Global spending on business analytics services is set to reach $58.6 billion this year, and will keep rising at a fast rate throughout the remainder of the decade to hit the $100 billion mark by 2019.
this is according to new figures from International Data Corporation (IDC), which noted this equates to a compound annual growth rate (CAGR) of 14.7 per cent over the five-year period.
The company noted that effective analytics solutions are becoming a critical technology for businesses, forming the backbone of what it describes as the 'third platform' of IT. IDC defines this as an environment characterised by investments in cloud computing, mobility, social and big data.
IDC note that few of the technologies that are part of the third platform can be implemented effectively without support from some form of analytics solution.
Within the analytics sector, IT consulting services for such products will be in particularly high demand. IDC's research estimated that spending in this area is set to grow by 5.1 per cent in 2015.
Elsewhere, the five-year CAGR for the outsourcing segment will be 13 per cent. Growth in business process outsourcing services will be the main driver within this sector, at 13.6 per cent in 2015.
One key reason for the interest in outsourcing and consulting analytics services will be a lack of skill within business, which will see companies turning to external providers for assistance.
Ali Zaidi, research manager for IT Consulting and Systems Integration Services at IDC, said: "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.
"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."