A report released by IDC shows an expected valuation of the analytics software market to reach $50.7 billion by 2016.

The report detailed a forecasted increase in growth of 9.8 percent year on year. The report detailed that analytics software in data warehousing grew by 15.2 percent last year while applications and business intelligence grew by over 13 percent.

Dan Vesse, vice president at IDC's Business Analytics Solutions, said: "The demand for business analytics solutions is exposing the previously minor issue of the shortage of highly skilled IT and analytics staff".