As big data initiatives gain momentum in the private sector, the adoption rates of advanced analytic solutions will grow proportionately. This was highlighted in a recent report by Gartner, which noted that the global business intelligence market is forecast to grow 7 percent in 2013 to generate roughly $13.8 billion in revenue. This expansion will continue in the coming years, eventually pushing the industry to more than $17 billion in 2016.
IDC also forecast the business analytics software market to expand in the future, especially as companies place more of an emphasis on data quality.
"Although this is a mature market and has been a top CIO priority for years, there is still a lot of unmet demand," said Kurt Schlegel, research vice president at Gartner. "Every company has numerous subject areas - such as HR, marketing, social and so on - that have yet to even start with BI and analytics."
Dan Sommer, principal research analyst at Gartner, said the rapid proliferation of information is driving the need for organizations to adopt new business models that incorporate analytics. By planning these strategies in advance, executives will be able to ingrain data quality into more projects, making them more effective at delivering critical results.