows Estimated Spending Will Reach $70.8 Billion by 2016
FRAMINGHAM, Mass., April 15, 2013 – In its newly published worldwide business analytics services outlook, International Data Corporation (IDC) forecasts a five-year compound annual growth rate (CAGR) of 14.3% for global business analytics services spending, reaching an estimated $70.8 billion by 2016.
"IT services providers are leveraging their business analytics solutions and experience to assist their customers with their efforts to find key insights into their business performance. These include industry-specific and functional resources, infrastructure, and knowledge of best business practice industry performance metrics," saidMukesh Dialani, research director, Worldwide BPO and Engineering Services.
IDC research shows that the following factors will act as key enablers for increased third-party outsourcing of business analytics services:
Lack of internal (end customer) analytics resources, such as mathematicians, business analyst, data modelers, statisticians, and data scientists.
The fast pace of new technologies including automation around analytics and their link to social and mobile will make it difficult for the end customer to build and deploy teams in view of investment required to build/buy infrastructure and talent.
As business analytics providers successfully consult, deploy, and manage business analytics solutions for their customers, they will be able to demonstrate an increased number of transformative use cases.
"Talent gap and lack of knowledge base in the analytics space will continue to force businesses to rely on service providers to fulfill their business analytics needs in the near future," said Ali Zaidi, senior research analyst, IT Consulting and Systems Integration Services.
The study, Worldwide Business Analytics Services 2013–2016 Forecast (IDC #240277) presents IDC's latest market sizing for the worldwide business analytics services market by key IT service categories. A forecast and historical sizing are provided, beginning in 2007 and extending through 2016. The total worldwide market is assessed.
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 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 49 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 www.idc.com.