The embedded analytics market was valued at USD 28.35 billion in 2019 and is expected to reach USD 74.73 billion by 2025, at a CAGR of 18.2% over the forecast period 2020 - 2025.
- Technological advancements and a growing awareness of the value of analytics across business applications are fueling demand for these capabilities among customers in nearly every industry, as they have the ability to view data in context, puts insight at the point of decision, and ultimately, leads to better outcomes.
- Many businesses are deploying embedded BI solutions as a value-added offering to their customers. ISCS, Urban Airship, and Campus Logic are using Business Intelligence solutions powered by Looker to rapidly implement the right analytics solution for their customers while managing costs and staying focused on their core business priorities.
- Further, big data analytics has changed the way organizations make decisions, manage business processes, and create new products and services thereby enabling analytics for increasing data chunks, due to which the rise in the big data applications would significantly contribute to the acceptance of embedded analytics.
Key Market Trends
Manufacturing Sector is Gaining Traction Due to the Integration of of Analytics Based Platforms
- Globally, the manufacturing sector is going through a transformation, which is fueled by the application of IoT, and big data, among various other factors. This digital transformation across the sector is pushing data-based decision making in the industry. Further, machines and sensors, which are used in manufacturing, produce a significant amount of plant operations data through various collection points. This data can only be beneficial when manufacturers identify the implications and are likely to adopt BI and embedded analytics to generate insights, which can be used to identify the various bottlenecks to further improve efficiency.
- Further, an integrated, real-time, open approach relating to the development of industrial analytics capabilities is needed to support the smart manufacturing factories. Thus, the ongoing smart manufacturing schemes, across countries, are expected to fuel the demand for embedded analytics.
Europe Region is Expected to Grow at a Significant Rate
- Increasing demand for advanced analytical techniques for business data and rising data-driven organizations are some of the primary drivers, which are making businesses to deploy analytics solutions across the Europe region.
- For instance, in May 2018, Swinburne University formed a partnership with Fraunhofer Institute associated with deepening the research in Industry 4.0 in automation and manufacturing engineering. As a result, it creates a massive opportunity for the industry players to tap the growing market of automation offering embedded analytics at a competitive price.
- Further, the growth and strong foothold of the manufacturing industry in Germany is expected to propel the adoption of analytics solutions. Notably, the country is embracing and fueling the integration of industry 4.0, which in turn, will increase the demand for analytics and business intelligence solutions.
The embedded analytics market is highly competitive and consists of a few major players. In terms of market share, some of the players currently dominate the market. However, with the advancement in the analytics across multiple end-user services, new players are increasing their market presence thereby expanding their business footprint across the emerging economies.
- November 2019 - SAP SE and Accenture (NYSE: ACN) announced they are co-innovating and co-developing the new SAP Cloud for Utilities solution to help companies more effectively manage business processes and customer experiences. The initiative aims to elevate energy transition and customer experiences, helping companies quickly adapt and thrive in changing times.
- December 2019 - Microsoft and Oracle expand interoperability partnership to Canada to help joint customers worldwide run their mission-critical workloads across Oracle Cloud and Microsoft Azure. Enterprises can now build workloads that seamlessly interoperate between Microsoft and Oracle cloud regions in Canada.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support