IDC says: Analytics market will remain strong
The international research and consultancy firm IDC has launched a report where it is predicted that business analytics market will continue to grow at a CAGR of 9.8 percent. According to the report the growth of business analytics market in 2011 was around 14 percent due to the technological innovations and the Big data revolution. There is a big emphasis on the Big Data which is the major reason for the bright scope in the analytics sector.
The report has come in the scenerio of the economic uncertainties in the global business environment and less spending on IT in europe. The analysts have opined that the demand for the analytics software will remain strong due to various factors. Security issues, Fraud and Risk management are the important factors which will keep the analytics market strong with the creation of demand. The analytics can also help in dealing with the economic downturn by cost cutting with the up to date products and services.
According to the report the BI tools and the warehousing services are major segments showing consistent growth rate for past few year. The future trends is expected in these areas with huge competitions. An intertecting findings resembling the pareto principle is that the top analytics vendors are SAP, IBM and SAS contributing to the major chunk of the industry. Almost two third of analytics revenue is attributed to the 10 biggest players. Despite the competition and crowding there is a scope for large competitive .
The evolving industry would see some more specialised services and offerings. IDC has predicted that analytics customers can see a rapid rise in the number of super-specialized analytic products that would target the specific business segments and verticals. The future is going to be full of opportunity if a company is able to withstand the competition by providing the superspecialised services to the targeted verticals. The core-competency of the company in analytics field has to be versatile as well as rapid delivery of the industry specific and customized products.