Worldwide business analytics spending is expected to reach US$58.6 billion in 2015 and US$101.9 billion in 2019 – a compound annual growth rate (CAGR) of 14.7% – according to new IDC research.
IDC’s Worldwide Business Analytics Services study predicts that the adoption of new technologies and lack of internal skill sets will drive increased external spending on business analytics services throughout the forecast period.
“Talent shortage coupled with the high interest in adoption of new technologies will continue to drive high growth in business analytics services spending at the worldwide level,” said Ali Zaidi, research manager of IT Consulting and Systems Integration Services at IDC. “In addition, the desire to consume the entire lifecycle of business analytics services will drive high spending growth across all business analytics services lines in the near future.”
The overall five-year CAGR rate for project-based business analytics services is expected to be 14.3%, while IT consulting services will show growth of 15.1% in the project-based services segment. Meanwhile, the five-year CAGR for the outsourcing segment will be 13% and growth in business process outsourcing services will lead within the segment at 13.6% in 2015.
The report also showed that business analytics has become a backbone technology for companies implementing third-platform technologies.
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