EMBEDDED ANALYTICS MARKET SEEN SOARING 14.65% GROWTH TO REACH L USD BILLION BY 2030, PROJECTS UnivDatos
- Vikas Kumar
- June 21, 2024
- NEWS, TELECOM & IT
- Embedded Analytics Market, Embedded Analytics Market forecast, Embedded Analytics Market outlook, Embedded Analytics Market share, Embedded Analytics Market trends
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Key Highlights of the Report:
1. Growing demand for real-time data insights: With the increasing amount of data being generated every day, organizations need real-time insights to make informed decisions quickly. Embedded analytics helps them achieve this goal by providing instant analysis of data directly within their applications.
2. Integration with various platforms: Embedded analytics can be integrated with different software solutions such as CRM systems, ERP systems, and other business applications. This allows users to analyze data from multiple sources in one place.
3. Advanced visualization capabilities: Embedded analytics offers advanced visualization tools that enable users to create interactive dashboards, charts, and maps to better understand complex data trends.
4. Cost savings: By embedding analytics into existing applications, organizations can save costs associated with purchasing separate licenses for standalone analytics tools.
5. Increased productivity: With easy access to analytics within their apps, users can make more informed decisions without having to switch between screens or log into separate tools.
The Embedded Analytics Market was valued at 35.6 billion in 2022 and is expected to grow at a steady rate of around 14.65% in the forecasted period (2023-2030) owing to the increasing rising number of data-driven companies. Embedded analytics refers to the integration of data analysis tools and capabilities within other software applications or platforms. This allows users to access and analyze data without leaving the application they are using. The goal of embedded analytics is to provide insights and enable data-driven decision making directly within the context of business operations. Moreover, the embedded analytics market is also being driven by the rising need for users to have more control over their data analysis and visualization tools, with many seeking customizable and self-service options. Additionally, the inclusion of embedded analytics features within apps can potentially lead to new revenue streams or upselling opportunities, further fueling adoption.
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Some of the recent developments are:
- On May 2, 2023, SAP and IBM revealed that IBM Watson technology would be integrated into SAP solutions to provide new AI-driven insights and automation. This collaboration aims to leverage IBM Watson capabilities to power SAP’s digital assistant in SAP Start, offering a unified entry point for cloud solutions from SAP.
- On October 25, 2022, IBM announced an expansion to its embeddable AI software portfolio with the release of three new products.
Conclusion
The embedded analytics market is poised for significant growth in the coming years, driven by the increasing demand for real-time reporting, advanced analytics, and the integration of analytics capabilities into various applications to enhance operational efficiency and gain a competitive edge. According to the UnivDatos Market Insights analysis, “Embedded Analytics Market” report, the global market was valued at USD 35.6 billion in 2022, growing at a CAGR of 14.65% during the forecast period from 2023 – 2030 to reach USD billion by 2030.
Key Offerings of the Report
Market Size, Trends, & Forecast by Revenue | 2023−2030.
Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities.
Market Segmentation – A detailed analysis of solution, deployment, and end-users vertical.
Competitive Landscape – Top Key Vendors and Other Prominent Vendors.