The increasing adoption of self-service analytics is said to be driving the growth of the embedded analytics market
MarketsandMarkets estimates the global embedded analytics market to grow from USD 26.77 billion in 2017 to USD 51.78 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 14.1%. The embedded analytics market is growing rapidly because of the transition from the traditional Business Intelligence (BI) techniques to advanced BI and analytics techniques, which can be managed and utilized from any place, at any time, and the massive surge in the self-service analytics trend across industries. Factors such as the lack of integration with legacy systems is expected to limit the market growth.
The IT business function is expected to have the largest market size in 2022
Organizations are evolving their Information Technology (IT) monitoring tools to gain more visibility into the new complexity. With the right solution, one can detect patterns early to predict issues before they arise. Embedded analytics allows big data from IT to be converted into relevant and actionable insights for a quick problem resolution, without having to export the data. It enables organizations to extract insights from key operational data types, such as log files, performance metrics, events, and trouble tickets, so that they can proactively avoid outages, achieve a faster mean time to repair, and realize cost savings through greater operational efficiency from any place, within the application. Therefore, the IT business function is estimated to have the largest market share in 2022.
Healthcare and life sciences industry is expected to have the highest growth rate during the forecast period
Embedded analytics solutions have been deployed across various industries, including Banking, Financial Services, and Insurance (BFSI); telecommunications and IT; retail and consumer goods; manufacturing; healthcare and life sciences; energy and utilities; transportation and logistics; media and entertainment; government and defense; and others (product development and legal). The healthcare and life sciences industry is expected to witness the highest CAGR during the forecast period because of the increasing need for managing the real-time data coming from various healthcare activities, such as patient’s sleep analysis and calories burnt, based on the physical activities conducted.
North America is expected to hold the largest market share
North America, followed by Europe, is expected to continue being the largest revenue-generating region for the embedded analytics vendors, for the next 5 years. This is mainly due to the presence of various developed economies, such as Canada and the US, and because of the high focus on innovations through R&D and technology across industries. Asia Pacific (APAC) is expected to be the highest growing region in the embedded analytics market because of the increasing adoption of Internet of Things (IoT) and smart technologies, and government initiatives, such as smart cities in the APAC countries, including China and India.
In-depth interviews were conducted with the Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the embedded analytics marketplace.
By Company – Tier 1 – 22%, Tier 2 – 30%, and Tier 3 – 48%
By Designation – C-Level – 30%, Director Level – 45%, and Others – 25%
By Region – North America – 48%, Europe – 30%, and APAC – 22%
The embedded analytics ecosystem comprises the following major vendors:
1. Microsoft Corporation (US)
2. IBM (US)
3. SAP SE (Germany)
4. SAS Institute (US)
5. Oracle Corporation (US)
6. MicroStrategy Incorporated (US)
7. Tableau Software (US)
8. TIBCO Software (US)
9. Birst (US)
10. Logi Analytics (US)
11. QlikTech International (US)
12. Sisense (US)
13. Information Builders (US)
14. OpenText (Canada)
15. Yellowfin International (Australia)
The embedded analytics market revenue is primarily classified into revenues from software and services. Software’s revenue is associated with stand-alone software offerings while services’ revenue is associated with managed services and professional services. The professional services comprise education and training, support and maintenance, and consulting services. The market is also segmented on the basis of business functions, organization sizes, deployment models, industry verticals, and regions.
Reasons to Buy the Report
• To get a comprehensive overview of the global embedded analytics market
• To gain a wide range information about the top players in this market sphere, their product portfolios, and the key strategies adopted by them
• To gain insights of the major countries/regions, in which the embedded analytics market is flourishing in various industries