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The Business Intelligence (BI) market is set for steady growth over the next three years making it one of the strongest areas of the software sector.
According to forecasts from Gartner the worldwide BI market is set to grow by 9.7% this year making the product category worth $10.8bn and that growth should continue through until 2014.
Despite cutbacks and spending freezes in other areas BI continues to be viewed by customers as a tool that will deliver greater knowledge of their businesses enabling better strategy around costs and efficiency measures.
Gartner recently quizzed CIOs on their priorities in spending this year and BI was number five on the hit list.
"This market has remained strong because the dominant vendors continued to put BI, analytics and performance management at the centre of their messaging, while end-user organisations largely continued their BI projects, hoping that resulting transparency and insight will enable them to cut costs and improve productivity," said Ian Bertram, managing vice president at Gartner.
The analyst house expects consumerisation of BI, with ease of use being a top demand from users, and the use of the technology as a 'decision platform' would help keep the orders flowing.
Roger Llewellyn, CEO of Kognitio, said that the Gartner predictions were slightly cautious with the predictions because more firms would look to BI to help them be more cost-effective.
"The need to increasingly squeeze every last drop of value out of an organisations' resources, including data, coupled with the increasing availability of BI and analytics as a cost-effective, flexible service means that more and more organisations will continue to jump on board the BI bus," he said.