Lack of skilled talent only thing holding back robust BI and analytics market
This year will see continued growth in demand for business intelligence and analytics software, as organizations look to gain more insights and value from ever-expanding volumes of data. One of the factors holding back growth of the market is the shortage of professionals with BI-related skills, however.
The global market has been on an upward trajectory, and in a recent report research firm Research and Markets projected that it will expand at a compound annual growth rate (CAGR) of 10 percent through 2026, reaching $55.48 billion.
Increasing data volumes, the popularity of the cloud delivery model, and growing data analytics adoption worldwide are the key driving factors for market growth, the report said. But factors such as lack of awareness about the benefits of the software and lack of workers with relevant skills are actually hindering the market growth.
Another study, by Market Research Future, predicted that the global BI market, including mobile BI, cloud-based BI, and social BI, will grow at a CAGR of 11 percent to $34.3 billion by 2022.
North America holds the largest share of the overall BI market, due to evolving trends such as data proliferation, increasing competition, and cloud deployment.
The lack of skilled and proficient workforce is one of the biggest challenges faced by most organizations implementing BI tools, the report said.