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Indian Business Intelligence software market to grow 15% in 2014

Indian business intelligence software revenue is forecast to reach US$139 million in 2014, up 15 percent from 2013, according to Gartner, Inc. This forecast includes revenue for BI platforms, analytic applications and corporate performance management (CPM) software.

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BI refers to the use of new, advanced analytical technologies to get customer and sales insights and utilizing those insights to increase business revenue. Companies, especially those in retail, use technology to track customer spends and patterns to customize their offerings and drive sales.

“For the fourth year in a row, analytics ranks as the No. 1 priority in Gartner’s CIO Survey. BI is used today to support hundreds of decisions on the strategic and tactical level,” said Frank Buytendijk, research vice president at Gartner.

“Now analytics is also starting to support the hundreds of thousands of decisions on the operational level and is moving from internal support to a sellable asset. The results are impressive.”

Indian CIO’s are gaining a better understanding that executive sponsorship and data quality are the two most important reasons that determine the success of BI implementation; however, a general lack of talent across all fields of information management in organizations will continue to be the critical barrier to their successful adoption of business analytics initiatives, the IT market research firm said.

The increasing interest in big data creates new challenges and confusion across these areas, it added.

Indian enterprises adopting BI have the advantage of benefiting from earlier adopters in developed markets, rather than needing to build their approaches from the ground up. In order to increase adoption, enterprises should evaluate data discovery, geospatial and mobile based approaches.

Among those that use BI extensively are Shopper’s Stop, Total Supermarkets, Future Retail etc..

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