Dark Analytics Market - Growth, Trends, and Forecast (2020 - 2025)
The Dark Analytics Market is segmented by Type of Analytics (Predictive, Prescriptive, Descriptive), End-user Vertical (BFSI, Healthcare, Government), and Geography.
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Scope of the Report
Key Market Trends
TABLE OF CONTENTS
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The dark analytics market is anticipated to register a CAGR 21.7% of over during the forecast period (2020 - 2025). As data security is becoming a more significant focus, companies are exploring new ways to analyze data such as dark data that isn’t typically used in business analysis to ensure it doesn’t create security risks.
The source of data these days is varied and can come from Social media, IoT, Personal devices, and Internet, among others. Data is growing exponentially in no small measure, often in unstructured, untagged and not processed or analyzed properly. This un-analyzed data contains undiscovered, essential insights, and represents a loss of opportunity. IBM estimates that dark data will account for 93% of all data generated by 2020.
Extracting insights for decision making by immediate analysis of real-time information from key business processes such as sales, production and distribution trends is the primary factor driving the growth of dark analytics market
The International Digital Corporation predicts that organizations that can analyze all relevant data and deliver actionable information could achieve an additional USD 430 billion in productivity gains over their peers by 2020.
The influence of dark data is increasingly driving innovation and value to customers and stakeholders. From financial services to healthcare, companies are starting to see the powerful impact of evolving technologies, new types of data, and its potential to drive competitive advantage and shape entire industries.
Scope of the Report
Dark analytics is the analysis of dark data present in the enterprises. Dark data is generally is referred as raw data or information buried in the text, tables, figures that organizations acquire in various business operations and store it but, is unused to derive insights and for decision making in business. Type of analytics such as predictive, prescriptive and descriptive analytics are considered under the scope of the market.
By Type of Analytics
By End-user Vertical
Retail & E-commerce
Other End-user Verticals
Middle East & Africa
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Key Market Trends
Retail and E-commerce to Hold Significant Growth
The retail and e-commerce vertical is expected to experience high growth during the forecast period. In retail industries, data is being generated through multiple customer touchpoints. In addition to this, the advent of digitization has increased e-commerce sales, which has led to the generation of a large volume of dark data. This dark data could provide vital insights to retailers. The analysis of this dark data provides growth opportunities for retailers and assists retailers to strengthen their presence in the competitive environment.
Retailers almost globally recognize that digital transformation has reshaped customer behavior and shopping. In fact, USD 0.56 of every dollar spent in a store is influenced by a digital interaction. In recent years, however, growing numbers of retailers have begun exploring different approaches to developing digital experiences. Some are analyzing previously dark data culled from customers’ digital lives and using the resulting insights to improve merchandising, marketing, customer service, and even product development strategies that offer shoppers a targeted and individualized customer experience.
Grocery stores such as Amazon and Kroger Co. employ advanced analytics using IoT to keep track of their customer’s choices and products based on their regularity. Using this data, enterprises are providing tailor-made product deals, merchandising, marketing, and even product development strategies. Also, Stitch Fix, an online subscription shopping service, uses images from social media and other sources to track emerging fashion trends and evolving customer preferences.
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North America to Hold Largest Share
North America is estimated to account for the largest share of the dark analytics market in 2018. Countries in the region are early adopters of dark analytics technology. Moreover, the region is among the lead innovators and pioneers, in terms of adoption, of analytics. The region has a strong foothold of analytics vendors, which adds to the growth of the market. Some of them include IBM Corporation, Microsoft Corporation, and SAS Institute, Inc., among others.
In North America, various dark analytics startups are providing services to multiple industries. In addition, leading analytics and cloud service providers are based in this region. The emergence of machine learning and AI technology, widespread adoption of IoT, and rapid growth in business applications are some of the other key factors fueling the global dark analytics market.
The region is also witnessing an increase in adoption of dark analytics solutions being adopted by governments and large enterprises to improve their decision-making process. Moreover, the region is witnessing an increase in data through the e-commerce industry. According to the US Commerce Department, the e-commerce industry in the country rose by over 40% in 2017. As a result, the use of dark analytics is also expected to rise significantly among US retailers.
The Canadian e-commerce industry also offers potential opportunities for boosting the demand for big data analytics. In 2017, the Canadian B2C e-commerce turnover grew by 9%, to reach USD 20.2 billion (according to E-commerce Foundation). In 2017, the IT investment in the healthcare industry rose by over 150%, as compared to 2013. As a result, it is expected to enhance dark analytics adoption in the healthcare sector in the United States, thus, having a positive impact on the market’s growth.
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The dark analytics market has been gaining traction in recent years. The companies in the market have been strategically innovating and partnering to provide insights into the dark data present. The vendors in the market have added AI and machine learning capabilities by either merger and acquisitions or by partnering with such companies in the value chain. Such strategic approaches are expected to drive the market towards more close collaboration to develop a better solution and may impact the market structure.
September 2018 - IBM launched Cognos Analytics which is an AI-driven multi-tenancy solution that is designed to integrate features like natural language dialogue, machine learning(ML), and advanced analytics with automatic pattern detection. The intention of the new product rollout was to provide quick business insights to enable faster strategies adjustments and implementations across the enterprises, big and small.
June 2018 - Microsoft extended the 6-year-old partnership with Hortonworks that was instrumental in bringing the best of Apache Hadoop and the open source big data analytics to the Cloud.