The worldwide business analytics services sector is set to see a surge in interest over the next few years, with revenues set to increase by a compound annual growth rate of 14.7 per cent between 2014 and 2018.
This is according to figures from International Data Corporation, which stated spending on the services will rise from $51.6 billion to $89.6 billion over the forecast period.
Businesses that have so far ignored the technology will therefore be increasingly getting on board and discovering what big data analytics can do for them. As a result, companies that do not make efforts to implement the technology could find themselves left behind by competitors that are better able to gain insight into their operations.
And as many firms will find it difficult to acquire the right talent to manage big data deployments and interpret the results, this will also lead to more firms looking for outside help when it comes to their initiatives.
Outsourcing analytics processes, or working closely with a knowledgeable partner that can provide the most effective tools and offer guidance on how best to implement big data into their business, will therefore become much more popular.
Mukesh Dialani, research director for Worldwide Business Process Outsourcing and Engineering Services at IDC, said: "As more business data gets consolidated and is made available to executives, outsourced big data and analytics services will continue to get embedded and pervade deeper into the enterprise."
IDC highlighted several factors that may persuade enterprises to seek external help in improving their analytics performance. These include a lack of internal analytics resources such as mathematicians, business analysts and statisticians.
Ali Zaidi, senior research analyst for IT Consulting and Systems Integration Strategies, said: "Talent shortage coupled with the high interest in adoption of new technologies will continue to drive growth in business analytics services spending at the worldwide level."