Dublin, Nov. 17, 2021 (GLOBE NEWSWIRE) -- The "Embedded Analytics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The embedded analytics market was valued at USD 36.08 billion in 2020 and is expected to reach USD 77.52 billion by the end of 2026, projected at a growth rate of 13.6% over the forecast period 2020-25. With the advent of technological advancements across the world, like IoT, cloud services, AI, and ML, data generation has taken a rapid pace over a decade. According to DOMO, more than 2.5 quintillion bytes of data were generated every day by 2018.
By 2020, it is estimated that almost every person will be able to create approximately 1.7 MB of data every second. The massive growth in data generation and technological advancements is enabling the people across the world to harness the increasing value of analytics across business applications. These tools allow them to view data in context, attain valuable insight at the point of decision, and ultimately lead to better outcomes.
Organizations are deploying embedded analytics solutions to realize significant gains in revenue growth, marketplace expansion, and competitive advantage. According to a MicroStrategy survey, 90% of the survey respondents claimed that data and analytics are critical components for pursuing digital transformation initiatives. Many businesses are increasingly deploying embedded BI solutions as a value-added offering to their customers. Infragistics surveyed approximately 478 IT managers, business decision-makers, software developers, etc. to ascertain the growing adoption of embedded analytics among businesses across various sectors. One-fourth of the respondents claimed that the primary objective of adopting embedded analytics is to drive better business decisions, followed by improving productivity, while significantly increasing revenue.
According to an update in June 2019, Wave Computing deployed the embedded analytics technology by UltraSOC to test its new TritonAI 64 scalable IP platform for intelligent SoCs (systems on chip). Moreover, big data analytics has changed the way enterprises make decisions, manage business processes, and create new products and services as they enable analytics for increasing data chunks.
Hence, a rise in the big data applications would significantly contribute to the acceptance of embedded analytics. The market is also viewing strategic partnerships and collaborations as a lucrative path towards expansion and growth.
Key Market Trends
Healthcare is Expected to Witness Significant Growth
- The growth in the adoption of embedded analytics solutions across the healthcare sector is expected to be significant due to the increasing demand for analytics in managing the real-time data generated from various healthcare activities. The healthcare industry generates enormous amounts of data. Still, the management of different data sets across multiple data points is complicated due to several factors such as technical, economical, amongst others, which hinders the stakeholders in the industry to derive analytical insights. In addition to electronic medical records, there is now information collected from telemedicine interactions, patient health monitors, fitness trackers, etc. Moreover, as costs rise and health levels fall, public and privately funded healthcare environments shift from paying for service volume toward paying for service value.
- By applying powerful analytics to massive healthcare data growth, various stakeholders in different functional divisions can gain valuable insights, like for the clinical, operational, and financial functions. In 2019, at the RSNA 2019, Philips introduced its patient-centric approach and demonstrated an advanced clinical and operational capability embedded with AI and analytics. It will enhance and simplify various workflows by helping the organizations in viewing and data interpretation and diagnostic patient management workflows. In September 2019, GE Healthcare received FDA clearance of first artificial intelligence algorithms embedded on-device to prioritize critical chest x-ray review. These algorithms will allow the users to reduce the turn-around time for the radiologists significantly.
- In 2019, Vivify Health announced its partnership with Exago to utilize its embedded analytics and reporting capabilities as part of Vivify's Pathways platform. The analytics are coupled with Vivify's existing monitoring, data collection, and engagement capabilities to allow healthcare providers access for interactive dashboards and self-service ad hoc reporting for more informed and expedient patient care. Sahlgrenska University Hospital (SUH), the largest teaching hospital in Northern Europe, used Qlik's embedded analytics to decrease clinical variations in orthopedic procedures. The hospital uncovered significant differences in the length of stay. They were able to identify and implement standardized best practices, including reducing waiting time for systems by more than 50 days, reducing the rate of reoperations by 17%, increasing operational capacity by 44%, and reducing cost per patient by 11%.
- In July 2020, Health Catalyst, a provider of data and analytics technology and services to healthcare enterprises announced that it had formed an agreement to acquire healthfinch, Inc., a provider of a workflow integration engine delivering insights and analytics into EMR workflows to automate physicians' ability to close patient care gaps in real-time. Within the Health Catalyst analytics application portfolio, healthfinch will be a latest application suite category called EMR Embedded Insights and its refills, care gaps closure, and visit planning applications will continue to be available in their original configuration. The healthfinch technology will help the workflows across Health Catalyst's product portfolio, with insights and data with Health Catalyst's cloud-based Data Operating System.
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 maximum compared to the other areas, which is the primary reason driving the adoption of different 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. The annual marketing data spending in the United States increased from USD 9,782.3 million in 2017 to USD 15,209 million in 2019, according to a survey by OnAudience, a big data platform. Moreover, the number of data-driven organizations is increasing in the United States, across all industries. Several end-user industries with significant adoption of analytics solutions such as embedded analytics are the healthcare, BFSI, manufacturing, amongst others, holds a dominant position in the region.
- Furthermore, major players in the embedded analytics market, such as IBM Corporation, Microsoft Corporation, and Oracle Corporation, are based in the United States. Their activities and efforts in advanced analytics are expected to aid this market in the country. For instance, in December 2019, Oracle has announced a new packaged analytics solution for finance: Oracle Analytics for fusion ERP, the first analytic application available from the Oracle Analytics for Applications product family. Oracle Analytics for applications helps the present Oracle ERP Cloud transaction reporting by answering additional questions for additional roles in the organization like management and executives. The embedded transactional reporting in the Oracle ERP Cloud application provides analytics and reporting to support the day-to-day operations for people like front line managers and operations users.
- In April 2020, GoodData announced that it has partnered with GMV Syncromatics to deliver insight into bus routes in cities across America to make transit agencies more efficient and improve customer service. GMV Syncromatics engages in building reporting and dispatch solutions for transit agencies, gathering 20 million data points generated daily by 2,500 buses spread across 75 American cities. In March 2020, it launched Sync Insights powered by GoodData to enable its customers to analyze better and explore data to optimally assess bus on-time performance, adjust to ridership, plan routes, and review driver and contract company performance. With robust insight into their bus systems, transit authorities can make more informed decisions that improve service to hundreds of thousands of customers.
- In July 2020, BDO USA, LLP, an accounting and advisory firm, launched Athenagy, its proprietary business intelligence platform for legal professionals. The solution provides the legal department with transparency and critical insight throughout the litigation lifecycle. Intuitive dashboards provide visibility into where data is present and how they are used, from the moment a legal hold is initiated through analysis, review, and production. Harnessing this data in a dashboard view gives legal professionals critical information to create better business outcomes ultimately. Athenagy's key features include transparency in the data life cycle with embedded analytics that provides rich insights around the following critical areas: legal holds, collection, preservation, processing, early case assessment, hosting, review, and production-level information.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Force Analysis
4.3 Technology Snapshot
4.4 Assessment of Impact of COVID-19 on the Industry
5 MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Increasing Demand for Advanced Analytical Techniques for Business Data
5.1.2 Increasing number of Data Driven Organizations
5.1.3 Increasing Adoption of Mobile BI and Big Data Analytics
5.2 Market Restraints
5.2.1 Licensing Challenges and Higher Associated Costs
6 MARKET SEGMENTATION
6.1 By Solution
6.1.1 Software
6.1.2 Service
6.2 By Size of Organisation
6.2.1 Small and Medium Enterprises
6.2.2 Large Enterprises
6.3 By Deployment
6.3.1 Cloud
6.3.2 On-premise
6.4 By End-user Vertical
6.4.1 BFSI
6.4.2 IT and Telecommunication
6.4.3 Healthcare
6.4.4 Retail
6.4.5 Energy and Utilities
6.4.6 Manufacturing
6.4.7 Other End-user Verticals
6.5 Geography
6.5.1 North America
6.5.2 Europe
6.5.3 Asia Pacific
6.5.4 Latin America
6.5.5 Middle East and Africa
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 IBM Corporation
7.1.2 Microsoft Corporation
7.1.3 SAP SE
7.1.4 SAS Institute Inc.
7.1.5 MicroStrategy Incorporated
7.1.6 Oracle Corporation
7.1.7 Tableau Software (Sales Force, Inc.)
7.1.8 TIBCO Software, Inc.
7.1.9 Birst, Inc. (Infor Inc.)
7.1.10 Logi Analytics, Inc
7.1.11 QlikTech International AB
7.1.12 Sisense Inc.
7.1.13 Information Builders, Inc.
7.1.14 OpenText Corp.
7.1.15 Yellowfin International Pty Ltd
7.1.16 GoodData Corporation
7.1.17 Izenda, Inc.
7.1.18 Vertica Systems, Inc. (HPE)
7.1.19 WNS Global Services SA (Pty) Ltd
7.1.20 Exago, Inc.
8 INVESTMENT ANALYSIS
9 FUTURE OF THE MARKET
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