Global Embedded Analytics Market Overview
In its research report, Market Research Future
(MRFR), highlights that the global Embedded Analytics Market 2020 is expected to grow
exponentially, securing a substantial market valuation of USD 52 billion by
2023, and a healthy 14% CAGR over the review period. Embedded analytics is
increasingly being adopted across various vertical industries such as
telecommunications, energy & transportation, manufacturing, healthcare
& life science, media & entertainment, and others that generate high
demand for the market for embedded analytics.
Competitive Analysis
The major market players operating in the global
market as identified by MRFR are Microsoft Corporation (U.S.), IBM (U.S.), SAP
SE (Germany), SAS Institute (U.S.), Oracle Corporation (U.S.), MicroStrategy
Incorporated (U.S.), Tableau Software (U.S.), TIBCO Software (U.S.), Birst
(U.S.), Logi Analytics (U.S.), among others.
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Drivers and Restraints
The key drivers of the embedded analytics market are
increasing enterprise data volume, the use of self-analytics techniques and the
increased adoption of modern analytics techniques that are fueling the market.
The major drivers contributing to the growth of managed services are an
increase in digital information, the need to secure it, an growing trend in
bringing your own devices, flexibility to meet custom requirements, a
continuous increase in dependence on heterogeneous networks, and a continuous
increase in the complexity of technological solutions.
Other factors of the global embedded analytics
market are development in a number of data-driven organizations, deep
penetration of internet and smart devices and rising adoption of cloud
technology. Additionally, the cost benefit that embedded analytics provides
compared to the traditional analytical solution additionally fosters the growth
of the global market for embedded analytics.
But the global market for embedded analytics could
encounter few hurdles on its growth trajectory. The ever-changing IT
environment has raised problems of integration of embedded analytics
seamlessly. Data security and privacy issues still continue to be key
constraints to the growth of the global embedded analytics industry. In
addition, the COVID-19 pandemic has significantly affected global IT spending
in the category of computers and equipment & contract services.
Segmental Analysis
The global embedded analytics market has been
analyzed based on component, organization size, application, deployment, and
vertical.
Based on the component, the global embedded
analytics market has been bifurcated into software and services. The services
segment has been divided into professional services and managed services.
based on the Application, the global embedded
analytics market has been divided into IT, marketing, human resource, finance,
production, and others.
Based on the deployment, the global embedded
analytics market has been divided into cloud and on-premise.
Based on the organization size, the global embedded
analytics market has been bifurcated into small and medium organization and
large organization.
Based on the vertical, the global embedded analytics
market has been segmented into media & entertainment, energy &
utilities, manufacturing, IT & telecommunication, healthcare & life
science, and others.
Regional Analysis
The global market geographic overview was conducted
in four major regions including Asia Pacific, North America, Europe and the
rest of the world. Due to the presence of major players in the region and the
adoption of embedded analytics solution by small and big enterprises, North
America accounts for the highest market share in embedded analytics market. Countries
like the US and Canada are contributing large amounts of revenues in the
region's embedded analytics market. Asia-Pacific is expected to be the region
with the fastest growing population. Enterprises in the area invest massive
amounts of money in embedded analytical tools to increase business efficiency
and competitiveness and expand embedded companies in the region is boosting the
market in the region.
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