The market for data analytics solutions is growing rapidly. According to a recent report by IDC, worldwide revenues for big data and business analytics (BDA) will rise 12.4% year-on-year in 2017 to $150.8 billion in 2017, while commercial purchases of BDA-related hardware, software, and services will see a compound annual growth rate (CAGR) of 11.9% through 2020, when revenues will reach in excess of $210 billion.
Just last week, self-service analytics giant Alteryx went public, raising $120 million to give them a market cap of around $828 million. And they are not alone. Firms are now producing solutions that enable organizations to store and analyze their data in ways never before dreamt of, and venture capital is recognizing the opportunities present in the space.
Author: James Ovenden