Embedded Analytics Market Set to Reach USD 173.30 Billion by 2030, Reports and Data

The global embedded analytics market size was USD 48.81 Billion in 2021 and is expected to register a revenue CAGR of 15.2% during the forecast period.

NEW YORK, NY, UNITED STATES, June 30, 2023/EINPresswire.com/ — The global embedded analytics market reached USD 48.81 billion in 2021 and is projected to achieve a revenue compound annual growth rate (CAGR) of 15.2% during the forecast period. The growth of the global embedded analytics market is driven by several key factors, including the increasing need for data-driven decision-making, meeting customer demands, and the widespread adoption of mobile devices and cloud computing technologies.

Data-driven decision-making is a critical aspect for businesses, and there is a growing demand for effective tools and platforms to support informed decision-making and evaluation. A survey conducted in 2020 revealed a 12% increase in the number of organizations implementing data-driven decision-making compared to 2018. Embedded analytics services play a vital role in assisting businesses in making informed decisions, adapting to uncertainties, and enhancing decision models. Businesses are leveraging artificial intelligence (AI) technology to enhance scalability and differentiate their services. In 2020, global corporate AI investment increased by USD 55 billion, with a significant portion coming from private investments by US companies. The increasing need to analyze and explore available data for strategic decision-making is expected to drive the adoption of embedded analytics solutions. Furthermore, the growing complexity and diversity of data sets are boosting the demand for embedded analytics, as it provides customers with better insights and enhances overall satisfaction. Embedded analytics offer software and services that process and analyze data within an application to provide valuable information, facilitating data-driven decision-making. A survey conducted in 2022 found that around 64% of respondents reported improved efficiency and productivity in their organizations through the use of data and analytics. These factors are anticipated to drive revenue growth in the market during the forecast period.

However, the high cost of replacement is expected to hinder revenue growth in the market during the forecast period. Traditional business intelligence (BI) tools are already in place in organizations, and embedded analytics tools are often considered separately. Implementing appropriate embedded analytics software and replacing existing systems can be costly for businesses. Moreover, staff training and building competency in using embedded analytics tools are additional expenses that can impact revenue growth in the market during the forecast period.

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Further key findings from the report suggest

The embedded analytics market is estimated to reach USD 173.30 Billion by 2030, at a CAGR of 15.2% during the forecast period.
The software component accounted for a larger share of 65.1% of the market in 2018.
The cloud deployment is anticipated to grow at a higher rate of 14.4% during the forecast period.
The healthcare application segment is anticipated to grow at the highest rate of 13.8% during the forecast period.
North America region accounted for the largest share of 27.3% of the market in 2018. The booming IT industry in the region and advantages such as improved flexibility and activity and being able to deploy new applications more quickly are the major reasons for growth in this region. The presence of a number of big industries, significant IT spending, and technological progress are some of the other factors that are boosting the growth of the market in the region.
Various players are developing strategies to mark their presence in the industry.
In May 2017, Microsoft launched Power Business Intelligence (BI) Premium, which builds on the prevailing Power BI portfolio, with a capacity-based licensing design that enhances the flexibility in terms of sharing, accessing, and administering the content. As a part of the latest offering, Power BI Embedded is concentrated with the Power BI service to produce one API surface, a constant set of abilities, and renders access to the most advanced features.

Competitive Landscape:

Microsoft Corporation, IBM Corporation, Sisense, Inc., TIBCO Software, Inc., SAS Institute, Inc., Microstrategy, Inc., SAP SE, Qlik Technologies, Inc., Birst, Inc., Opentext Corporation, Logi Analytics, Inc., and Information Builders, Inc.

The global market is further segmented into type and application:

Component Type Outlook (Revenue, USD Billion; 2019–2030)

Software
Services

Deployment Type Outlook (Revenue, USD Billion; 2019–2030)

On-Premises
Cloud

Organization Size Outlook (Revenue, USD Billion; 2019–2030)

Large Enterprises
Small and Medium Enterprises (SMEs)

Application Outlook (Revenue, USD Billion; 2019–2030)

Marketing
Human Resource
Information Technology
Finance
Others

End-use Outlook (Revenue, USD Billion; 2019–2030)

Banking, Financial Services, and Insurance (BFSI)
Information Technology (IT) and Telecom
Healthcare
Consumer Goods
Retail
Others

Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.

North America (U.S., Canada, Mexico)
Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
Latin America (Brazil, Rest of LATAM)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

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