New York, Aug. 18, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Embedded Analytics Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" - https://www.reportlinker.com/p06483799/?utm_source=GNW
The Embedded Analytics Market size is expected to grow from USD 60.47 billion in 2023 to USD 115.92 billion by 2028, at a CAGR of 13.90% during the forecast period (2023-2028).
Embedded analytics is a BI and analytics solution aimed at end users that are integrated into company software programs. Embedded analytics is a component of the intrinsic application rather than a platform-independent service. This study enables users to work with higher-quality data and generate reports quickly.
Key Highlights
The primary factors driving the embedded analytics market are big data and the Internet of Things (IoT) expansion in businesses, the dependability of mobile devices and cloud technologies, and the rising demand for data analytics integration with business applications.
In addition, the increase in volume and variety of data and the growing demand for IT systems for financial transactions in banks and other financial institutes are also driving the need for embedded analytics.
An increase in big data applications would significantly contribute to the acceptance of embedded analytics. Thus, there has been consistent growth in big data and analytics solutions’ revenue in recent years.
However, high replacement costs and legacy systems are incompatible with new APIs, which increases the risk of data insufficiency, which is expected to hamper the market revenue growth during the forecast period.
The market report finds that the COVID-19 pandemic created growth opportunities for the market as Online shopping, food ordering, and digitized payment methods provided a data pool to businesses. Embedded analytic tools provided companies with data trends and insights during COVID-19 through the generated digitized data, which boosted market growth.
Embedded Analytics Market Trends
Increasing Use of Mobile Devices and Cloud Computing Technologies to Witness Significant Growth
To effectively use advanced business applications, cloud technologies and mobile devices are crucial. Mobile devices integrated with embedded analytics software support real-time data visualization.
Increased use of cloud computing technology improves business operations and provides better insight into customer behavior, which is anticipated to drive market revenue growth.
Additionally, the growing requirement for embedded analytics software will boost productivity, save operating expenses, and save time when reviewing data. The demand for embedded analytics software is anticipated to increase due to these reasons over the forecast period.
Businesses can combine data and improve the comprehension of their data with the help of cloud computing. Through a cloud-based data warehouse, information may be instantly and securely accessible. Additionally, consolidation makes real-time prediction models possible through data analysis.
Numerous businesses employ cloud business analytics because it provides scalable, elastic, and affordable infrastructure that doesn’t require ongoing maintenance of internal infrastructure. The rising popularity of cloud computing pushes enterprises to develop a solid platform that can benefit both hosted and on-premise data.
North America is Expected to Hold Major Share
The adoption of data modernization technologies across various end-user industries in the North America region is the highest, compared to other regions; it is the major factor driving the adoption of various analytical solutions, like embedded analytics in the region. The region maintains its position in the ICT industry, as it is home to many large corporations, such as Apple, Facebook, IBM, and Google.
Moreover, The implementation of advanced technology, Increasing demand for Adequate technology infrastructure, the subsequent growth in the demand for embedded analytics tools, and the presence of a large number of enterprises across the region drive the Embedded Analytics software market to grow.
Several end-user industries, like healthcare, BFSI, and manufacturing, among others, with significant adoption of analytics solutions, such as embedded analytics, hold a dominant position in the region. Hence, the adoption of embedded analytics solutions, in the region, is expected to grow significantly during the forecast period.
Also, the region is a dominant player in the cloud services applications. Therefore, the analytics providers in the country are innovating by entering partnerships and collaborations in the caloud space.
Embedded Analytics Industry Overview
The embedded analytics market is highly competitive because of the the presence of global corporations like IBM Corporation, SAP SE,Microsoft Corporation, Companies pursue emerging markets to obtain competitive advantages since many small and medium-sized businesses in developing countries switch from traditional business models to digital and data-driven ones.
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Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06483799/?utm_source=GNW
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