The report segments the global embedded analytics market by end-user (BFSI, ICT, healthcare, manufacturing, and retail) and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global embedded analytics market, according to Technavio ICT researchers:
- Increasing adoption of e-commerce: a major market driver
- Flourishing medical tourism industry globally: emerging market trend
- In 2017, the Americas accounted for approximately 43% of the global market share
- In 2017, the BFSI sector held the largest share in the market
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Increasing adoption of e-commerce: a major market driver
Increasing adoption of e-commerce is one of the major factors driving the global embedded analytics market. The global e-commerce market is expected to grow substantially during the forecast period. The need for advertising, data management, customer centricity, and decision making are increasing because many new players are entering the global e-commerce market. Thus, e-commerce vendors are displaying advertisements on search engines and other websites to attract more customers, wherein embedded analytics helps vendors of e-commerce to track customers, to determine their taste, offerings, and helps them in decision making. They usually prefer the pay-per-click paying model as it is an affordable way of tracking customers.
According to a senior analyst at Technavio for research on enterprise application, “Embedded analytics helps e-commerce vendors to easily develop, edit, and post digital media advertisements on the web. Therefore, as e-commerce is becoming popular and is being widely used, the number of digital media advertisements by e-commerce vendors is expected to increase. This will further drive the embedded analytics market over the forecast period.”
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Flourishing medical tourism industry globally: emerging market trend
The global medical tourism industry is growing due to the presence of skilled healthcare professionals and doctors and availability of low-cost treatments. The medical tourism market is expected to grow to USD 8 billion by 2020. India, the US, China, Thailand, Brazil, Singapore, Malaysia, the Philippines, South Korea, Hungary, Mexico, Colombia, Costa Rica, Belgium, and Turkey are the key centers of medical tourism. Embedded analytical tools are required to get meaningful insights from big data. These tools help doctors in the decision process by clubbing the medical data into an electronic dashboard. They also help in reducing the administrative costs by allowing information sharing with different departments to prevent unauthorized transactions in medical billings.
Global market opportunities
In 2017, the Americas accounted for approximately 43% of the global market share. The dominance of the region is usually because of the overall maturity and growth of the industrial and private sectors. The Americas was followed by EMEA. The presence of some of the most advanced economies, with a full-fledged industrial sector, drives the growth in the region. In addition, the fast-emerging economies of MEA are expected to drive the market in the region.
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