Embedded Analytics Market Size - Segmented by Solution (Software, Service) Size of Organization (SMEs, Large Enterprises), Deployment, End-User Vertical and Region - Growth, Trends and Forecast (2018 - 2023)
The embedded analytics market has been valued at USD 28.06 billion in 2017 and is expected to grow at a CAGR of 14.1% during the forecast period (2018 - 2023), to reach USD 62.43 billion by 2023. The report profiles the on cloud and on-premise providers of analytics software and service for managing business data for SMEs and large organizations.
Embedded analytics is business intelligence solution that is integrated directly into a business application or platform. Embedded analytics integrates reports, dashboards and data visualizations directly into daily user workflows and displays the analytics users need to see inside their application. Technological advancements and a growing awareness of the value of analytics across business applications are fueling demand for these capabilities among customers in nearly every industry as they have ability to view data in context, puts insight at the point of decision, and ultimately, leads to better outcomes. Moreover, increasing demand for advanced analytical techniques for business data and rising data driven organizations are the primary drivers which are making businesses deploy analytics solutions, coupled with advent of big data which is supporting this need.
Healthcare Sector is expected to register a Significant Growth Rate
The sheer amount of data is growing exponentially across all industries. The healthcare field has spent the last 20 years digitizing medical records, and the amount and sources of data continue to grow. In addition to electronic medical records, there is now information collected from telemedicine interactions, patient health monitors, fitness trackers, and more. Moreover, as costs rise and health levels fall, both public and privately funded healthcare environments are shifting away from paying for service volume and toward paying for service value. This new focus on value also called pay-for-performance, quality, or outcomes is ultimately about the good health of patients. This shift is fundamental and its benefits the healthcare systems by improving quality of care and patient satisfaction while reducing costs through more efficient delivery. By applying powerful analytics to the growing these volume and sources of healthcare data, stakeholders in clinical, operational, and financial realms can gain unprecedented insights.
North America to account for the Largest Share
North America is a leader when it comes to development and implementation of new technologies. This implementation of new technologies is driven by the need for tracking data patterns in order to track the performance of the business and take strategic informed decisions. The industrial sector is on steady growth along with increasing influence of internet on sales of industrial goods, hence the increased demand for business intelligence and analytics solutions.Furthermore, the major players in the market are US based such as IBM Corporation, Microsoft Corporation, GoodData. Their activities and efforts in advanced analytics will aid in prospering the market in the country. For instance, GoodData, has been awarded a patent for its multi-tenant platform, which distributes analytical applications to multiple customers. The patent aligns with GoodData’s efforts toward providing data-driven insights and automation at the point of work through smart business applications which is trending in the US.
Key Developments in the Market
- May 2018 - IBM introduced IBM Cognos Dashboard Embedded to address the problem for both developers and end users. IBM Cognos Dashboard Embedded, enables to integrate a dynamic analytics workflow directly into offering. This may take the form of a guided exploration containing pre-created dashboards with one or more visualizations.
- May 2018 - TIBCO Software Inc. had launched TIBCO Jaspersoft 7, the company's latest version of its embeddable business intelligence (BI) and analytics software. This software introduced a streamlined workflow for designing interactive data visualizations by deeply integrating them into web and mobile-web applications, offering quicker time to market and deployment of embedded analytics. This software also supported support for two TIBCO analytics products- TIBCO Spotfire and TIBCO Data Virtualization. With this new support, users can now leverage data from Spotfire to create reports, dashboards, and visualizations with Jaspersoft.
Major Players - IBM Corporation, Microsoft Corporation, SAP SE, SAS Institute, MicroStrategy Incorporated, Oracle Corporation, Tableau Software, TIBCO Software, Birst
Logi Analytics, QlikTech International, Sisense, Information Builders, OpenText, Yellowfin International, GoodData, Izenda, Vertica Systems, WNS Global Services,
BrightTALK, among others.
Reasons to Purchase the Report
- Impact of growth of IoT and big data on the market
- Analysis of various perspectives of the market with the help of Porter’s five forces analysis
- The segments that are expected to dominate the market
- Regional analysis of the market during the forecast period
- Latest developments, market shares and strategies employed by the major market players and key innovators
- 3 months analyst support along with the Market Estimate sheet (in Excel)
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