Singapore, BI software revenue is forecast to reach US$132.2 million in 2013, according to Gartner that predicts worldwide revenue to grow seven percent in 2013.
This increase represents a jump of 8.7 percent over 2012 and is attributed to the importance given by CIOs over many years.
Despite being a mature market, Singapore has a lot of unmet demand as companies have several areas such as marketing that have not used BI and analytics.
Kurt Schlegel, research vice president at Gartner, notes that a lot of growth is expected for diagnostic, predictive and prescriptive deployments in Singapore.
"Since many mid-sized enterprises have yet to even start their BI and analytic initiatives, we expect the market for BI and analytics platforms will remain one of the fastest-growing software markets," added Schlegel.
Worldwide BI software revenue
Gartner predicts global business intelligence (BI) software revenue to reach US$17.1 billion by 2016.
The revenue for this sector is expected to reach US$13.8 billion this year but things will slow down in the near future because of many factors such as slowing sales cycles of multimillion-dollar end-to-end BI deals.
Growth this year and in the coming years will be slower when compared to the growth of 16 percent in 2011 as per the Gartner report.
"BI and analytics have grown to become the fourth-largest application software segment as end-users continue to prioritise BI and information-centric projects and spending to improve decision making and analysis," said Dan Sommer, principal research analyst at Gartner. "As more and more information is generated, business models need reinvention, and it's increasingly clear that mastering analytics on big data will be a key driver for the next economic cycle."
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