IT research and advisory company, Gartner, is predicting Australian business intelligence (BI) software revenue to grow 11.7 per cent to reach $406.4 million in 2012.
The forecast includes revenue for BI platforms, analytics applications, and corporate performance management (CPM) software.
Additionally, worldwide BI software revenue is predicted to reach almost $US12.5 billion in 2012, up 7.2 per cent over 2011.
Gartner claims that BI will remain a rapidly evolving software market despite sluggish economic growth in some regions.
According to a Gartner survey, CIOs ranked BI and analytics as their top technology priority for 2012.
With the Gartner BI and Information Management Summit to be held next week in Sydney, Gartner managing vice-president, Ian Bertram, said that the information explosion will serve as an opportunity for BI, as well as become a challenge.
“The extreme volume, velocity, and variety of data will add stress to current approaches to BI and are increasingly capturing the attention of both BI industry and buyers.”
At the same time, there is currently a widening BI maturity gap between organisations in Australia.
According to Bertram, success in BI is dependent upon management of big data and new styles of advanced analytics.