Global Business Analytics Services Estimated Spending To Reach $70.8 Bn By 2016

IDC forecasts a five-year compound annual growth rate (CAGR) of 14.3 percent for global business analytics services spending.

FP Archives|Feb 03, 2017, 00:02:44 IST

In its recently published worldwide business analytics services outlook, International Data Corporation (IDC) forecasts a five-year compound annual growth rate (CAGR) of 14.3 percent for global business analytics services spending, reaching an estimated $70.8 billion by 2016.

"IT services providers are leveraging their business analytics solutions and experience to assist their customers with their efforts to find key insights into their business performance. These include industry-specific and functional resources, infrastructure, and knowledge of best business practice industry performance metrics," said Mukesh Dialani, Research Director, Worldwide BPO and Engineering Services.

IDC research shows that the following factors will act as key enablers for increased third-party outsourcing of business analytics services:

Lack of internal (end customer) analytics resources, such as mathematicians, business analyst, data modelers, statisticians, and data scientists.

The fast pace of new technologies including automation around analytics and their link to social and mobile will make it difficult for the end customer to build and deploy teams in view of investment required to build/buy infrastructure and talent.

As business analytics providers successfully consult, deploy, and manage business analytics solutions for their customers, they will be able to demonstrate an increased number of transformative use cases.

"Talent gap and lack of knowledge base in the analytics space will continue to force businesses to rely on service providers to fulfill their business analytics needs in the near future," said Ali Zaidi, Senior Research Analyst, IT Consulting and Systems Integration Services.

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