Worldwide business analytics services spending is set to reach $58.6 billion in 2015, and increase to $101.9 billion in 2019, according to new research from industry analysts IDC.
The research, Worldwide Business Analytics Services, says adoption of new technologies and lack of internal skill sets will drive increased external spending on business analytics services throughout the forecast period, the company explains.
The figures represent a compound annual growth rate of 14.7%.
"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,” explains Ali Zaidi, research manager, IT Consulting and Systems Integration Services.
“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," he says.
IDC says IT consulting services will realise strong growth at 15.1% in 2015 within the project-based services segment. The overall five-year CAGR for project-based business analytics services will be 14.3%.
According to the data, the five-year CAGR for the outsourcing segment will be 13%. Growth in business process outsourcing (BPO) services will lead within the segment at 13.6% in 2015.
IDC says business analytics has become a backbone technology when it comes to implementing 3rd Platform technologies. It says few 3rd Platform initiatives can be carried out without involving business analytics solutions in some form.