Spending on business intelligence (BI) software and services will reach $143.3bn in 2016, with two-thirds of this being invested in services.
In 2012, the global BI sector was worth $79bn, according to research carried out by business and technology analyst firm Pringle & Company, but this is expected to increase an average of 16% for the next four years.
Two-thirds of the money spend on BI will be services related, as for every $1 invested in BI software, $2 will be spent on services designed to maximise its performance.
The fastest growing part of the BI sector is analytics tools, with 18.8% growth in software spending and 20.9% growth in services spending, adding up to a market worth $18bn by 2016.
Pringle & Company principle analyst Tom Pringle said as data volume and variety grows ever bigger, the necessary investment in technology and services to understand and successfully exploit its value will have to rise.
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“Such high levels reflect not only growing understanding of the real-world business value of data-driven insights, but also demonstrate the substantial range and depth of skills required to adopt the necessary systems to successfully discover and act on them,” he said.
The research also found that spending on BI is as important during tough times as it is when business is good.
“Services represented over two-thirds of the overall market for BI in 2012, and in spite of pricing pressure from commoditisation will remain so through to 2016. The global market for these services will grow from an estimated $54.5bn in 2012 to $96.9bn in 2016,” said the report.