Worldwide Analytic Applications Software Market to Reach Over $4.8 Billion in 2007, According to IDC
FRAMINGHAM, Mass., Aug. 26, 2003 -- The worldwide analytic applications software market is forecast to reach over $4.8 billion in 2007, according to IDC. To capitalize on the growth of this market, vendors centered in one sector of analytic applications should consider expanding their presence to all three sectors -- customer relationship management (CRM) analytics, financial business performance management, and operations -- through development, acquisition, or partnering.
"Analytic applications are the best means of navigating from data to decision-making and action. As companies adopt these applications to enhance the effectiveness of finance, customer relationship management (CRM), and operations, they will gain a distinct competitive advantage over those companies that tolerate traditional inefficiencies," said Bob Blumstein, research director for IDC's CRM analytics and marketing applications research.
All three sectors of the analytic applications market are projected to enjoy healthy revenue growth rates through 2007. CRM analytics will grow the fastest with a compound annual growth rate (CAGR) of 12.9%, followed by financial analytics/business performance management at 10.3%, and operations analytics at a 7.4% growth rate.
Users will need to pay close attention to both simple and complex analytics by weighing their effectiveness in ROI and in qualitative value. Vendors will need to display an edge in terms of ease of use as well as in algorithmic functionality to gain market share.
IDC's recently published document, Worldwide Total Analytic Applications Software Forecast and Analysis, 2003-2007 (IDC #29886), examines the total analytic applications market from 2002-2007, with vendor revenue trends and market growth forecasts for the total market, as well as key sectors within the market. Worldwide market sizes are provided for 2000-2002, and a five-year growth forecast for this market is provided for 2003-2007. Vendor competitive analysis, including vendor revenues and market shares of leading vendors is also provided.
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