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.
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.
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.
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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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