Data warehouse appliances are dedicated devices that include varying combinations of high-performance hardware with database, storage and other types of software. They are usually preconfigured for specific tasks, such as strategic analysis.

Tapping the BI and information management market will allow HP to boost revenue by expanding its foothold in existing accounts, Barnes added.

"Often when you are [with a client] talking about how to leverage the information an organization has, it becomes a very strategic decision and one that can help HP move up the food chain in many accounts," Barnes said.

HP declined to provide additional details about its BI and information management product or strategy plans, noting that it will be providing more details in the coming months. HP said it plans to hire someone to head the information management part of the new unit in the coming weeks.

Henry Morris, an analyst at market research firm IDC, said that despite not having a business unit specifically focused on BI, HP has been in the BI business by providing the servers used to build and run data warehouses. Unless HP moves to buy a reporting tools vendor, it will probably continue to rely on BI partners like Cognos Corp., Business Objects SA, SAS Institute Inc. and Hyperion Solutions Corp. for the BI tools used for reporting and analysis, he added.