Embedded Analytics Market

Global Embedded Analytics Market Size (2024 to 2029)

The global embedded analytics market is projected to extend USD 44.23 billion in 2024 and USD 85.53 billion by 2029, growing at a CAGR of 14.10% during the forecast period.

The objective of embedded analysis is to offer data analysis and greater accessibility of Business Intelligence to the various users of a company. Business intelligence or traditional analysis essentially aims to extract data and reach the basic level of analysis. However, these applications are rarely able to provide solutions to high-level analytical problems. Integrated analysis offers assistance in solving these problems because it analyzes large amounts of data from multiple domains and derives business-specific data from them. It is also offered as an integral part of most enterprise applications, such as enterprise resource planning (ERP) and customer relationship management (CRM), among others. Business intelligence refers to a sum of all independent systems, such as human processes and technologies, among others, which provide insight into data from several areas that have been collected and analyzed. These systems are primarily used for data analysis and include many different types of applications.

Embedded analytics, on the other hand, is also part of modern business applications and aims to provide specific information to support certain business actions or decisions. Today, Business Intelligence players such as Sisense and Tableau Software develop embedded analytical tools, and application developers integrate business applications. Then, the information is provided to end users.

In this competitive world, developing a high-performing workforce is a major challenge facing many organizations, and companies are, therefore, adopting integrated analysis in the form of workforce analyses. This helps the HR manager select the actions, such as the competitive compensation plan, the hiring decision, the training results, etc., that optimize turnover, expenses, and financial results.

Market growth and trends:

In this globally competitive environment, organizations are moving towards an action research approach, which will give them a more accurate picture of everything from workload automation processes to customer management systems. Therefore, the organization monitors the company's strategic dynamics and performance through the systematic use of internal and external data and analytical methods.

Forward-thinking organizations are gradually spending money on programs that use data for all aspects of workforce description, talent management, and operational advancement. For example, in Italy, according to a survey conducted by Fluida, 71.8% of companies said that their employees always used the tools provided to track hours and absences. This enables the company to correlate human resource data with business results and perform predictive analytics.

For example, Deloitte is now analyzing travel data and other human performance data to help employees improve their energy levels, well-being, and business performance. All of the above factors should have a positive impact on performance monitoring tools, which, in turn, will help the growth of the global embedded analytics market.

Global Embedded Analytics Market Drivers:

With self-service tools, companies can choose the data they want to analyze to create their own charts, helping them make the right decision. This increases the value of the product through competitive differentiation, which leads to more new customers. These factors should have a positive impact on the global embedded analytics market and stimulate demand.

However, the lack of product information and the high cost of implementation associated with strict government regulation are a few factors that could hinder the market during the forecast period.

Impact of COVID-19 on the global embedded analytics market:

The revenue decline caused by the COVID-19 pandemic and shutdown worldwide is touted to continue for some years in the embedded analytics market. The global recession may result in the laying off of employees, which may affect the overall business. However, companies may also adopt analytics to improve their overall performance and customer service.

GLOBAL EMBEDDED ANALYTICS MARKET REPORT COVERAGE:

The global market for embedded analytics is classified according to an analysis tool, component, implementation, business function, vertical, and region.

Global Embedded Analytics Market - By Analytics:

• Reports    

• Self-Service Tools 

• Control Panel         

• Data Visualization 

• Comparative Analysis     

The market is segmented into reports, self-service tools, a control panel, data visualization, and comparative analysis based on the analysis tool.

Global Embedded Analytics Market - By Component:

• Software  

• Services    

The component segment is classified into software and services.

Global Embedded Analytics Market - By Business Function:

• IT 

• Marketing and Sales           

• Finance     

• HR               

• Production        

The commercial applications segment of the market includes human resources, sales and marketing, operations, and finance.

Global Embedded Analytics Market - By Deployment Mode:

• On-Premises          

• Cloud     

By deployment, the market is classified in the cloud and on-site.

Global Embedded Analytics Market - By Vertical:

• IT and Telecommunications             

• BFSI            

• Public Sector          

• Retail         

• Manufacturing      

• Health       

• Energy and Public Services               

The market is classified by vertical into IT and telecommunications, BFSI, public sector, retail, manufacturing, energy and public services, health, and others.

Global Embedded Analytics Market - By Region:

• North America

  • The United States

  • Canada

  • Rest of North America

• Europe

  • The United Kingdom

  • Spain

  • Germany

  • Italy

  • France

  • Rest of Europe

• The Asia Pacific

  • India

  • Japan

  • China

  • Australia

  • Singapore

  • Malaysia

  • South Korea

  • New Zealand

  • Southeast Asia

• Latin America

  • Brazil

  • Argentina

  • Mexico

  • Rest of LATAM

• The Middle East and Africa

  • Saudi Arabia

  • UAE

  • Lebanon

  • Jordan

  • Cyprus

The Asia-Pacific region is expected to experience the fastest growth in the professional services automation market. Due to the growth of IT companies, manufacturing industries, and service providers in this region, it is necessary to implement professional services to stand out from its competitors.

Furthermore, according to the China Mergers and Acquisitions Association, 58% of participating Chinese companies said their foreign challenge to business management was strategic alignment. In comparison, 34% said the performance of overseas assets was troublesome for them. Therefore, embedded analytics are capable of solving most of your business-related problems, and this should help this market grow. In addition, with India's ambitious "Make in India" plan, manufacturing companies should experience exponential growth. Therefore, integrated analysis is also expected to experience significant growth in this region, as it can guide strategic and operational decisions based on actual facts and figures.

KEY MARKET PLAYERS:

The major players operating in the global embedded analytics market are IBM, SAP SE, SAS Institute, Sisense, Oracle Corporation, MicroStrategy Incorporated, TIBCO Software, Logi Analytics, Microsoft Corporation, Tableau Software, QlikTech International, Yellowfin International, OpenText Corporation, GoodData, and others.

RECENT DEVELOPMENTS:

• In May 2017, Microsoft confirmed the launch of Power Business Intelligence (BI) Premium, which builds on the existing Power BI portfolio with a capacity-based licensing model that increases flexibility in terms of access, sharing, and content distribution. As part of the new offer, Power BI Embedded converges with the Power BI service to offer an API surface, a coherent set of capacities, and access to the latest functionalities.

• In June 2017, IBM introduced its cognitive solutions to assist financial institution professionals in monitoring and controlling their regulatory responsibilities. IBM’s Watson software can be deployed in the IBM cloud and was mainly developed to aid finance professionals in understanding regulatory requirements, better understanding financial crimes, and controlling financial risks with a novel approach.

• In July 2017, OpenText developed and introduced OpenText Magellan, a flexible AI and analytics platform that combines open-source machine learning technology with highly advanced analytics. With it, you can acquire, merge, manage, and analyze great data and content.