Categories: IT & Communication Technology

Embedded Analytics Global Market Report 2024

The Embedded Analytics by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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https://www.thebusinessresearchcompany.com/report/embedded-analytics-global-market-report

According to The Business Research Company’s Embedded Analytics, The embedded analytics market size has grown rapidly in recent years. It will grow from $62.46 billion in 2023 to $71.03 billion in 2024 at a compound annual growth rate (CAGR) of 13.7%. The growth in the historic period can be attributed to integration of analytics into business applications, growing need for real-time data insights, rise of self-service business intelligence, increased emphasis on data-driven decision making, adoption of embedded, analytics in customer relationship management (crm) systems.

The embedded analytics market size is expected to see rapid growth in the next few years. It will grow to $127.16 billion in 2028 at a compound annual growth rate (CAGR) of 15.7%. The growth in the forecast period can be attributed to expansion of embedded analytics in internet of things (iot) applications, growing demand for predictive and prescriptive analytics in applications, integration of embedded analytics in cloud-based platforms, adoption of embedded analytics for industry-specific solutions. Major trends in the forecast period include development of natural language processing (nlp) in embedded analytics, emphasis on data security and compliance in embedded analytics, integration of real-time streaming analytics in embedded solutions, use of embedded analytics in mobile and edge computing, focus on collaborative and social analytics in embedded systems.

High demand from data-driven organisations is expected to propel the embedded analytics market. A data-driven organisation collects, monitors, and analyses the raw data for the decision-making process. The increasing variations and complexity in data sets are increasing demand for embedded analytics to help employees in decision making, beat their competition, and help customers gain insights. For instance, in May 2021, Accenture plc, an Irish American professional services company published an article that said 7 out of 10 enterprises in 2021, are data-driven and it is expected that data-driven enterprises will experience an annual growth of over 30%. 87% of all employees believe in the value of data. Therefore, high demand from data-driven organizations will contribute to the embedded analytics market growth.

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The embedded analytics market covered in this report is segmented –

1) By Solution: Software, Services

2) By Deployment Mode: On-Premise, Cloud-Based

3) By Organistion Size: Small And Medium Enterprises, Large Enterprises

4) By Application: Finance, HR, IT, Marketing And Sales, Production, Other Applications

5) By End-User Vertical: Telecommunications And IT, Retail, Healthcare, Manufacturing, Other Verticles

Technological advancements have emerged as the key trends gaining popularity in the embedded analytics market. The major companies are incorporating advanced technological solutions into embedded analytics tools to improvise the different functional usages. For instance, in October 2023, insightsoftware, a USA-based software company launched Logi Symphony, an embedded business intelligence and analytics system for any web-based application with extensive new capabilities that help companies to quickly make data-rich application experiences that keep their customers engaged. Logi Symphony provides seamless integration, flexible customization, and composability with a rich user experience. It also enables enterprise application teams to launch products faster, drive end-user data-driven decision intelligence, improve customer retention and engagement with in-app contextual analytics, and monetize data through self-service analytics.

The embedded analytics market report table of contents includes: