The embedded analytics market is expected to show healthy growth over the next five years.
That’s according to a new report by MarketsandMarkets, which predicts a compound annual growth rate of 14.1 percent globally — from $26.8 billion this year to $51.8 billion by 2022.
Microsoft, IBM, SAP and Oracle are listed among the major vendors in this market. Others include SAS Institute, MicroStrategy, Tableau Software, TIBCO Software, Birst, Logi Analytics, QlikTech International, Sisense, Information Builders, OpenText and Yellowfin International.
Stronger adoption of self-service analytics and increasing demand to integrate analytics with business applications are major market drivers, according to MarketsandMarkets. Moreover, the shift to advanced analytical techniques, and the massive surge of structured and unstructured data, are key contributors.
The biggest anticipated growth is in IT’s use of embedded analytics tools and services to meet the increasing demand for real-time analytics on key performance indicators (KPIs), and a view of help desk ticket requests to assess the success of ongoing support of applications.
Among verticals, banking, financial services and insurance (BFSI) is estimated to have the largest market size this year.
North America is expected to dominate the market during the forecast period, while Asia Pacific (APAC) is expected to grow fastest through 2022. The primary driving forces for this growth are increasing technological adoption and big opportunities across industries in the APAC countries, especially in India, China and Japan.