The overall BI and analytics market segment continues to expand and is expected to sustain its 2014 growth rate of 5.8% (adjusted for constant currency) through 2019 — as reflected in Gartner’s current estimate of the compound annual growth rate for the sector. However, this lower rate of growth reflects a market in transition, with changing buying patterns and requirements. Purchasing decisions continue to move from IT leaders to line-of-business executives and users who want more agility and more flexible personalized options — making the land-and-expand model the new norm. This is in stark contrast to the large, enterprise-scale deals that fueled double-digit growth at a time when IT had larger budgets and wielded much more influence in buying decisions.
The primary drivers of new growth in this rapidly evolving market are being influenced by the following dynamics:
- New vendors continue to emerge, offering innovative products to the market for buyers to consider. During the next several years, buyers will benefit from the attention that vendors are giving to the BI and analytics market and will have ample opportunity to invest in the innovative product offerings that are brought to market. The downside of having a plethora of innovative products to pilot and vendors to engage in POCs with, is the tendency for organizations to incur technical debt over time — as multiple stand-alone solutions that demonstrate business value quickly (and hastily) turn into production deployments without adequate attention being paid to design, implementation and support.
- The increased need for governance will serve as the catalyst for renewed IT engagement as business-user-led deployments expand. When the market shift first began, business users felt empowered to circumvent IT and autonomously purchase and begin using any product that addressed the gaps in their enterprise BI program.
- Market awareness and adoption of smart data discovery will extend data discovery to a wider range of users, increasing the reach and impact of analytics. These emerging capabilities facilitate discovery of hidden patterns in large, complex and increasingly multi-structured datasets, without building models or writing algorithms or queries.
- The need for organizations to integrate and derive insight from a growing number of multi-structured data sources will drive innovation in smart self-service data preparation and smart data discovery. Organizations will require sophisticated software capabilities that automate the ingestion, inference, enrichment and creation of search indexes when accessing new data sources.
- Search-based data discovery enabled by natural-language query will extend the reach of analytics to more users. As BI and analytics platforms increasingly support natural-language query, allowing nontechnical users to analyze data by asking questions in a conversational way, new users are more likely to engage with and leverage analytics.
- Marketplaces will expand and mature, creating new opportunities for organizations to buy and sell analytic capabilities. The availability of an active marketplace where buyers and sellers converge to exchange analytic applications, aggregated data sources, custom visualizations and algorithms is likely to generate increased interest in the BI and analytics space and to fuel its future growth.
- Organizations will need to support real-time events and streaming data capture in support of IoT use cases. In order for organizations to prepare for the volume of data that is generated by devices, sensors and people in a connected world, organizations will have to make new investments in products that are designed to capture and process this type of data.
- Register now at developers.paasmer.co and enjoy free trial license.
- Follow our all our IoT Blogs: https://blogs.mobodexter.com
- Join our IoT Hub of 3000+ subscribers to get these blogs in Email subscribe.
- Become our affiliate partner today.