New figures from Gartner have suggested that India’s business intelligence (BI) market will reach a value of $214 million in 2016. With many Indian enterprises beginning to actively adopt smart data discovery tools and machine learning techniques, the entire market surrounding such solutions is expected to surge by almost 20 per cent in comparison to 2015.
BI has been growing in popularity during the past few years. Though the first data analysis tools date back to at least 1989, it’s been only recently that many solutions have taken off, largely thanks to organisations around the world realising the vital importance of Big Data. Trying to analyse this information and draw conclusions that can be acted on is essential in an era when business competition continues to rocket. As such, many BI tools have never before been as important as they are now.
In India, BI is becoming big business, and research and advisory company Gartner predicts the market’s value to reach at least $213.8 million in 2016. This will be an 18.6 per cent rise over the $180.2 million revenue generated last year, and will see a variety of solutions, including analytics applications, advanced analytics platforms and corporate performance management (CPM) tools increasingly utilised.
Talking about the latest data, Gartner Research Director Bhavish Sood said that one of the main drivers behind the boom is the fact that more enterprises are utilising smart data discovery tools and machine learning techniques. “The BI and analytics market is undergoing significant change. Adoption of machine learning techniques, and the emergence of smart data discovery solutions are fuelling next round of investments,” said Sood. “The way traditional enterprise business intelligence solutions such as SAP were disrupted by data discovery solutions like Tableau, Qlik, Microsoft Power BI, the data discovery solution market is being disrupted by smart data discovery solution. These solutions, such as IBM Watson and DataRPM, use artificial intelligence, machine learning and natural language processing to empower consumers to turn into data scientists.”
The BI software market is still dominated by enterprise BI, with these solutions taking a major chunk of the overall sector. Meanwhile, mega vendors such as Oracle, IBM and Microsoft remain major players and outweigh the numerous smaller and emerging start-ups. However, over time, increased and persistent use of BI is likely to make the market shift from monitoring to decision making, and this could bring with it a change in major market players.
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