The market for business analytics softwaregrew 14 percent in 2011 and will hit $50.7 billion in revenue by 2016, according to market research firm IDC. And, that segment will grow at a 9.8-percent-a-year clip until then, IDC predicts, driven in part by the current hype around big data.
The renewed importance of analytics software comes as the idea of big data has opened companies’ eyes as to the types of insights their data can provide far beyond what traditional analytics efforts yielded. Platform technologies such as Hadoop are letting companies store more data than ever before possible and crunch types of data not traditionally used.
Analytics software is a key component of big data strategies because it’s the stuff that lets companies actually analyze and visualize their data. Vendors in this space are having to retool their products — many products have been around for years, if not decades – for the age of big data. By IDC’s estimates, data warehousing was the fastest growing analytics area in 2011, increasing 15.2 percent, followed by analytics applications at 13.3. percent and BI tools at 13.2 percent.
By contrast, IDC recently predicted that the almost brand new market for Hadoop software and services will grow at about 60 percent a year until 2016, reaching $812.8 million up from $77 million today. It predicted the market for big data overall (which doesn’t include the higher-level analytics software) will reach $16.9 billion by 2015, up from $3.2 billion in 2010.
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