Embedded analytics come with the aim of offering analysis of data and higher accessibility of business intelligence to the various users of a company. Traditional business intelligence or analytics is basically aimed at the extraction of data and accomplishing the very basic level of analysis. However, those applications are rarely capable of providing solution of high level analytic problems.
Embedded analytics offers assistance in solving such problems because they are capable of offering an analysis of large quantities of multi domain data and deriving business specific data from the same. It is also being offered as an in-built part of most of the business applications like enterprise resource planning (ERP) and customer relationship management (CRM) amongst many others. Business intelligence refers to a summation of all the independent systems, such as technologies and people processes amongst others, which offers a perception about the multi domain data that has been gathered and analyzed. Such systems are basically used for the purpose of accomplishing data analysis and comprise many different types of applications.
Embedded analytics, on the other hand, are also a part of modern business applications and comes with the aim of providing specific information so as to support certain business actions or decisions. Presently, business intelligence players, like Sisense and Tableau Software are amongst others that develop embedded analytic tools and the same is then integrated onto business applications by the application developers. After that, it is provided to the end-users.
Taking vendor landscape into consideration, the market for embedded analytics can be regarded as moderately fragmented and the market players has been focusing on strategically important moves like partnerships, mergers and acquisitions so as to reinforce their hold on the said market.
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Embedded Analytics Market: Trends and Opportunities
The international market for embedded analytics is basically fuelled by the augmented integration of such capabilities under generally available business applications as compared to traditionally available various platforms of business intelligence.
The integration of embedded analytics within business applications, like enterprise resource planning or ERP and accounting software has enabled the users so as to create specific analytical data and visualization tools instantly, and this in turn has been influencing the growth of the world market for embedded analytics. In addition to that, the vast growth in the demand for big data, industrial internet of things (IIOT), and internet of things (IOT) have resulted in the generation of large amount of multidisciplinary data.
However, processing and analysis of such data, for the purpose of offering tailor-made solutions to many customers and thereby obtaining competitive edge over its rivals, has become of utmost importance for various business entities. It has, in turn, been impacting the growth for the international market for embedded analytics positively. Furthermore, there is a strong rising demand for connected electronic devices and smart phones. It has also been giving out large amount of multidisciplinary data, of particular interest to many different companies and this has resulted in further boosting the growth of the international market for embedded analytics market.
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A key trend in this market that has been identified mostly involving enterprises is the development of in-house embedded analytics solutions and this can be customized further by the end user.
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