Research Report: Embedded Analytics Market Will Grow Over USD 77.3 Billion By 2025
According to the recent research report published by a research firm Zion Market Research, the global embedded analytics market expected to grow from USD 30.5 billion in 2018 to USD 77.3 billion by 2025, at a CAGR of 14.2% between 2019 and 2025.
Embedded analytics is globally trending for the analysis of business data and efficient accessibility of business intelligence among various companies globally. The previously employed traditional business analytics facilitates data extraction at a very basic analysis level. Embedded analytics are used for resolving high-level business analytical issues. Nowadays, many business applications, such as customer relationship management (CRM) and enterprise resource planning (ERP), include in-built embedded analytics.
The growing demand for Internet of things (IoT), industrial internet of things (IIoT), and big data have resulted in huge amounts of data generation in organizations across the world. Multi-disciplinary data generated in organizations need to be processed efficiently and managed for which embedded analytics is preferred over traditional embedded analytics. This is the primary factor likely to fuel the embedded analytics market in the future. In addition, the emerging demand for connected electronics devices has increased the multidisciplinary data, which is anticipated to drive the embedded analytics market in the upcoming years. However, the huge expenditure incurred for its replacement and complexities related to its effective integration with the legacy system may hinder the embedded analytics market. The transformation of the business intelligence (BI) industry has reduced the implication of BI tools, which is anticipated to positively impact the embedded analytics market globally in the upcoming years.
The global embedded analytics market is categorized based on an analytics tool, component, deployment, business application, and vertical. By analytics tool, the market is segmented into reporting, self-service tools, dashboard, and data visualization, and benchmarking. The component segment is classified into software and services. The services segment is estimated to register the highest CAGR in the future, owing to the growing market demand in various enterprises. By deployment, the market is categorized into the cloud and on-premises. The on-premises segment is projected to hold a substantial market share in the years ahead, due to its preference by large scale organizations for absolute security. The business application segment of the market includes human resource, sales and marketing, operations, and finance. The finance segment is likely to hold the largest market share over the estimated timeframe, owing to the constant need for securing sensitive data. By vertical, the market is classified into IT and telecom, BFSI, public sector, retail, manufacturing, energy and utilities, healthcare, and others. The BFSI segment is anticipated to grow rapidly in the future, owing to the global financial crisis.
By region, Asia Pacific is projected to hold a substantial share of the embedded analytics market globally and is anticipated to register the highest CAGR over the estimated timeframe. This can be attributed to the growing demand for embedded analytics by the telecom and IT industry.
Some key participants operating in the global embedded analytics market are IBM, SAP SE, SAS Institute, Sisense, Oracle Corporation, MicroStrategy Incorporated, TIBCO Software, Logi Analytics, Microsoft Corporation, Tableau Software, QlikTech International, Yellowfin International, OpenText Corporation, GoodData, and Information Builders.
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