Business analytics services spending will reach $89.6 billion in 2018 from $51.6 billion in 2014, representing a 14.7 percent compound annual growth rate (CAGR), said IDC.
The main growth drivers for business analytics services spending will be talent shortage coupled with the high interest in adoption of new technologies.
“The desire to consume the entire life cycle of business analytics services will drive spending growth across all business analytics services lines,” said Ali Zaidi, senior research analyst, IT Consulting and Systems Integration Strategies, IDC.
Business analytics services spending growth dipped in 2013, though growth remained in double digits, said IDC.
The overall five-year CAGR for the project-based business analytics services will be 14.3 percent.
The five-year CAGR for the business analytics outsourcing services will be 12.8 percent.
Lack of internal analytics resources, including mathematicians, business analysts, and statisticians,is forcing businesses to seek external options to meet their business analytics needs.
Business analytics services providers that continue to invest in hiring relevant talent will have a direct impact on adoption of these services.