Worldwide business analytics services spending will reach $58.6 billion in 2015 and $101.9 billion in 2019, according to new research from International Data Corp. (IDC). That represents a compound annual growth rate (CAGR) of 14.7%.

The adoption of new technologies and lack of internal skill sets will drive increased external spending on business analytics services throughout the forecast period, the firm says.

The overall five-year CAGR for project-based business analytics services will be 14.3%, the report says. Within the project-based services segment, IT consulting services will see strong growth at 15.1% in 2015. The five-year CAGR for the outsourcing segment will be 13%, and growth in business process outsourcing services will lead within the segment at 13.6% in 2015.

Business analytics has become a backbone technology when it comes to implementing what IDC calls 3rd Platform technologies. Few 3rd Platform initiatives can be carried out without involving business analytics solutions in some form, the firm says.

"Talent shortage coupled with the high interest in adoption of new technologies will continue to drive high growth in business analytics services spending at the worldwide level,” Ali Zaidi, research manager, IT Consulting and Systems Integration Services at IDC, said in a statement.

“In addition, the desire to consume the entire lifecycle of business analytics services will drive high spending growth across all business analytics services lines in the near future," Zaidi said.

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