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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