Latest Business Intelligence Trends To Be Examined at the Gartner Business Intelligence & Information Management Summit in Sydney, 21-22 February 2012
Australian business intelligence (BI) software revenue is forecast to grow 11.7 percent to reach A$406.4 million in 2012, according to Gartner, Inc. This forecast includes revenue for BI platforms, analytic applications and corporate performance management (CPM) software.
Worldwide BI software revenue is forecast to reach almost US$12.5 billion in 2012, up 7.2 percent over last year. Gartner's view is that BI will remain one of the fastest growing software markets, despite sluggish economic growth in some regions, as organizations continue to turn to BI as a vital tool for smarter, more agile and efficient business.
Chief information officers (CIOs) ranked BI and analytics as their top technology priority for 2012, according to a new Gartner survey of more than 2,300 CIOs worldwide.
Speaking ahead of his keynote address at the Gartner Business Intelligence & Information Management Summit in Sydney this month, Gartner managing vice president Ian Bertram said that during the next 10 years, the explosion of information will be the biggest opportunity for BI and also its biggest challenge.
“The extreme volume, velocity and variety of data will add stress to current approaches to BI and are increasingly capturing the attention of both the BI industry and buyers,” he said.
Mr. Bertram said that there was a widening BI maturity gap between organizations in Australia at the moment.
“In Australia, many organizations are still focused on foundational BI concepts that revolve around strategy, skills, competencies and process,” he said. “Then we have organizations looking for more advanced analytics capabilities to build on those foundations. This is really where they need to be to set themselves up for the future.”
According to Mr. Bertram, the success of business intelligence efforts in organizations will depend on how they handle big data and new styles of advanced analytics.
Business intelligence efforts flourish with large datasets. The larger the dataset, the easier it is to uncover hidden subtle patterns and trends and, therefore, opportunities that are likely to evade the competition. BI derived from big data is crucial to business competition and will depend on significant evolution of BI competencies and data warehouse architectures.
“It’s not just traditional BI performed on bigger datasets,” said Mr. Bertram. “It also tackles data variety, velocity and complexity. The business requirement to conquer and mine big data is here to stay for most enterprises. The potential value is huge, but the technologies and skills to manage big data BI depart drastically from traditional data warehousing, dimensional modelling, BI and OLAP.”
While BI serves a distinct purpose for sharing, summarising and manually exploring data and metrics, more advanced analytics can aid and even automate decision-making. Pending a convergence of these capabilities, Gartner advises organizations to consider BI and advanced analytics distinctly from one another, recognizing the advantages and unique use cases of each.
Next generation analytics will expand beyond measuring and describing the past to predicting what is likely to happen and optimizing what should happen based on an increasingly varied set of data sources and types. The addition of mobile, social and collaborative technologies to advanced analytics tools will give a broader set of users insight for decision making when and where they need it.
“Organizations will need to put in place new processes and technologies to capitalise on this opportunity,” said Mr. Bertram. “Lack of skills will be the biggest challenge to success.”
Gartner’s forecast for business intelligence software revenue is available in the report ‘Forecast: Enterprise Software Markets, Worldwide, 2010-2015, 4Q11 Update’ on Gartner’s website at: http://www.gartner.com/resId=1866418
About Gartner Business Intelligence Summit 2012
The Gartner Business Intelligence Summit will help organizations transform their decision-making by examining new developments in BI, how analytics and BI relate, improvements in data quality, analytics in the cloud, and the linking of BI to master data management. Additional information from the event will be shared on Twitter at http://twitter.com/Gartner_inc using #GartnerBI.
For details of the Gartner Business Intelligence & Information Management Summit 2012 taking place on February 21-22 in Sydney, Australia, please visit www.gartner.com/ap/bi. Members of the media can register by contacting Susan Moore at firstname.lastname@example.org.
The Gartner Business Intelligence Summit 2012 in Los Angeles takes place on April 2-4 at the JW Marriott hotel at L.A. Live. Additional information is available at www.gartner.com/us/bi. Members of the media can register by contacting Christy Pettey at email@example.com.
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