According to a research report "Embedded analytics Market by Component (Software and Services), Business Function (IT, Marketing and Sales, Finance, Production, and HR), Deployment Model (On-Premises and On-Demand), Organization Size, Industry, and Region - Global Forecast to 2022", The embedded Analytics market is expected 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 major forces driving the embedded analytics market are the rise in data-driven organizations, higher adoption of self-service analytics, and the increasing demand to integrate analytics with business applications. The embedded analytics market is growing rapidly because of the transformation from the traditional analytical techniques for analyzing business data to the advanced techniques and the massive surge of the flowing structured and unstructured data.
Browse 72 market data Tables and 40 Figures spread through 169 Pages and in-depth TOC on "Digital Map Market - Global Forecast to 2024"
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IT business function is expected to grow at the highest CAGR
Embedded analytics tools and services are used for various business functions, which include Information Technology (IT), marketing and sales, finance, production, Human Resource (HR), and others (product development and legal). The IT business function is expected to witness the highest CAGR during the forecast period because of the increasing need for IT departments across industries to have access to real-time analytics on Key Performance Indicators (KPIs) and the visualization of the percentage of helpdesk ticket requests resolved in the agreed time-frame to assess the success of on-going support in their applications itself.
Banking, Financial Services, and Insurance (BFSI) is estimated to have the largest market size in 2017
The embedded analytics market is also segmented by various industries, out of which, the adoption of embedded analytics is expected to be the largest in the BFSI vertical, as the volume and variety of data is increasing day-by-day, with the growing demand of IT systems for financial transactions in banks and other financial institutes.
North America is expected to dominate the embedded analytics market during the forecast period
North America is expected to hold the largest share of the embedded analytics market in 2017, due to the technological advancements and early adoption of analytical solutions in this region. The market size in Asia Pacific (APAC) is expected to grow at the highest CAGR from 2017 to 2022. The primary driving forces for this growth are the increasing technological adoption and huge opportunities across industries in the APAC countries, especially in India, China, and Japan.
Market Players
The report also encompasses different strategies, such as mergers and acquisitions, partnerships and collaborations, and product developments, adopted by the major players to increase their shares in the market. Some of the major technology vendors include 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).
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