The Low-Code Embedded Analytics Market, as per a comprehensive report by Future Market Insights, exhibited remarkable growth over the years. In 2018, sales in the sector reached an impressive US$ 8.3 billion, and the market continued its upward trajectory with a year-on-year growth of 7.4% in 2022.
The future prospects of this dynamic market are equally promising, with anticipated revenues surging to US$ 12.4 billion in 2023. Looking ahead to the period between 2023 and 2033, the global market is poised to expand at a Compound Annual Growth Rate (CAGR) of 11.6%, ultimately achieving a market size of US$ 37.2 billion by the end of 2033.
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Key Takeaways
- The Low-Code Embedded Analytics Market achieved remarkable sales of US$ 8.3 billion in 2018, with a 7.4% Y-o-Y growth in 2022.
- Anticipated revenues for 2023 are US$ 12.4 billion, with a projected CAGR of 11.6% during 2023-2033, ultimately reaching a market size of US$ 37.2 billion by 2033.
- Low-code embedded analytics empower industries by providing data-driven insights, enhancing decision-making, and operational efficiency.
- The market is driven by the demand for real-time analytics, user-friendly data visualization tools, scalability, and flexibility.
- North America and Europe lead in market adoption, with Asia-Pacific experiencing rapid growth.
- Data security concerns, the need for skilled professionals, and competition from traditional providers present challenges to market growth.
Drivers and Opportunities
Low-code embedded analytics have emerged as a game-changing solution across various end-use industries. The technology is a catalyst for harnessing data effectively, enabling enhanced decision-making, operational efficiency, and improved outcomes. As businesses increasingly recognize the importance of data-driven insights, the low-code embedded analytics market has experienced significant growth.
The rising demand for real-time data analytics and visualization tools has been a major driver of this market. With low-code solutions, companies can rapidly develop and deploy analytics, gaining a competitive edge. Furthermore, the scalability and flexibility of low-code embedded analytics cater to the evolving needs of businesses, making them an attractive choice.
Opportunities abound as businesses worldwide seek to optimize their operations. Low-code embedded analytics offer a versatile and user-friendly approach to creating data-driven applications, which appeals to organizations looking to streamline their processes. With a focus on delivering actionable insights, these solutions empower decision-makers to make informed choices, leading to better business outcomes.
Competitive Landscape – Regional Trends
The Low-Code Embedded Analytics Market is characterized by intense competition and regional variations. The market players are constantly innovating to maintain their competitive positions and expand their market share. Regional trends show variations in the adoption and implementation of low-code embedded analytics.
North America, as a mature market, continues to dominate the low-code embedded analytics landscape. The region’s early adoption of technology and a robust IT infrastructure have driven market growth. Europe follows closely, with increasing investments in data-driven solutions. Meanwhile, the Asia-Pacific region is witnessing rapid growth, owing to the expanding digital landscape and a surge in small and medium-sized enterprises.
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Restraints
While the low-code embedded analytics market is on a growth trajectory, it’s not without challenges. Data security concerns and the need for skilled professionals to implement these solutions can act as restraints. Data breaches and privacy issues are critical concerns for businesses and organizations, slowing down the adoption rate.
Additionally, the market faces competition from traditional analytics providers, who are also enhancing their offerings. These factors, coupled with a lack of awareness in some regions, could hinder the market’s full potential.
Region-wise Insights – Category-wise Insights
Region-wise, North America and Europe are expected to maintain their dominance in the low-code embedded analytics market. North America’s early adoption and Europe’s increasing investments make them key regions. Asia-Pacific, Latin America, and the Middle East and Africa are poised for significant growth, as emerging economies embrace these analytics solutions.
Category-wise, cloud-based low-code embedded analytics solutions are gaining traction due to their scalability and cost-effectiveness. On the other hand, on-premises solutions remain relevant for businesses with stringent security and compliance requirements.
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Segmentation Analysis of the Low-Code Embedded Analytics Market
By Application:
- CRM Analytics
- Supply Chain Analytics
- Marketing Analytics
- Financial Analytics
- HR Analytics
By Deployment:
- Cloud-Based Platforms
- On-Premises Platforms
By Enterprise Size:
- Small Offices (1-9 employees)
- Small Enterprises (10-99 employees)
- Medium-sized Enterprise (100-499 employees)
- Large Enterprises (500-999 employees)
- Very Large Enterprises (1,000+ employees)
By Industry:
- IT & Telecom
- Retail
- Banking Financial Services & Insurance
- Manufacturing
- Healthcare
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia Pacific
- Middle East & Africa
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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