Companies and organisations around the world will continue to invest in business analytics software through to 2017, it has been reported.
According to IT analyst IDC, the global market will grow at a 9.7 per cent compound annual growth rate over the next four years.
The firm said demand for business analytics solutions will continue to be driven by the promise of better and faster decision-making.
More organisations are seeking a competitive advantage from the ability to analyse and act upon information in a timely manner, IDC added.
"There is growing quantifiable evidence that data-driven decision making enabled by business analytics solutions provides a competitive difference," said Dan Vesset, program vice-president of business analytics at IDC.
"This, along with broad interest in big data, has pushed the technology to the top of many executive agendas and ushered it into the mainstream market."
IDC said that in 2012, the worldwide business analytics software market grew 8.7 per cent year-over-year with revenues reaching $34.9 billion (£29.8 billion).
This was some way down on the 15 per cent year-over-year growth experienced in 2011, the firm noted.
IDC said this is attributable to the macroeconomic issues plaguing the global economy and the weak performance of European markets.
However, despite the slower growth, the business analytics software market outperformed the overall software market last year.
This grew at a rate of 3.6 per cent year-over-year in 2012, the analyst claimed.
A recent study conducted by Dresner Advisory Services indicated that more companies are adopting business intelligence solutions in the cloud.
Some 75 per cent of respondents claimed that cloud-based or Software-as-a-Service intelligence solutions are important to their organisation.
Around a sixth of those interviewed said cloud-based business intelligence was "critical" to their operations, up from just one in ten 12 months earlier, reports Datamation.
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Posted by Dan Smith