The global embedded analytics market is predicted to grow at approximately a CAGR of 14.1%, reaching up to 51.78 billion by 2022.
Embedded analytics is gaining popularity due to its real-time benefits, such as creating new opportunities, cutting inevitable losses, saving costs by ensuring uninterrupted operations, and enhancing efficiency by analyzing and acting on any business issue promptly. In the coming years, as existing applications become equipped with advanced analytics capabilities, the embedded analytics market will grow. Businesses are adopting embedded analytics software and services across departments like IT, marketing and sales, production, finance, and Human Resources.
Organizations are always anxious about unlocking values classified inside the huge volume of collected data. Decision-makers have agreed upon the need to use embedded analytics to derive data-driven decisions, which eventually enables firms to beat the competition. To simplify the management of massive data, employees expect their analytics applications to give customizable reports and dashboards, allowing quick and smooth interaction with data sets. The increasing variations and complexity in data sets have pushed the demand for embedded analytics to help customers create quick insights.
Embedded analytics provides software and services to process and analyze data within an application generating valuable insights, which drive data-driven decision-making. Hence, the rise of data-driven organizations is what is powering the growth of the embedded analytics market.
A recent Infragistics survey conducted on 478 IT managers, software developers, and business decision-makers found the growing demand for embedded analytics among firms across various sectors. A fourth of surveyed respondents reported that the biggest utility of embedded analytics was to drive better business decisions, followed by improving productivity at 22%, and increasing revenue at 18%. The top motivator for respondents to employ embed analytics in their apps is to increase customer satisfaction (36%), followed by the power to make their app more visually appealing (23%), and getting a competitive advantage (22%).
Collecting data is secure and easy, but interpreting that data correctly is risky and difficult. Embedded analytics converts raw data into business intelligence, presenting organizations with tremendous opportunities. The survey found that the embedded analytics market will continue to evolve and grow, empowering users to assess better and quickly act on relevant business data.
Embedded technology is gaining more widespread adoption and acceptance by software developers, 25% of whom have been utilizing embedded analytics for 5+ years. An additional 30% have been relying on embedded analytics for lesser than five years, and 23% plan to integrate in the future. As low as 22% of respondents have no plans to enter the exponentially growing embedded analytics market in the near future.
All industries are on the cusp of the embedded analytics revolution. As its capabilities transform and evolve, the potential of embedded analytics will become more well-known. More organizations will use it to make more informed business decisions, take action on insights, reach new markets, and drive revenue.