The global embedded analytics market is poised for impressive growth and is expected to capture a CAGR of 14% over the forecast period of 2027-2023, projects Market Research Future (MRFR) in a detailed study.
Embedded analytics integrates business intelligence tools and capabilities in transactional business applications which enables users to choose where in the business process the analytics should be embedded.
Business applications such as CRM systems, accounting software, HR systems, and others lack data analytical capabilities and embedded analytics inserts analytics and visualization tools directly within the user interface of such business applications.
The advent of big data is one of the preliminary factors driving the growth of the global embedded analytics market. Raw data contains valuable insights which remain untapped due to lack of analytical capabilities. Embedding analytics into various business applications allows enterprises to remain competitive and extend the analytical capacity of their applications.
Embedded analytics is being increasingly adopted across various industry verticals such as telecommunication, energy & utilities, manufacturing, healthcare & life science, media & entertainment, and others which generates high demand for embedded analytics market.
Growth in a number of data-driven organizations, deep penetration of internet and smart devices, and growing adoption of cloud technology are other drivers of the global embedded analytics market. Also, the cost advantage offered by embedded analytics as compared to the standard analytic solution also fosters the growth of the global embedded analytics market.
However, the global embedded analytics market might encounter few hurdles on its growth trajectory. The ever-changing IT environment has raised issues of seamless integration of embedded analytics. Concerns over data security and privacy also remain key constraints to the growth of the global embedded analytics market. Taking the factors mentioned above into consideration, MRFR has projected that the global embedded analytics market is likely to attain a valuation of USD 52 Bn by the end of 2023.
The global embedded analytics market has been segmented based on component, application, deployment, organization size, and vertical.
By component, the global embedded analytics market has been segmented into software and services. The services segment has been segmented into professional services and managed services.
Application-wise, the global embedded analytics market has been segmented into IT, human resource, finance, marketing, production, and others.
By deployment, the global embedded analytics market has been segmented into cloud and on-premise.
By organization size, the global embedded analytics market has been segmented into small and medium organization and large organization.
By vertical, the global embedded analytics market has been segmented into IT & telecommunication, energy & utilities, manufacturing, healthcare & life science, media & entertainment, and others.
Asia Pacific, the Americas, Europe and Rest of the World are the key markets for embedded analytics. North America is the largest market for embedded analytics owing to the presence of major players in the region. Various small as well as large enterprises in the region are increasingly adopting embedded analytics, especially in countries such as the US and Canada.
APAC is slated to emerge as the fastest growing market for embedded analytics due to the presence of multiple SMEs in the region who are investing heavily in the technology to improve efficiency and productivity.
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