Dark analytics refers to the management of data collected and stored by an organization during its business. According to the latest report circulated by Market Research Future (MRFR), the global dark analytics market is anticipated to thrive exponentially at a CAGR of 25.08% during the forecast period 2019 to 2023. In addition, the study reveals that the market is forecasted to reach a valuation of USD 880.50 Mn by 2024 up from USD 238.98 Mn in 2018.
Market Boosters and Top Restraints
Massive buildup of data from a variety of sources such as transactional systems, search engines, social media, along with various other technologies is generally unanalyzed and unstructured. This collection of data can be used for purposes like decision-making and simplify complexities. In other words, dark analytics is used for accumulating massive amount of data from various sources.
Dark data analytics is responsible for driving innovation, in addition to offering value to customers as well as stakeholders. From healthcare to financial services, organizations are now realizing the intense effect of evolving technologies, new kinds of data, and the potential it holds to boost competitive advantage and also mold the whole industries.
Demand for dark analytics has risen exponentially in the past couple of years, since it helps reduce growth of dark or unstructured data. It also helps bring down the time needed to process unstructured data and helps use resources and money efficiently. Also, rising adoption of advanced technologies such as machine learning and artificial intelligence for analyzing the data is stimulating the adoption rate of dark data solutions by vendors to expand their return on investment (ROI).
On the basis of component, the global dark analytics market has been bifurcated into solutions and services.
On the basis of deployment, the dark analytics market has been divided into on-cloud and on-premise.
On the basis of application, the global dark analytics market has been segmented into finance, human resource, operations, and marketing.
On the basis of industry vertical, the dark analytics market has been segmented into BFSI, retail and e-commerce, IT and telecommunication, government, media and entertainment, healthcare, and others.
The dark analytics market growth has been geographically analyzed on the basis of North America, Middle East and Africa (MEA), Asia Pacific (APAC), Europe and South America.
During the forecast period, North America has been estimated to be the leading market for dark analytics, especially in the United States (US), Mexico and Canada. With the region being home to a large number of renowned analytical solutions providers that keep investing in development of their analytical solutions, the dark analytics market can progress by bounds and leaps in the coming years. The region is also known as an early adopter of advanced technologies, which works highly in favor of the market. Advent of artificial intelligence (AI) and machine learning technologies in the region also benefits the market to a great extent.
Europe has landed the second position in the global dark analytics market, given the surge in adoption of dark analytics solution due to strong focus of government on compliance as well as legal issues regarding data safety. Moreover, well-developed infrastructure coupled with rising adoption of advanced technologies such as AI and IoT also stimulates market growth in the region.
Market growth in APAC is estimated to be remarkable in the coming years, thanks to the upsurge in the number of start-ups that offer analytical solutions. High adoption rate of dark analytics in organizations for enhancing business operations along with rise in IoT technology as well as cloud platforms does wonders for the regional market. Japan, China, Australia, South Korea and India are reckoned to be the most profitable markets for dark analytics in the region.
MEA along with South America can note considerable growth during the evaluation period, on account of the surging need among enterprises for making strategic business decisions. This helps the companies gain a competitive advantage over their rivals in the market, which in turn helps the market advance in the region.
Leading vendors shaping the worldwide dark analytics market include Symantec Corporation (US), Dell Inc. (US), SAS Institute Inc. (US), Teradata (US), Micro Focus (UK), Amazon Web Services, Inc. (US), Microsoft Corporation (US), IBM Corporation (US), SAP SE (Germany), Datameer, Inc. (US), to name a few.
Some other players in the market are TIBCO Software Inc. (US), Zoomdata (US), Veritas (US), Deloitte (US), Commvault (US), Synerscope (The Netherlands), AvePoint, Inc. (US), Datumize (Spain), Zoho Corporation (US), and others.
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