According to the latest report by IMARC Group, titled "Embedded Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global embedded analytics market reached a value of US$ 47.8 Billion in 2021. Embedded analytics refers to a digital workplace capability that is used by multiple businesses for data analysis based on real-time reporting. It is an integration of dashboards, reports, business intelligence (BI) and data visualization inside a web portal or business application. It aids enterprises with relevant information and insights that help in better decision-making and enable a seamless experience for users and customers. Its deployment in businesses aid in achieving several benefits, such as customization of feedback with dashboards and visualizations, connecting different data sources for easy access, control over the security of the data, and viewing and editing key performance indicator (KPI) and sales dashboards.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Embedded Analytics Market Trends:
The global market is primarily driven by a considerable increase in data generation across the corporate sector. Supported by rapid digitization and the penetration of high-speed internet connectivity that has provided easy access to numerous web platforms to the masses, this has encouraged several leading players to heavily invest in the deployment of embedded analytics platforms within organizations, thereby catalyzing the market growth. Moreover, continual technological advancements and the integration with the internet of things (IoT), artificial intelligence (AI), cloud computing and machine learning (ML) with embedded analytics are impacting the market favorably. Furthermore, the rising adoption of remote working on account of the rapid outbreak of coronavirus disease (COVID-19) is considered to be a major growth-inducing factor. Other factors, including continuous improvements in the information technology (IT) infrastructure and extensive research and development (R&D) activities conducted by key players, are also creating a positive outlook for the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 108.3 Billion by 2027, exhibiting a CAGR of 14.41% during 2022-2027.
- On the basis of the solution, the market has been bifurcated into software and services.
- Based on the analytics tools, the market has been classified into dashboard and data visualization, self-service tools, benchmarking and reporting.
- On the basis of the deployment mode, the market has been segregated into on-premises and cloud-based.
- Based on the business function, the market has been categorized into finance, human resources (HR), marketing and sales, production and others.
- On the basis of the organization size, the market has been bifurcated into small and medium-sized enterprises (SMEs) and large enterprises.
- Based on the industrial vertical, the market has been segmented into BFSI, IT and telecommunication, retail and consumer goods, healthcare and life sciences, manufacturing, government, energy and utilities, and others.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include Infor (Koch Industries Inc.), International Business Machines Corporation, Logi Analytics Inc. (Insightsoftware Inc.), Microsoft Corporation, Open Text Corporation, Oracle Corporation, QlikTech International AB, SAP SE, Sisense Inc., Tableau Software LLC (Salesforce.com Inc), TIBCO Software Inc. and Yellowfin.
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