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Embedded analytics is an application-oriented integration of business intelligence (BI) tools and reporting tools. Embedded analytics integrates analytical capabilities into a particular application to analyze collected data for better operational decisions. Traditional business analytical tools need to be supported by the number of other systems to collect & analyze data, update data, and finally run queries to make business decisions. Embedded analytics software provides a picture of the business landscape and offers opportunities for smoother decision-making. The integrated analytical tool help organizations in achieving superior customer engagement. The complete suite of embedded analytics is experiencing significant demand from the small, medium, and large enterprises mainly due to its offerings such as embeddability, data management, data visualization, data reporting and, data analysis. Some of these features include reduced complexity, reduced latency, and improved control over the business analytics process.
Key Market Driver -
• Growing demand for the use of analytics in business applications • Adoption of self-service analytics
Key Market Restraint -
• Lack of skilled workforce and poor legacy system • High replacement cost and security issues associated with embedded analytics systems
Increasing adoption of mobile business intelligence (BI) with cloud computing technology has enabled embedded analytics software market growth. Also, the emergence of data-driven enterprises is expected to lead towards the growth of the embedded analytics software market. Besides, the high adoption of self-service analytics is also anticipated to supplement the market growth during the forecast period. The rising approach towards the integration of analytics into business applications is anticipated to empower the adoption of embedded analytics tools. According to a survey conducted by Logi Analytics in 2017, around 21% of end-users adopted their standalone self-service of embedded analytics as per requirement, while 60% of the users leverage the embedded analytics regularly.
IBM Corporation is dealing with cloud computing platforms, and it is a provider of different cognitive business solutions. The company developed an artificial intelligence platform named Watson, which provides industry-based solutions to provide real-time solutions. The company offers cognitive analytical solutions to independent software vendors. It gives device solutions for application providers.
Microsoft Corporation provides different featured products in emerging domains such as AI-machine learning, IoT, database, blockchain, analytics, etc. The company developed ‘Power BI,’ which offers automation in the monitoring, managing, and positioning of analytics with control on intelligent analytics.
Other significant players operating in the embedded analytics market include Open Text Corporation, Oracle Corporation, SAP SE, Salesforce.com Inc., Birst Inc., MicroStrategy Inc., Sisense Inc., Logi Analytics, etc.
The presence of top market players such as Microsoft Corporation, IBM Corporation, SAP SE, MicroStrategy Inc. as well as other prominent players and their strategical business partnerships are projected to grasp a maximum share of the embedded analytics software market in North America. The increasing focus of the European Union towards the adoption of advanced and upgraded technology led to increasing demand for the market across Europe. The growing emphasis on automation through real-time analytics by the companies is increasing the adoption of embedded analytics software within European countries.
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Similarly, increasing demand for efficient data management and high internet dissemination expected to drive the market growth within the Asia Pacific. This region shows the participation in the growing adoption of embedded analytical tools within the manufacturing, retail, and BFSI industries of the area. With increasing diffusion of the internet, Latin America is expected to contribute to the growth of the embedded analytics software market.
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