Aussie BI market set to flourish
Aussie BI market set to flourish
The market for business intelligence (BI) applications in Australia is set to increase at a very healthy rate over the next three years, with the industry seemingly ripe for new innovation.
That is the findings of a study conducted by analysts IDC into that Australian BI market, which estimates that the market – valued at AUD$64.72 million in 1992 is forecast to grow at a compound annual growth rate (CAGR) of 9.4 percent through 2007.
IDC has found that as demand for managing information and the ability to respond to changing business events becomes increasingly important, many businesses are turning their interest in BI technologies such as data warehousing, OLAP (online analytical processing) and data mining. Investment in today's economic climate makes sense to most, yet there are challenges to iron out which requires vendors in this space to look more closely at their current architectures.
According to IDC, vendors will need to increase focus on improving existing BI Infrastructure; educate the market about the benefits of real-time analytics; accurately market the message about business performance management; and use emerging technologies (web services) to foster further growth if they want to accelerate the adoption rate of the BI market.
Financial reporting and corporate governance issues are expected to continue to prompt senior management to implement BI systems that will give them clearer visibility on corporate performance, said Bharati Poorabia, Senior Analyst, Enterprise Applications at IDC Australia
"The market is looking to standardise on a single vendor who can provide an integrated suite, which includes business intelligence in an attempt to save large implementation costs. This has put tremendous pressure on best-of-breed vendors who are now moving upstream to expand their portfolio to more enterprise-wide rather than single point best of breed functionality. The business intelligence market is ready to be taken to the next stage, vendors should look at ways to innovate their product offerings," she added.
Related Article: