- The business intelligence (BI) and analytics market is expected to change rapidly over the next several years due to vendors building more intelligent IT infrastructure solutions.
According to Gartner’s latest BI and analytics magic quadrant report, BI solutions that have smart data discovery capabilities will grow at twice the rate of legacy solutions and will deliver twice the business value by 2021.
Overall, the BI and analytics market is expected to grow at 7.9 percent through 2020, researchers predicted.
The report states that artificial intelligence technology such as natural language processing and machine learning will be standard in 90 percent of BI solutions by 2020. Fifty percent of analytic queries will be generated using search, natural language processing or voice, or will be auto-generated by artificial intelligence.
The report emphasizes value-based data discovery, which resonates with the healthcare industry in particular. Healthcare organizations are moving towards value-based care initiatives and intelligent BI and analytics solutions will help organizations make the most out of their collected data and evaluate their health IT infrastructure.
BI solutions have been a staple in IT infrastructure for over a decade, according to Gartner, and have evolved to be an easy-to-use tool that does not require significant involvement from IT. Because the BI analytics market is so fleshed out, organizations can be picky when it comes to choosing a solution for their needs.
Gartner outlines 15 critical capabilities for BI and analytics platforms:
- BI platform administration, security, and architecture
- Cloud BI
- Data source connectivity and ingestion
- Metadata management
- Self-contained extraction, transformation and loading, and data storage
- Self-service data preparation
- Embedded advanced analytics
- Analytic dashboards
- Interactive visual exploration
- Smart data discovery
- Mobile exploration and authoring
- Embedding analytic content
- Publish, share, and collaborate on analytic content
- Platform capabilities and workflow
- Ease of use and appeal
Report analysts suggest that organizations look for these criteria when searching for a BI solution to ensure that it will integrate smoothly and be easy to manage and maintain.
The report predicts that modern BI at scale will dominate new buying, driven by the increased need for data governance. New BI solutions will need to have little more involvement from IT to develop processes because IT infrastructures are growing at such a rapid pace.
Enterprises are also looking to use more data than what is found in data warehouses and data lakes. Organizations are analyzing much larger datasets that include streaming data. BI solutions need to be able to find trusted, multi-structured datasets that will enable expanded use.
Organizations leveraging streaming data and real-time events will need the IT infrastructure to support the data generated by connected devices. Real-time data in a healthcare setting will allow clinicians to react to events much faster and make quick decisions much more accurately.
Organizations will be looking for BI platforms that will allow them to combine real-time events and streaming data with other types of traditional data sources. The combination of this data will give more actionable insight.
Similar to many other IT infrastructure solutions, report authors saw a trend with BI solutions and the cloud. Deploying a BI solution in the cloud has the potential to reduce cost and speed up deployment times. The report found that many organizations hare still hesitant to fully adopt a cloud BI solution.
When Gartner surveyed BI customers last year, 46 percent said that they have or were planning to deploy their BI and analytics platform in the cloud. This year, 51 percent said that they have or are planning to deploy their solution in the cloud. While the increase was relatively small, the trend is expected to continue through 2020.
The maturity of the BI and analytics solution market gives healthcare organizations the opportunity to be selective about deploying the solution that will best meet their needs. The market is filled with vendors who have been making improvements to solid solutions and startups with promising innovations.