Dublin, Feb. 07, 2024 (GLOBE NEWSWIRE) -- The "Embedded Analytics Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The global Embedded Analytics market is undergoing significant transformation, with a projected Compound Annual Growth Rate (CAGR) of 13.90% expected to elevate its valuation from USD 60.47 billion in 2023 to a staggering USD 115.92 billion by 2028. This notable forecast indicates a sharp increase in demand and implementation of embedded analytics solutions across various domains.
Key Market Drivers and Trends Fueling Expansion
Advancements in big data, the proliferation of Internet of Things (IoT) in enterprise spaces, and the increasing reliability placed on mobile device platforms and cloud technology play pivotal roles in catapulting the market forward. Embedded analytics allows companies to refine their data quality and hasten report generation capabilities, fuelling an upsurge in the integration of data analytics within business applications.
The surge in data volume and diversity, coupled with escalated requirements for IT frameworks in executing financial transactions, particularly in the banking and financial sectors, further accelerates the momentum of embedded analytics.
Impact of Pandemic and Technological Advancements on Market Acceleration
- The COVID-19 pandemic served as a catalyst for the market, with digitization of services like online shopping and food ordering delivering an influx of data for analysis and revenue growth.
- The increase in usage of cloud computing technology and mobile devices is furnishing businesses with better insights into their operations and customer behaviors, thereby stimulating market revenue growth.
- With cloud-based solutions facilitating data access and analytical model predictions, the cloud computing paradigm is encouraging enterprises to build robust platforms accommodating both hosted and on-premise data centroids.
Geographical Market Insights
North America is poised to amass a substantial market share, with widespread adoption of data modernization techniques and analytical solutions like embedded analytics. The technological prowess and robust infrastructure in this region lay a fertile ground for the seamless adoption and growth of embedded analytics solutions.
With the presence of esteemed corporations like Apple, IBM, and Google, North America's continued dominance in the ICT sector significantly propels the implementation of embedded analytics tools, thereby driving market growth.
Competitive Landscape and Industry Perspectives
The Embedded Analytics market landscape is characterized by intense competition with major players such as IBM Corporation, SAP SE, and Microsoft Corporation leading the charge. The transition of smaller and intermediate businesses toward digital and data-centric business models in emerging markets has led to a competitive edge, with product launches and partnerships marking key strategic moves.
For instance, TIBCO Software's recent enhancements to its TIBCO Cloud Integration platform extends integration capabilities across hybrid environments, aiding businesses in steeper market conditions.
With analytics now embedded within the very fabric of modern enterprise software, companies are poised to harness data more proficiently, drive productivity, and importantly, shape real-time decision-making processes. An intelligent analytics infrastructure operates as a critical differentiator in the contemporary data-driven business milieu, enabling companies to remain agile and insightful amidst evolving market dynamics.
A selection of companies mentioned in this report includes:
- IBM Corporation
- Microsoft Corporation
- SAP SE
- SAS Institute Inc.
- MicroStrategy Incorporated
- Oracle Corporation
- Tableau Software (Sales Force, Inc.)
- TIBCO Software, Inc.
- Birst, Inc. (Infor Inc.)
- Logi Analytics, Inc.
- QlikTech International AB
- Sisense Inc.
- Information Builders, Inc.
- OpenText Corp.
- Yellowfin International Pty. Ltd.
- GoodData Corporation
- Izenda, Inc.
- Vertica Systems, Inc. (HPE)
- WNS Global Services SA (Pty.) Ltd.
- Exago, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/b938ak
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