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Business intelligence (BI) and analytics software market revenue globally is likely to reach $18.3 billion this year, an increase of 7.3 per cent from 2016, research firm Gartner on Friday said.
By the end of 2020, the market is expected to touch $22.8 billion as modern BI and analytics continue to expand more rapidly, Gartner said in a report.
The modern BI and analytics platform, emerged in the last few years, meets new organisational requirements of accessibility, agility and deeper analytical insight.
This has helped shift the market from IT-led system-of-record reporting to business-led agile analytics, including self-service.
"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," Gartner research vice president Rita Sallam said.
Enterprise-friendly buying models have become more critical to successful deployments, she added.