The Indian business analytics software market is predicted to witness a growth of 9.6 percent every year through the year 2019. With this kind of growth, the market is expected to reach $583 million in size which is almost 6.8 percent of Asia Pacific region.
Going by the report released by Tableau, an IT firm and IDC, the popular research firm, the organizations are addressing issues in areas such as risk management, process efficiency, customer management and optimization of resources more through advanced analytics software. As per IDC Asia Pacific’s Associate Vice President of Big Data, Software and Analytics, Craig Stires, this approach helps them in outshining their competitors and also in reducing the time taken for data review significantly.
In India, the spend on the end user tools that are a part of the business analytics software market such as visualization is expected to witness a growth of 10 percent yearly by 2019, thereby reaching a value of 121 million in comparison to the 7.2 percent growth for the the Asia Pacific region.
The business processes in the country has the highest consumption of the business intelligence (BI), risk management, business analytics, inventory and customer service, stated the report. The users here have pointed out at a higher frequency of usage of the analytics tools. He further stated that there is 60 percent increase in both daily as well as weekly use of these tools in India against the other countries that were included in the study. This is highly significant as the every use of the business intelligence and analytics tools have resulted in more than 50 percent enhancement in the business outcomes, claimed Stires.
As per Deepak Ghodke, the Tableau Software Country Manager of India, instead of detaining the access to serious data to a specific set of data scientists, the company is considering that the self-service data analytics is increasing in several organizations gripping a new data driven decision making culture.