Portland, OR -- (SBWIRE) -- 09/22/2017 -- Embedded Analytics Market Report, published by Allied Market Research, forecasts that the global market was valued at $25,133 million in 2016, and is projected to reach $60,281million by 2023, growing at a CAGR of 13.6% from 2017 to 2023. The cloud-based deployment segment is anticipated to grow at the highest growth rate during the forecast period.
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Embedded analytics is a consumer-facing BI and analytics tool that is integrated into software applications of an enterprise and operates as a component of the innate application rather than a different platform. Analysis through this allows users to work with higher quality data and quick reporting. Analytics can be embedded into consumer portals, so that they can ask queries related to data with easy access to delivery tracking, invoices, and billing.
The global embedded analytics market was valued at $25,133 million in 2016, and is expected to reach $60,281 million by 2023, growing at a CAGR of 13.6% from 2017 to 2023. The major factors that drive the market growth are emergence of big data and Internet of Technology (IoT) among organizations, increase in reliability on mobile devices and cloud technology, and rise in need to integrate data analytics with business applications to achieve optimum performance. Retail embedded analytics market is expected to witness second highest market growth, owing to surge in e-commerce data and large number of online transactions. BFSI is also one of the largest consumers of embedded analytics products, followed by IT & telecom vertical.
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The key players operating in the global embedded analytics industry include Birst, Inc., IBM Corporation, Information Builders, Logi Analytics, Microsoft Corporation, Microstrategy Inc., Opentext Corporation, Qlik Technologies, Inc., SAP SE, and TIBCO (The Information Bus Company) Software Inc. These players have expanded their market presence by adopting various business strategies such as acquisition, geographical expansion, product development, strategic alliance, and collaboration.
Key Findings of the Embedded Analytics Market:
- The cloud-based deployment segment accounted for the highest share of the global embedded analytics industry in 2016, growing at a CAGR of 14.2% from 2017 to 2023.
- The BFSI embedded analytics market generated the highest share of revenue in 2016, and is projected to grow at a rate of 13.8%.
- North America embedded analytics market generated the highest share, valued at $14,184 million, in terms of revenue in 2016.
- Embedded analytics market for operations is expected to witness the highest growth rate during the forecast period in the business application segment.