India's Business Intelligence market to grow 15.6% in 2012

BANGALORE: The market for business intelligence (BI) software in India is forecast to reach a revenue of USD 81.5 million in 2012, a 15.6 per cent increase over the previous calendar year, according to technology researcher Gartner, Inc.

Worldwide BI software market revenue is forecast to grow 8.7 per cent to reach approximately USD 12.7 billion in 2012, Gartner said in a statement.

Gartner analysts said the market for BI platforms would remain one of the fastest growing software markets despite expectations of an economic slowdown. Organisations continue to turn to BI as a vital tool for smarter, more agile and efficient business, and they are increasing their current usage scenario from just an information delivery mechanism.

"The BI market has remained strong because the dominant vendors continue to put BI, analytics and performance management at the centre of their messaging, while end-user organisations largely continue their BI projects, hoping that resulting transparency and insight will enable them to cut costs and improve productivity and agility down the line," said Bhavish Sood, research director at Gartner.

"It's a sign of the strategic importance of BI that investment remains strong".

Among the sub segments, BI platforms is still expected to be the largest in pure revenue terms, while Corporate Performance management (CPM) suites is expected to grow the highest.

Adoption deadlines of IFRS (International Financial Reporting Standards) and XBRL -Extensible Reporting Language (which have already seen deadline extensions) would further drive demand for CPM suites in India, it was stated.