Embedded Analytics Market Status, Growth Opportunities, Top Key Players, Target Audience and Forecast to 2030
Market Overview
In
its research report, Market Research Future (MRFR), highlights that the global embedded analytics
market size 2022 is expected to grow
exponentially, securing a substantial market valuation of $108.9 Billion ,
and a healthy 14.80% CAGR by 2030
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. 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. 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.
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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. The global market for embedded analytics is fragmented and the
major players have used different strategies such as expansions, agreements,
partnerships, joint ventures , acquisitions, new product launches, and others
to increase their footprints in this market in order to sustain them in the
long term.
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.
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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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