Data science news

BI Services Market Predicted To Double By 2016

CIOs will in­creas­ingly draw on BI, ana­lyt­ics out­sourcing firms to help de­liv­er timely busi­ness in­sights to users, says U.K. tech­no­logy re­search firm.

In 2013, we will see a steep rise in out­sourced data ana­lyt­ics ser­vices as CIOs seek help in provid­ing timely, decision-supporting in­sights to busi­ness users.

This is the con­clu­sion of U.K.-based tech­no­logy mar­ket re­search firm Pringle & Company in an ex­tens­ive new re­port, “Business Intelligence Software & Services Market, 2012-2016.”

The re­search, con­duc­ted in the fourth quarter of 2012, sug­gests that the mar­ket for ser­vices provided by busi­ness and tech­no­logy con­sultan­cies to de­velop and im­ple­ment the sys­tems re­quired to gen­er­ate data in­sights, is grow­ing at a com­pound an­nu­al rate of more than 15%. The glob­al mar­ket for these ser­vices will al­most double over the next four years, from an es­tim­ated $54.5 bil­lion in 2012 to $96.9 bil­lion in 2016, ac­cord­ing to the Pringle & Company re­port.

The over­all busi­ness in­tel­li­gence and ana­lyt­ics mar­ket, made up of both soft­ware and ser­vices, was worth $79 bil­lion in 2012, and will now grow at a rate of ap­prox­im­ately 16% an­nu­ally to reach $143.3 bil­lion in 2016.

5 Ways Big Data Will Change Lives In 2013

1.How we spend
2.How we vote
3.How we study
4.How we stay healthy
5.How we keep (or lose) our pri­vacy

Competing on Analytics

We all know the power of the killer app. Over the years, ground­break­ing sys­tems from com­pan­ies such as American Airlines (elec­tron­ic re­ser­va­tions), Otis Elevator (pre­dict­ive main­ten­ance), and American Hospital Supply (on­line or­der­ing) have dra­mat­ic­ally boos­ted their cre­at­ors’ rev­en­ues and repu­ta­tions. These her­al­ded and coveted ap­plic­a­tions amassed and ap­plied data in ways that upen­ded cus­tom­er ex­pect­a­tions and op­tim­ized op­er­a­tions to un­pre­ced­en­ted de­grees. They trans­formed tech­no­logy from a sup­port­ing tool in­to a stra­tegic weapon.

Companies quest­ing for killer apps gen­er­ally fo­cus all their fire­power on the one area that prom­ises to cre­ate the greatest com­pet­it­ive ad­vant­age. But a new breed of com­pany is up­ping the stakes. Organizations such as Amazon, Harrah’s, Capital One, and the Boston Red Sox have dom­in­ated their fields by de­ploy­ing industrial-strength ana­lyt­ics across a wide vari­ety of activ­it­ies. In es­sence, they are trans­form­ing their or­gan­iz­a­tions in­to armies of killer apps and crunch­ing their way to vic­tory.

Big data ana­lyt­ics will be more stream­lined in 2013

There are a num­ber of tech­no­lo­gies and trends ex­pec­ted to im­pact the IT land­scape in 2013, es­pe­cially the use of big data ana­lyt­ics. Companies that can man­age and study the in­form­a­tion in their sys­tems can be­ne­fit from of­fer­ing cus­tom­ers more per­son­al­ized ad­vert­ising or identi­fy­ing trends to help the cor­por­ate decision-making pro­cess.

Virtualization Review’s Elias Khnaser re­cently pre­dicted what he ex­pects will take place this year re­gard­ing the evol­u­tion of big data. Although large com­pan­ies with vast re­sources are of­ten at the fore­front of tech­no­lo­gic­al in­nov­a­tion, smal­ler busi­nesses can also take full ad­vant­age.

“I’m a huge be­liev­er in big data ana­lyt­ics – it will change the world and the way we do things,” Khnaser wro­te. “I think 2013 will amp­li­fy the tools and cap­ab­il­it­ies to use big data ana­lyt­ics in an easi­er and more stream­lined ap­proach, where small and large busi­ness will be able to be­ne­fit from it.”

Although it is ap­par­ent that big data is help­ful for com­pan­ies of all sizes, large firms es­pe­cially be­lieve that the IT trend is cru­cial for fu­ture suc­cess.

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