Mumbai: Indian business intelligence (BI) software revenue is forecast to grow 16 per cent to reach $113 million in 2013, research firm Gartner said.

BI revenues, which includes revenue from BI platforms, analytic applications and corporate performance management (CPM) software, stood at $98.1 million in 2012, Gartner said in a report.

The market is expected to grow further to $171.2 million by 2016, the report added.

Business intelligence software are tools designed to retrieve, analyse and report data. These tools help identify and develop new opportunities, providing companies competitive market advantage and long-term stability.

"Pressures from consumers, environmental policies, government and industry regulations, international standards of quality, and internal operational efficiency are forcing enterprises to improve their operations and processes to become both agile and efficient in a volatile marketplace," Gartner Research Director Bhavish Sood said.

These internal and external pressures are driving increased adoption of analytics solutions across the country, he added.

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