MarketsandMarkets forecasts the global Embedded Analytics Market to grow to USD 51.78 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 14.1% during the forecast period. Embedded analytics software and services enable business users to manage their daily analytics-related processes on their own, within the application, thus allowing them to focus more on their routine operations. Embedded analytics offers crucial benefits to enterprises, such as cutting down on inevitable losses, creating new opportunities, saving costs by ensuring uninterrupted operations, and increasing the efficiency by analyzing and acting on any business issue. The major growth drivers of the embedded analytics market include the rise in data-driven organizations, higher adoption of self-service analytics, and the increasing demand to integrate analytics into business applications.
Many organizations across various sectors have been utilizing embedded analytics to enhance the use of analytics for decision-making from any place, at any time, within the application. However, there are 2 specific aspects of various industries that make embedded analytics a perfect fit for it. First, the growing market pressures, such as global rivalry, regulations, slender margins, and quickened design cycles, compel organizations to have the capacity to take quick data-driven decisions on business data. Second, owing to the rapid digitization, more data is being generated by systems, devices, equipment, automation, and products than ever before, which requires the use of robust analytical tools for real-time analysis. Thus, organizations are adopting embedded analytics to gather valuable insights that would simplify and streamline the decision-making process in the industry in real-time.
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Some of the major business functions of the embedded analytics market include Information Technology (IT), marketing and sales, finance, production, Human Resources (HR), and others (product development and legal). IT is expected to witness the highest CAGR during the period of 2017–2022. Embedded analytics solutions are used widely by major industry verticals globally, such as Banking, Financial Services, and Insurance (BFSI); telecommunications and IT; retail and consumer goods; healthcare and life sciences; government and defense; manufacturing; energy and utilities; media and entertainment; transportation and logistics; and others (outsourcing services, travel and hospitality, and education) for different business needs. The healthcare and life sciences sector is expected to grow at the highest CAGR during the forecast period.
The region-specific market analysis includes industry trends, market potentials, and market forecasts on the basis of components, business functions, deployment models, organization sizes, and industries. The market is witnessing a rapid growth in various emerging regions, such as Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). The North American region is expected to have the largest market share for the next 5 years, followed by Europe. APAC is expected to be the fastest-growing region in the embedded analytics market during the forecast period. Globally, the adoption of embedded analytics is increasing due to the growing amount of business data and Bring Your Own Device (BYOD) in the APAC and Latin American regions. Companies such as IBM (US), SAP SE (Germany), Microsoft Corporation (US), Oracle Corporation (US), and MicroStrategy (US) offer a competitive product portfolio across these regions.
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The embedded analytics market includes an expansive number of vendors providing software and services, such as Microsoft Corporation (US), IBM (US), SAP SE (Germany), SAS Institute (US), Oracle Corporation (US), MicroStrategy Incorporated (US), Tableau Software (US), TIBCO Software (US), Birst (US), Logi Analytics (US), QlikTech International (US), Sisense (US), Information Builders (US), OpenText (Canada), and Yellowfin International (Australia). The players in this business sector have embraced different strategies to extend their worldwide presence and market shares. Partnerships, collaborations, agreements, new product launches, product developments, mergers and acquisitions, joint ventures, and expansions are said to be the significant strategies embraced by the market players in the embedded analytics market
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