Embedded analytics is an emerging tool for data analysis where users can analyze data across different business applications and workflows and take valuable decisions. Most of the enterprises are moving towards embedded analytics due to the integrated structure of business application and BI tools in single suite. The traditional BI tools extracts the insights from silo of data analysis and lacks to support real-time business decisions, whereas Embedded Analytics brings insight and action in the same context by integrating analytics within business application to support real-time business decisions.
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Business application providers/independent software providers are considering embedded analytics is a new revenue stream for their software solution, as these providers are approaching new customers and sustaining their present customer base by offering innovative solution like embedded analytics. Presently, BI Tools and analytics capabilities are integrated in most of the business applications such as ERP, CRM, marketing automation and financial systems. This new approach create huge market opportunity across different industries including Healthcare, BFSI, Education, Utilities, Retail and Technology having huge demand for embedded analytics.
Embedded Analytics Market: Drivers and Challenges
Increasing demand for real-time visualization tools in business application, proliferation of big data and IoT services and increasing usage of mobile devices and cloud computing technologies drive the embedded analytics market. Most of the enterprises are inclined towards real-time visualization tools which help them to analyze the customer need and satisfaction level. Proliferation of big data and IoT solution increase the demand for Embedded Analytics to provide actionable insights across big data and IOT solutions. Mobile devices and cloud technologies plays an important role to extract real-time data from anywhere and anytime for efficient usage of advanced business applications.
The major challenges for Embedded Analytics market are the analytics integration with business application does not suitable for all industry vertical and Lack of analytical skills among workforce create major problem for the embedded analytics installations. These challenges hinders the Embedded Analytics market growth.
Embedded Analytics Market: Segmentation
Segmentation on the basis of enterprises:
- Large-scale Enterprises
- Medium-scale Enterprises
- Small-scale Enterprises
Segmentation on the basis of industry:
- Media & Entertainment
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Some of the key market players in Embedded Analytics market are Microsoft Corporation, International Business Machines Corporation, SAP SE, Logi Analytics, Inc., SAS Institute Inc., Opentext Corporation, Microstrategy, Inc., Information Builders, and Tibco Software, Inc.
Embedded Analytics market is currently dominated by North America region and this region will have largest market share in the forecasting period due to increasing focus of major industry verticals including BFSI, healthcare, retail, and government and among others on embedded analytics. Europe Embedded Analytics market is accounted second largest market share, as in this region enterprises are adopting more advanced solution for automation through real-time analytics solutions. Asia-Pacific excluding Japan Embedded Analytics market expected to have high growth rate, as most of the industry verticals such as BFSI, retail and manufacturing verticals are adopting embedded analytics.
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