Worldwide business analytics services spending will reach $58.6 billion in 2015 and $101.9 billion in 2019 at a CAGR of 14.7%, according to IDC.
Adoption of new technologies and lack of internal skill sets will drive increased external spending on business analytics services throughout the forecast period.
The overall five-year CAGR for project-based business analytics services will be 14.3%. Within the project-based services segment, IT consulting services will realize strong growth at 15.1% in 2015.
The five-year CAGR for the outsourcing segment will be 13%. 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 3rd Platform technologies, few of which can be carried out without involving business analytics solutions in some form.
"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,” said Ali Zaidi , research manager for IT consulting and systems integration services at IDC.
“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,” said Zaidi.