Global Embedded Analytics Market was valued US$ 28.89 Bn in 2017 and is expected to reach US$ 85.14 Bn by 2026 at a CAGR of 14.47% during the forecast period.
Cloud-based and on-premises are the deployment model that could be explored in embedded analytics in the forecast period. On-demand (cloud-based) embedded analytics sector is estimated to grow at the highest CAGR in the years to come. The reason behind the overall market growth could be its features like time-efficient and cost-efficient. Large enterprises and small & medium-sized enterprises (SMEs) are the organization size that could be explored in embedded analytics in the forecast period.
The international market for embedded analytics is basically fuelled by the augmented integration of such capabilities under generally available business applications as compared to traditionally available various platforms of business intelligence. The integration of embedded analytics within business applications, like enterprise resource planning or ERP and accounting software has enabled the users so as to create specific analytical data and visualization tools instantly, and this, in turn, has been influencing the growth of the world market for embedded analytics. In addition to that, the vast growth in the demand for big data, industrial internet of things (IoT), and internet of things (IOT) have resulted in the generation of a large amount of multidisciplinary data. However, processing and analysis of such data, for the purpose of offering tailor-made solutions to many customers and thereby obtaining a competitive edge over its rivals, has become of utmost importance for various business entities. It has, in turn, been impacting the growth for the international market for embedded analytics positively. Furthermore, there is a strongly rising demand for connected electronic devices and smartphones. It has also been giving out a large amount of multidisciplinary data, of particular interest to many different companies and this has resulted in further boosting the growth of the international market for embedded analytics market.
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.
Globally, North America accounted for the substantial market share of embedded analytics and is estimated to lead the overall market in the years to come. The reason behind the overall market growth could be the presence of key manufacturers in this region, developed R&D sectors, and focus on innovations and enhanced technologies. The United States and Canada are the major consumers of embedded analytics in this region. Instead, Europe and the Asia Pacific are also estimated to have a positive influence on future growth. Europe is the second largest region with significant market share. However, Asia Pacific is estimated to grow at the highest CAGR in the forecast period. The aspects that may be ascribed to the growth comprise government initiatives like smart cities across the APAC countries and rising acceptance of smart technologies and the internet of things.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding dynamics, structure by analyzing the market segments by product type, end user, and region and, project the global market size. The report also provides a clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the embedded analytics market. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address the question of shareholders in arranging the efforts and investment in the near future to a particular market segment.
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