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Embedded Analytics Market is Estimated to Reach $60,281 Million by 2023 | Allied Market Research
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.
North America was the highest revenue contributor in the market in 2016, as it offers adequate infrastructural development for the adoption of embedded analytics technology. Asia-Pacific embedded analytics market is expected to grow at the highest rate during the forecast period, owing to evolution in IT security arena, increase in cloud adoption, growth in adoption of cloud computing, surge in demand for Internet of Things (IoT) and big data, and rise in demand for enterprise mobility.
The sales & marketing business segment contributed the highest share in 2016. The segment accounted for $8,995 million in 2016, and is projected to grow at the CAGR of 13.1% during the forecast period. However, the embedded analytics market for operations is projected to grow at the highest rate of 14.2% during the forecast period. The BFSI segment accounted for the highest share of revenue in 2016, while the healthcare segment is anticipated to grow at the highest rate of 14.4%.
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Emergence of big data and IoT among organizations, increase in reliability on mobile devices and cloud technology, and surge in need to integrate data analytics with the business applications to achieve optimum performance are the major factors that drive the global embedded analytics industry. In addition, growth in adoption of bring your own devices (BYOD), and increased demand for real-time visualization tools in business applications boost the growth of the global embedded analytics market.
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The report features a competitive scenario of the global embedded analytics industry and provides comprehensive analysis of key growth strategies adopted by the major players. The key players profiled in the study are 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 adopted competitive strategies, such as geographical expansions, mergers & acquisitions, new product launches, and partnerships & collaborations, to augment the growth of the embedded analytics market.
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