ID: MRFR/ICT/6526-HCR | February 2021 | Region: Global | 111 pages
The Global Dark Analytics Market is expected to grow from USD 238.98 Million in 2018 to USD 880.50 Million by 2024, at a compound annual growth rate (CAGR) of 25.08% during the forecast period.
Dark analytics refers to the analysis of information assets which are gathered, processed, and stored by an organization during its regular business activities. Advancement in technologies such as computer vision, pattern recognition, and cognitive analytics help organizations to focus on the unstructured information for better decision making to offer enhanced user experience.
Rising adoption of IoT across various industry verticals is driving the growth of dark analytics market. A study by Cisco estimates that by the end of 2030, there will be approximately 500 billion devices in the connected ecosystem. As this IoT ecosystem expands, the volume of data generated is also expected to increase, majority of which would be dark data comprising of structured as well as unstructured data. Dark analytics solutions are capable of analyzing such massive volumes of unorganized and untapped data and helping the organizations to obtain actionable business insights for better decision making. Furthermore, increasing adoption of advanced technologies such as artificial intelligence and machine learning to analyze the data is encouraging the adoption of dark data solutions by organizations to increase their ROI. However, non-uniformity of the gathered data, lack of skilled expertise, and data to use dark analytics solutions are the factors hampering the market growth.
The global dark analytics market has been broadly segmented on the basis component, deployment, application, industry vertical, and region.
By component, the market has been segmented into solutions and services.
By deployment, the market has been segmented into on-cloud and on-premise.
By application, the market has been segmented into operations, finance, human resource, and marketing.
By industry vertical, the market has been segmented into IT and telecommunication, BFSI, retail and e-commerce, government, healthcare, media and entertainment, and others.
By region, the market has been segmented into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America.
The prominent players active in the market of dark analytics are Amazon Web Services, Inc. (US), Microsoft Corporation (US), SAP SE (Germany), IBM Corporation (US), Symantec Corporation (US), Teradata (US), Datameer, Inc. (US), Micro Focus (UK), SAS Institute Inc. (US), and Dell Inc. (US).
Other players include Zoho Corporation (US), AvePoint, Inc. (US), Commvault (US), Zoomdata (US), Veritas (US), Deloitte (US), Synerscope (The Netherlands), TIBCO Software Inc. (US), and Datumize (Spain) among others.
The dark analytics market is estimated to grow at a significant rate during the forecast period from 2019 to 2024. The geographical analysis of dark analytics market has been done for North America, Europe, Asia-Pacific, the Middle East and Africa, and South America.
North America is expected to dominate the dark analytics market during the forecast period. The region is recognized as a leader in technological invention and an early adopter of technology. Organizations across the region are promptly adopting dark analytics solutions to analyze the huge volumes of data generated by utilizing advanced technologies such as IoT and big data. The region is also a hub to the major dark analytics solutions providers who are investing heavily in research and development activities to provide advanced features to their solutions and enhancing their capabilities. The region has been segmented, by country, into the US, Canada, and Mexico.
Europe is following North America in the global dark analytics market in terms of market share. As the European government is focusing on compliance and legal issues concerning data security, the adoption of dark analytics solution is growing in the region.
Asia-Pacific is expected to grow at a significant pace during the forecast period. The region has been segmented by country into China, Japan, India, South Korea, Australia, and the rest of Asia-Pacific. Increasing digitalization and adoption of cloud-based services in these countries has increased the demand for dark data analytics solutions to analyze massive data sets. The rising need among enterprises to understand and utilize nontraditional and unstructured data to enhance the customer experience by personalizing the services offered is positively impacting the market growth in the region.
Global Dark Analytics Market
Source: MRFR Analysis
Frequently Asked Questions (FAQ) :
A 25.08% CAGR is estimated to define the market’s development in the coming period.
An income level of USD 880.50 Million by 2027 is estimated to restore the momentum for growth in the coming years.
The variability in data collection is expected to restrict the market in the forecast period.
Micro Focus (UK), Datameer, Inc. (US), SAP SE (Germany), IBM Corporation (US), Symantec Corporation (US), Microsoft Corporation (US), and Teradata (US) are the contenders in the market.
The rising adoption of IoT across several industry verticals is expected to encourage the advancement of the market.