The Worldwide Embedded Analytics Market size was USD 48.81 Billion in 2021 and is projected to Reach USD 174.12 Billion at a CAGR of 15.30% by 2030 during the forecast period.
Embedded Analytics provides interfaces for data visualization, static and interactive reports, self-service analytics and ad-hoc queries, benchmarking, mobile reporting, and visual workflows. It helps you increase productivity, make data-driven decisions, provide a competitive advantage and a seamless user experience, and increase your overall bottom line. Beyond this, the demand for embedded analytics is growing worldwide as it helps customize actions based on customer interactions.
Embedded analytics solves problems by providing relevant information and analytical tools that help all industries work more efficiently. Applications include performance dashboards, performance comparisons, predictive analytics using graphs, charts, and tables, loss reduction, new opportunities, and cost reduction. Use embedded analytics. It helps individuals in decision-making and leads to better outcomes. Business organizations are turning to embedded analytics solutions for market expansion, revenue-wise market growth, competitive advantage, and customer satisfaction.
Embedded analytics refers to the integration of analytics capabilities within various applications and platforms. An embedded analytics platform provides organizations with robust solutions and software that enable them to seamlessly embed analytical tools and functionalities directly into their existing systems. These embedded analytics solutions empower businesses to leverage data-driven insights without the need for separate standalone analytics tools. With embedded analytics software, organizations can effortlessly analyze and visualize data within the context of their everyday operations, making informed decisions and driving better outcomes. By incorporating embedded analytics tools, businesses gain a competitive edge by enabling users to access and utilize analytical capabilities within the applications they already use, enhancing efficiency and maximizing the value of their data.
Market Dynamics:
Drivers:
The rapid use of smartphones and the growth of the IT industry have increased the pace of digitalization worldwide. According to the data, the global smartphone penetration exceeded 78% in 2020. This is based on 6.4 billion smartphone subscribers worldwide and 7.8 billion worldwide. Cloud technologies and mobile devices play an essential role in deriving real-time data anytime, anywhere for the effective execution of advanced business applications. Mobile devices integrated with embedded analytics software aid in the real-time visualization of data. The rising adoption of cloud computing technology is expected to help businesses run more efficiently and enable businesses to better understand customer behavior, driving market revenue growth. Total IT service spending is estimated at $1.3 trillion in 2022.
The increased demand for results analysis with integrated analysis software saves time, lowers operating expenses, and boosts productivity. During the forecast period, these factors are anticipated to boost demand for embedded analytics software. Businesses can aggregate data using cloud computing in order to better understand it. A data warehouse that is hosted in the cloud offers quick and secure access to information. Real-time predictive models are made possible by consolidation and data analysis, and this is what is anticipated to fuel market revenue growth throughout the forecast period.
Restraints:
Due to the integrated design of business applications and BI tools in a single suite, embedded analytics are being used in a wider range of applications. Such data management solutions must, however, is coupled with tested, tried, and true technologies. Furthermore, because legacy systems lack clear interfaces and documentation, there may be major problems. Furthermore, there is a greater chance of data inadequacy since legacy systems are incompatible with new APIs. Additionally, there were significant compatibility issues with third-party embedded analytics software. Additionally, including embedded analytics into an application may have an impact on system performance, which is predicted to impede the expansion of market revenue.
Key Players:
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IBM Corporation,
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Birst, Inc.,
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Logi Analytics,
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Information Builders,
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Microstrategy Inc.,
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Microsoft Corporation,
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Opentext Corporation,
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SAP SE,
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Qlik Technologies, Inc.,
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TIBCO.
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And Others
Market Segmentation:
Embedded Analytics Market, By Component Type
• Software
• Services
Embedded Analytics Market, By Deployment Type
• On-Premises
• Cloud
Embedded Analytics Market, By Organization Size
• Large Enterprises
• Small and Medium Enterprises (SMEs)
Embedded Analytics Market, By Application
• Marketing
• Others
Embedded Analytics Market, By End-use
• Banking, Financial Services, and Insurance (BFSI)
• Consumer Goods
• Retail
• Others
Embedded Analytics Market, By Regional
• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa
Regional Analysis:
By the end of the forecast period, North America is anticipated to control the market in terms of revenue. In comparison to other regions, North America has the highest rate of end user adoption of data transformation technology. Advanced technology implementation, growing demand for suitable technological infrastructure, growing demand for embedded analytics tools, and presence of many companies are helping the embedded analytics software market to grow. The region maintains its position in the ICT industry as it is home to major players.
The Asia-Pacific market is expected to grow at the fastest rate, owing to enterprise mobility, increasing penetration of smartphones, laptops, tablets or other IoT, growing Internet penetration, and surge in need for better data management and high Internet penetration. The European region is also expected to witness rapid growth of the embedded analytics market due to the rise in IoT devices and automotive industry, adoption of advanced and upgraded technologies, and adoption of advanced solutions for automation through real-time analytics solutions. Growing demand for massive amounts of data from various industries is driving demand for tools in this region.
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2021-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 15.30% |
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Market growth 2022-2030 |
USD 174.12 Billion |
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Market structure |
Fragmented |
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Competitive landscape |
Leading companies, competitive strategies, consumer |
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Companies profiled |
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Customization purview |
If our report has not included the data that you are |
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Market Size Estimation
The overall size of the market has been estimated and validated using both top-down and bottom-up methods. The sizes of other market subsegments have also been thoroughly estimated using these methodologies.
In the top-down technique, the market is divided into segments based on the percentage share of each segment. This method assisted in determining the size of each segment's market. The market size of each segment and its sub-segments was then divided into regional market sizes. This Approach helps mainly with the new Product Launch. It uses Multi-variate Regression Model coupled with Vendor based primary research inputs to forecast to the Market Size.
In the Bottom-Up approach, comprehensive study of key players has to be done wherein we add the market size of the major key players to understand the national market size which helps to determine the regional market size and eventually the complete market size. Companies annual report along with data from paid and unpaid resources like reports from government agencies and organizations like world bank provide the data for this approach.
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