Gartner Research Projects 7 percent Increase in BI Software Revenues
Business intelligence (BI) software is on the rise – new research from Gartner says that worldwide BI software revenue will increase 7 percent in 2013, to a total of $13.8 billion.
The increase in BI software use has been driven primarily by what Gartner calls the Nexus of Forces – cloud, mobile, social and information. An annual growth rate in the high single digits is expected to continue, with revenues for 2016 projected to reach $17.1 billion.
"BI and analytics have grown to become the fourth-largest application software segment as end users continue to prioritize BI and information-centric projects and spending to improve decision making and analysis," Gartner principal research analyst Dan Sommer said.
The BI industry has thrived financially even when sales have stalled, thanks to other services such as IT infrastructure support. MicroStrategy, a BI software maker in Tysons Corner, Virginia, suffered a drop in product license sales last quarter but compensated by increasing revenue from support and other services. The result was a record-setting $164.5 million in revenue for the fourth quarter of 2012, according to the Washington Business Journal.
Gartner is planning a pair of events to discuss and analyze the growing BI software market – the 2013 Business Intelligence Summits will take place on February 25-26 in Sydney, Australia, and March 18-20 in Grapevine, Texas.