Research firm Gartner recently announced that the business intelligence (BI) software industry is slated to grow 16 percent in 2013, to a total of $113 million. As BI continues to flourish, entrepreneurs wonder what trends to expect as 2013 unfolds. It’s not just that this year will see high growth; experts project the total will climb above $171 million by 2016.
What exactly is BI software, and what can it do for businesses? Briefly, BI software is a collection of tools that collects and analyzes data, and generates an array of reports. This kind of data can help companies identify new opportunities and maintain a competitive edge. BI revenues comprise everything from corporate performance management (CPM) software to BI platforms. Analytic applications, which peaked in 2012 at $98.1 million, are also included.