Last week, another report came out about the cloud business intelligence space. This report from Markets and Markets, states that the cloud analytics market will be worth $16.8 billion by 2018. According to the press release, "the study reports that the global Cloud Based Business Analytics market is expected to grow from $5.25 billion in 2013 to $16.52 billion by 2018."
This isn't the first report on the cloud business intelligence industry, and I doubt it will be the last. In a 2012 study from Saugatuck Technology, they discovered, as of year-end 2011, only about 13% of enterprises worldwide indicated that they had cloud-based BI/advanced analytics solutions in place and in use. But Joe McKendrick writes in Forbes that "Saugatuck's survey also shows that cloud-based BI and analytics will be among the fastest-growing cloud-based business management solution types through the next two years. Cloud-based BI and analytics will see an 84% compound annual growth rate over this period."
We may be biased here at Chartio, since we fall in the cloud BI category, but we couldn't agree more. We see it firsthand, customers are demanding the ease-of-use of cloud BI solutions. Yet, many companies are still working with dated business intelligence offerings and settling with data that is weeks or months old. Overall, the term business intelligence, is often met with fright. It brings to mind headache-inducing implementations, and begs you to ask questions about the amount of people it will affect, how much man power you will need, how much it will all cost, and will it all be worth it in the end.
One thing is certain, companies need accessible and immediate access to analytics. Those that don't have this will go into business decisions blind, and may not be able to compete on the same level. Immediacy is what the cloud's best at providing, and its available today. The cloud mixed with business intelligence is reinventing the industry, making it faster to set up these solutions, making it easier for various teams to act on current data, and also making it easier to see disparate data sources in real-time. Having your pulse on company data is what business intelligence is all about, and the cloud is making it possible to do this live.
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