Global revenue in the business intelligence (BI) and analytics market is forecast to reach $16.9 billion in 2016, an increase of 5% from 2015, according to the latest forecast from Gartner Inc.

The BI and analytics market is in the final stages of a multi-year shift from IT-led, system-of-record reporting to business-led, self-service analytics, the firm says. As a result, a modern business intelligence and analytics (BI&A) platform has emerged to meet new organizational requirements for accessibility, agility and deeper analytical insight.

"The shift to the modern BI and analytics platform has now reached a tipping point," Ian Bertram, managing vice president at Gartner, said in a statement. "Organizations must transition to easy-to-use, fast and agile modern BI platforms to create business value from deeper insights into diverse data sources."

Analytics has become increasingly strategic to most companies and central to most business roles, Gartner says.

"It is no longer possible for chief marketing officers to be experts only in branding and ad placement," Bertram said. "They must also be customer analytics experts. The same is true for the chief HR [human resources], supply chain and financial roles in most industries."

To meet the time-to-insight demanded by today's competitive business environment, many organizations want to democratize analytics capabilities via self-service, the firm notes.