Mumbai– Indian business intelligence (BI) software revenue is forecast to reach $245 million in 2017 — a 24.4 per cent increase over $206 million revenue last year — market research firm Gartner said on Tuesday.

This forecast includes revenue for BI platforms (comprising of traditional and modern BI platforms), data science platforms, analytic applications and CPM Suites, Gartner analysts said during the “Gartner Data and Analytics Summit” here.

“The data and analytics market is undergoing a significant change. Adoption of machine learning techniques for data management and analytics, the settling of hype around big data through more mature data storage and processing and analysis solutions are a few of the changes,” Ehtisham Zaidi, Principal Research Analyst at Gartner, said in a statement.

“We are also seeing the rapid shift to the cloud and hybrid data management through focused offerings and the emergence of modern BI platforms, smart data discovery and self-service data preparation solutions, which are all fueling the next round of investments,” Zaidi added.

Indian Chief Information Officers (CIOs), Chief Data Officers (CDOs) and other data and analytics leaders are advised to evolve traditional approaches to focus on business outcomes, go with the market trends, benefit from algorithmic business, adopt new technologies and most importantly build trust.

“We are also seeing a huge focus on Internet of Things (IoT) data integration, data management and analytics by Indian companies, particularly in the consumer packaged goods (CPG) and manufacturing sector, who are determined the lead the market through competitive differentiation in these key areas,” Zaidi noted.