Embedded Analytics Market - Growth, Trends, and Forecast (2020 - 2025)
The embedded analytics market is expected to grow at a CAGR of 14.21% during the forecast period from 2020 to 2025. 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 valueadded offering to their customers. Infragistics surveyed approximately 478 IT managers, business decisionmakers, software developers, etc. to ascertain the growing adoption of embedded analytics among businesses across various sectors. Onefourth 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. For instance, in February 2019, LogiAnlaytics, Inc. acquired Jinfonet Software. They are expected to provide extensive solutions for embedded analytics jointly. Furthermore, the increase in volume and variety of data and the growing demand for IT systems for financial transactions in banks and other financial institutes also drive the need for embedded analytics.
In August 2019, Infragistics launched its Reveal embedded business intelligence platform. The platform enables the users to interpret, visualize, and share relevant insights from an organization's data. Additionally, as IoT and big data technologies develop, inhouse embedded analytics projects are expected to become increasingly prevalent. In April 2020, Infragistics announced a significant upgrade to its embedded data analytics software, Reveal. In addition to its smooth, fast integration into any platform or deployment option, the latest features address the trends across data analytics, including predictive and advanced analytics, R and Python scripting, machine learning, big data connectors, and much more. These enhancements allow businesses to quickly analyze and get insights from internal and external data to improve the decisionmaking process. Some of the advanced functions include Outliers Detection, Time Series Forecasting, and Linear Regression.
In May 2020, Sisense announced the results from its State of BI & Analytics Report 2020. The findings indicated the increased importance and central role of examining data to enable organizations to understand changes and business opportunities during and following the COVID19 economic turmoil. Respondents were optimistic about the growing importance of analytics. 49% of companies surveyed also use data analytics more or much more than before the COVID19 crisis. Companies that adopt datadriven decision making are expected to gain a significant edge. With the help of analytics, they find those vital pivot points and thrive versus facing existential danger. For example, recently, a Fortune 500 customer's revenue dropped 95+% due to the economic crisis, while at the same time, their analytics usage shot up by 40%. Therefore, embedded analytic applications could be utilized to deliver insights to everyone inside and outside their organizations.
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 realtime 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 patientcentric 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 ondevice to prioritize critical chest xray review. These algorithms will allow the users to reduce the turnaround 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 selfservice 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 realtime. 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 cloudbased Data Operating System.
North America is Expected to Hold Major Share
The adoption of data modernization technologies across various enduser 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 datadriven organizations is increasing in the United States, across all industries. Several enduser 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 daytoday 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 ontime 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 productionlevel information.
The embedded analytics market is highly competitive because of the presence of multinational companies such as IBM Corporation, Microsoft Corporation, SAP SE, and pureplay vendors such as Logi Analytics. Companies target emerging economies to gain competitive advantages because, in developing nations, many small and medium enterprises turn from traditional business to digital & datadriven business models. These SMEs are investing in embedded analytics to understand workflow performance, customer view, or financial systems. Some of the recent developments are:
July 2020 SAS Institute, Inc. announced the delivery of four new service offerings, and updates to SAS Customer Intelligence 360, to help brands accelerate the value delivered through analytics with a hybrid marketing approach. The embedded analytics segment was upgraded with integrated analytics guides, such as multivariate testing, automatically derived segmentation, and applied optimization driven by more advanced AI and machine learning techniques.
May 2020 Microsoft Corporation announced new developer samples for Power BI embedded analytics. These new samples are developed to help developers get up and running quickly in various programming languages and frameworks, and provide examples of REST APIs calls from different programming languages.
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