New York, US, March 15, 2023 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Dark Analytics Market By Component, By Deployment, By Application, By Industry Vertical – Global Forecast till 2030”, The global dark analytics market is likely to perceive steady revenue growth. The rising adoption of IoT devices across industry verticals would allow the market to drive exponential traction during the next few years.
Market Research Future (MRFR) states that the global dark analytics market size is poised to garner USD 3.45 billion by 2030, growing at a 26.40% CAGR throughout the review period (2022-2030).
Dark Analytics Market Competitive Analysis
Key players active in the dark analytics market are:
- Microsoft Corporation (US)
- Amazon Web Services, Inc. (US)
- SAP SE (Germany)
- Symantec Corporation (US)
- IBM Corporation (US)
- Teradata (US)
- Micro Focus (UK)
- Datameer, Inc. (US)
- SAS Institute Inc. (US)
- Dell Inc. (US)
- AvePoint, Inc. (US)
- Zoho Corporation (US)
- Commvault (US)
- Veritas (US)
- Zoomdata (US)
- Deloitte (US)
- TIBCO Software Inc. (US)
- Synerscope (The Netherlands)
- Datumize (Spain)
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Dark analytics solutions can analyze massive volumes of untapped and unorganized data, helping organizations to obtain actionable business insights for better decision-making. Most organizations have realized the greater potential that leveraging dark analytics can provide.
Due to the easy availability and accessibility to cloud storage solutions, nearly all companies and individuals worldwide store data they rarely access. However, only a small amount of all that data is in a traditional, structured form easily accessed and used by organizations. The market growth is attributed to the continually rising unstructured data that exceeds the adoption of dark analytics.
Increasing numbers of devices in the connected ecosystem are also expected to increase the volumes of data generated. Most of the expanded IoT ecosystem would be dark data comprising structured and unstructured data. With the growing market competition and advancements in technologies and digitization, there is a growing need to incorporate dark analytics into every business system.
Dark Analytics Market Report Scope:
|Market Size by 2030||USD 3.45 Billion|
|CAGR during 2022-2030||26.40 %|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Key Market Opportunities||Rising adoption of IoT across various industry verticals is driving the growth of dark analytics market. A study by Cisco estimates that by the end of 2030, there will be approximately 500 billion devices in the connected ecosystem and other appliances through IoT have increased.|
The rising awareness and use of data analytics have increased the utilization of dark data among businesses. In addition to aiding the analysis of untapped internal data that can considerably improve and streamline operational processes, the advantages of leveraging dark analytics are immense. Another key advantage is diversified data analytics, allowing companies to stay ahead of the curve.
However, dark data is usually large in quantity and spread across several sources, which complicates the analysis process and increases the cost. The unspecified source & authenticity of the data, high storage costs, and vulnerability to security breaches & hacks are major advantages of data analytics. Nevertheless, the increasing awareness among organizations to leverage dark analytics to gain impressive insights and results would boost the market demand.
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The market has witnessed a constant uptick over the past few years. Technology providers are investing substantially to foster R&D activities to improve dark analytics services. Furthermore, the growing use of connected devices in numerous industries will continue to define the market landscape in the coming year. The realization among organizations about the great potential of leveraging dark data will boost the dark analytics market size.
With the growing need for social media management, targeting & behavioral analysis, display advertising optimization, and multichannel campaign analysis, the dark analytics market is expected to increase phenomenally in future years. Besides, increasing uses of machines and sensor data generated by Internet of Things (IoT) devices and the massive raw data stores found in the unexplored depths of dark data influence market growth.
Furthermore, rapid advances in increasingly adopted advanced technologies such as artificial intelligence and machine learning encourage the adoption of dark data solutions. Increasing uptake of dark analytics solutions by organizations to increase their ROI by studying the large structured and unstructured data pushes market valuation.
Despite promising prospects, the market still witnesses several challenges, such as a lack of skilled expertise and non-uniformity of the gathered data. Advanced technologies based on analytical techniques like machine learning require a particular set of skills. Also, training needs are major factors hampering the market growth, presenting challenges of lack of domain-specific expertise.
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The dark analytics market is segmented into components, deployments, applications, industry verticals, and regions. The component segment is sub-segmented into solutions and services. The deployment segment is bifurcated into on-premise and on-cloud.
The application segment is sub-segmented into operations, finance, human resource, marketing, and others. The industry vertical segment is sub-segmented into IT & telecommunication, BFSI, retail & e-commerce, media & entertainment, government, and others. By region, the dark analytics market is sub-segmented into the Asia-Pacific, Americas, Europe, and rest-of-the-world.
North America dominates the global dark analytics market. The region is a leader in technological advancements and early adoption of advanced technologies. North America is also a hub for the major dark analytics providers investing heavily in research and development activities to upgrade and enhance the capabilities of their solutions.
Organizations across the region are rapidly adopting dark analytics solutions to analyze the huge volumes of data generated due to the rising uses of IoT and connected devices. All these factors are commutatively driving the dark analytics market growth in the region. Besides, substantial R&D investments and the growing demand for advanced dark analytics solutions impact the market shares positively.
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The dark analytics market is expected to witness significant product launches and several strategic approaches, such as expansion, collaboration, mergers & acquisitions, and product launches. Mature industry players also make significant investments in research and development activities and expansions. Leading dark analytics providers increasingly develop tools and solutions to help businesses make the most of their dark or active datasets.
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