The worldwide analytic applications software market will be worth $4.8bn (£3.1bn) in 2007, according to research.
Analyst IDC has predicted that the sector will see explosive growth in three sectors in particular: customer relationship management (CRM) analytics, financial business performance management, and operations.
The organisation's report, Worldwide Total Analytic Applications Software Forecast and Analysis, 2003-2007, said that all three sectors would enjoy healthy revenue growth rates through to 2007.
CRM analytics is projected to grow the fastest with a compound annual growth rate of 12.9 per cent, followed by financial analytics/business performance management at 10.3 per cent, and operations analytics at 7.4 per cent.
Bob Blumstein, research director for IDC's CRM analytics and marketing applications research, said: "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, CRM and operations, they will gain a distinct competitive advantage over those companies that tolerate traditional inefficiencies."
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