Our radar picked up some interesting findings from IDC on the global business analytics market. After an impressive 14% growth in 2011, IDC forecasts continued growth at nearly 10% through 2016. The use of business analytics is becoming more mainstream, thanks in no small part to Big Data. As more companies learn that analytics can unlock the potential within the data, they are investing in new software solutions.
Although the economy continues to cause uncertainty, IDC predicts that demand for analytics will increase for the foreseeable future. According to the detailed white paper, this is partly because “compliance, security, fraud detection, and risk management requirements are driving demand for software ranging from reporting tools to analytic applications”. Visualization, experimentation and optimization are seen as technologies worthy of increased investment.
IDC ranked FICO #1 in the Services Operations Analytics category. We’ve held this position for the last 7 years thanks to our strengths in lending decisions, fraud prevention, next best marketing offers and many other decision management solutions. That, plus the fact that we’ve established ourselves as top players in the Advanced Analytics Tools and Performance Management categories, should make the next 5 years very exciting.