Bangalore: Indian business intelligence (BI) software revenue is forecast to reach US$139.5 million in 2014, a 16 percent increase over 2013 revenue of $121.2 million (see Table 1), according to Gartner, Inc. This forecast includes revenue for BI platforms, packaged analytic applications and corporate performance management (CPM) software.

Gartner analysts are examining the key issues facing the business analytics and information management market during Gartner Symposium/ITxpo, which is taking place here through Thursday.

BI and analytics have grown to become one of the larger application software segments. End users continue to prioritize BI and information-centric projects and spending to improve decision making and analysis. As more information is generated, business models need reinvention, and it's increasingly clear that mastering analytics on big data will be a central area of focus over the coming decade. While these are fundamental drivers in the near term, growth will be hampered by sluggish macro indicators, as well as confusion around big-data and how to tie that to ROI.

“We will see a change in the focus of type of BI deployments to areas that will help reduce cost like  spend analysis, and profitability forecasting, along with reporting for achieving regulatory compliance “ said Bhavish Sood, research director at Gartner. “These internal and external pressures are driving increased adoption of  analytics solutions across the country. “

Indian CIO's are gaining a better understanding of the non-IT competences required for successful BI implementation; however, a general lack of talent across all fields of information management in organizations will continue to be the critical barrier to their successful adoption of business analytics initiatives. The increasing interest in big data creates new challenges across these areas.

“Business users are increasingly influencing selection of BI technology, and as such, advanced technologies, such as interactive visualization, mobile BI, geospatial and in-memory technologies will increasingly play an important part in selection criteria,” said Mr. Sood.

BI and analytics trends and strategies are bein discussed in more detail at Gartner Symposium/ITxpo 2013 in Goa this week.

Read Also: Cyber Criminals Cost India $4 Billion In 2013: Symantec and IT spending in India to reach $71.3 billion in 2014: Gartner