The embedded business intelligence market is expected to reach a value of US$ 28,057.6 million in 2023, and it’s projected to grow at a steady rate of 11.2% annually, ultimately reaching a value of US$ 81,356.7 million by 2033. This growth can be attributed to the widespread adoption of self-service analytics tools.
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Traditional business analytical tools must be backed by a number of additional systems to gather and analyze data, update data, and finally perform queries to make business choices. Embedded analytics software provides a snapshot of the corporate landscape and enables more informed decision-making.
Embedded Business Intelligence is the incorporation of self-management business intelligence apparatuses into commonly used business applications. A few types of embedded business intelligence apparatuses extend usefulness to cell phones to ensure that the disseminated labour force has indistinguishable access to indistinguishable BI for better consistent collaboration.
Embedded Business Intelligence Market: Drivers and Restraints
Presently, software vendors are adopting embedded business intelligence and analytics for improving their overall operational efficiency and ROI is turning to be the major driving factor of the embedded business intelligence market. The large adoption of web-based and cloud based BI is another major factor driving the market growth in positive manner.
Time consuming implementation and high cost are the major restraints faced by most of the vendors in embedded business intelligence market.
Global Embedded Business Intelligence Market: Regional Outlook
On the basis of geography, Embedded Business Intelligence market can be segmented into seven key regions namely North America, Latin America, Western Europe, Eastern Europe, APEJ, Japan and Middle East & Africa. Among various regions, the Embedded Business Intelligence market in North America is expected to dominate during the forecast period owing to the rising implementation and demand for business analytics tools in large enterprises. North America region is expected to be followed by Western Europe, and APAC.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application, and industry.
Market Competition:
Some of the key participants present in the global embedded business intelligence market include IBM, Oracle, Microsoft, SAP, SAS, Google, AWS, Salesforce, MicroStrategy, Teradata, DOMO, Vphrase dotdata, Amlgo Labs, Pentation Analytics, Hitachi Vantara, Outlier, ConverSight AI, Element Data, Alteryx, and ThpughtSpot, among others.
Attributed to the presence of such a high number of participants, the market is highly competitive. While global players such as IBM, Oracle, Microsoft, SAP, SAS, Google, AWS, Salesforce, MicroStrategy, and Teradata account for a considerable market size, several regional level players are also operating across key growth regions, particularly in North America.
Recent Developments:
In June 2020, IBM launched Watson Works to address the challenges of returning to workplaces. Watson Works is a curated set of products that embed Watson's AI model and applications to help companies navigate many aspects of the return-to-workplace challenge due to lockdowns put in place to slow the spread of COVID-19.
In June 2020, Microsoft and SAS announced an extensive technology and go-to-market strategic partnership. As part of the partnership, both companies will migrate SAS’ analytical products and industry solutions to Microsoft Azure as the preferred cloud provider for SAS Cloud.
Qlik’s modern data integration and analytics, which was launched in September 2021, allows users to easily uncover insights and take timely action. Move past passive BI and dashboards.
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