Global revenue in the business intelligence (BI) and analytics software market is forecast to reach $18.3 billion in 2017 -- an increase of 7.3 per cent from 2016.
By the end of 2020, the market is forecast to grow to $22.8 billion, the market research firm Gartner said on Friday.
The modern BI and analytics market is expected to decelerate, however, from 63.6 per cent growth in 2015 to a projected 19 per cent by 2020.
"Purchasing decisions continue to be influenced heavily by business executives and users who want more agility and the option for small personal and departmental deployments to prove success," said Rita Sallam, Research Vice President at Gartner.
While business users initially flocked to new modern tools because they could be used without IT assistance, the increased need for governance will serve as the catalyst for renewed IT engagement.
Both internal users and customers will either use more automated tools or will embed analytics in the applications they use in their context, or a combination of both, the findings showed.
Organisations will increasingly leverage streaming data generated by devices, sensors and people to make faster decisions.
The availability of an active marketplace where buyers and sellers converge to exchange analytic applications, aggregated data sources, custom visualisations and algorithms is likely to generate increased interest in the BI and analytics space and fuel its future growth, Gartner said.