Kenneth Research, in its repository of market research reports, has recently added a report on Embedded Analytics Market that emphasizes the latest trends, key opportunities, drivers, and challenges associated with the growth of the market during the forecast period, i.e., 2022 – 2031. The Embedded Analytics Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
The U.S. Market recovers fast; In a release on May 4th, 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Embedded Analytics Market products.
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The Global Embedded Analytics Market was valued at USD 24.68 billion in 2016 and is projected to reach USD 84.47 billion by 2025, growing at a CAGR of 14.65% from 2017 to 2025.
Embedded analytics is the technology designed to make data analysis and business intelligence more accessible by all kinds of application or user. This system provides data and process analysis capabilities natively into the underlying information system. Benefits of embedded analytics includes – better adoption than traditional BI, improves the user experience, adds value to the application, increases time spent in the application, and contributes to revenue growth.
Market Dynamics:
1. Market Drivers
1.1 Increasing adoption by small and medium enterprises
1.2 Rising adoption of mobile BI and cloud computing
1.3 Growing demand to integrate analytics into business applications
1.4 Increasing need of self-service analytics
1.5 Increasing data driven organizations
2. Market Restraints
2.1 Poor integration with legacy systems and higher replacement cost
2.2 Lack of technical expertise
2.3 Issues with management of data quality and security
Market Segmentation:
The Global Embedded Analytics Market is segmented on the business application, analytics tool, organization size, component, deployment model, vertical, and region.
1. Business Application:
1.1 Finance
1.2 IT
1.3 Marketing and sales
1.4 Human resources
1.5 Production
1.6 Operations
2. Analytics Tool:
2.1 Reporting
2.2 Dashboard and Data Visualization
2.3 Self-service Tools
2.4 Benchmarking
3. Organization Size:
3.1 Large Enterprises
3.2 Small and Medium Organizations
4. By Component:
4.1 Software
4.2 Services
4.2.1 Managed services
4.2.2 Professional services
4.2.2.1 Support and maintenance services
4.2.2.2 Education and training
4.2.2.3 Consulting services
5. By Deployment Mode:
5.1 On-Demand
5.2 On-premises
6. By Vertical:
6.1 Healthcare
6.2 Government
6.3 IT and Telecom
6.4 Banking, Financial Services, and Insurance (BFSI)
6.5 Travel and Hospitality
6.6 Retail and Consumer Goods
6.7 Energy and Utilities
6.8 Transportation and Logistics
6.9 Others
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7. By Region:
7.1 North America (U.S., Canada, Mexico)
7.2 Europe (Germany, UK, France, Rest of Europe)
7.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
7.4 Latin America (Brazil, Argentina, Rest of Latin America)
7.5 Middle East & Africa
Competitive Landscape:
The major players in the market are as follows:
1. Microsoft Corporation
2. IBM Corporation
3. Tibco Software, Inc.
4. Oracle Corporation
5. Opentext Corporation
6. Sisense, Inc.
7. Tableau Software Inc.
8. SAS Institute
9. SAP SE
10. Information Builders
11. BIRST, Inc.
12. Qliktech International Ab
13. Yellowfin International Pty Ltd F
14. Microstrategy Incorporated
15. Logi Analytics
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH:
Research study on the Global Embedded Analytics Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
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