Indian businesses will increase spending on business intelligence and analytics software by 15% to reach 8,228 crore in 2014, according to Gartner.
Gartner said that, for the fourth year in a row, analytics ranks as the number one priority in its CIO survey in India.
“We see signs of the emerging importance of BI in India as senior executives are increasingly exploring the different styles of analytics to resolve their business imperatives,” said Bhavish Sood, research director at Gartner India.
“In many industries, especially the regulated ones, such as telecom and financial services, clients are setting up dedicated competency centres focused on the use of information,” added Sood.
Gartner said that, although Indian CIO's are gaining a better understanding that executive sponsorship and data quality are the two most important determinants of successful BI implementation, there is a general lack of talent across all fields of information management in organisations.
“This will continue to be the critical barrier to their successful adoption of business analytics initiatives,” said Gartner.
"BI is used today to support hundreds of decisions on the strategic and tactical level. Now analytics is also starting to support the hundreds of thousands of decisions on the operational level and is moving from internal support to a sellable asset. The results are impressive,“ said the Gartner report.
Research and Markets recently said the business intelligence (BI) and analytics market in India was valued at around 10,000 crore in 2012, and is expected to grow 22% a year between 2012 and 2017.