Research from Gartner found that global revenue in the business intelligence (BI) and analytics market is forecast to reach $16.9 billion (£11.73 billion) in 2016, representing a 5.2 per cent rise from 2015.
The study suggested that the BI and analytics market has now reached the final stages of a multi-year transition from IT-led, system-of-record reporting to business-led, self-service analytics.
Because of this, the modern business intelligence and analytics (BI&A) platform is set to meet new requirements for accessibility and analytical insight. This will help to improve the amount of data and detail available to businesses and improve their efficiency.
How important is analytics to modern businesses?
Gartner believes that analytics has become an increasingly strategic technology for many businesses, turning into a central element for the majority of roles. The organisation believes that every business is now focused on analytics, with company processes and employees now closely tied to analytics.
Ian Bertram, managing vice president at Gartner, said: “The shift to the modern BI and analytics platform has now reached a tipping point. Organisations must transition to easy-to-use, fast and agile modern BI platforms to create business value from deeper insights into diverse data sources.”
In order to meet the time-to-insight demanded in today’s competitive business environment, many organisations now want to democratise analytics capabilities by using self-service technology and the movement could be set to continue rising in popularity in the coming years.;