Market Size of Dark Analytics Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 24.90 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Dark Analytics Market Analysis
The dark analytics market is poised to register a CAGR of 24.9 percent during the forecast period. As data security becomes 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. According to a survey, IBM estimated that about 90% of the data generated by sensors and analog-to-digital conversations needs to be utilized.
- Vast amounts of data are collected from various sources, including the internet, social media, and other IoT systems. This data is expanding exponentially, but it is not organized or examined for potential consequences; instead, it is merely maintained for historical purposes. According to IBM, 60% of this gathered data loses its usefulness immediately.
- The main thing that is driving the growth of the dark analytics market is getting insights for making decisions by analyzing real-time data from key business processes like sales, production, and distribution trends.
- This dark data, if used appropriately, can generate a lot of revenue. For example, with the help of data analytics, the marketing division can understand which products are most demanded by particular target groups and thus look for promotions and offers to sell them to increase their performance.
- In 2022, Ocient polled 500 IT managers to find out what they thought about data analytics.62% agreed that data analysis is essential for business planning and company strategy. 64% of these already use hyperscale datasets to draw insights and use them in decision-making. 78% of this group realized faster data analytics generates higher revenue. The data should be analyzed quickly to stay ahead of the competition and adapt to changing market needs.
- The application of dark web intelligence benefited from COVID-19. The pandemic encouraged organizations to look into various commercial expansion options. Businesses believed they could extract useful information from this underutilized data to help with revenue development. For instance, unstructured customer geolocation and sentiment data were used to assist business and marketing strategy after it was analyzed for traffic patterns.
- This dark data can pose significant dangers to data protection procedures and accrue unanticipated expenditures if not managed. Recent studies show that almost 50% of a company's data is unstructured or never structured, which adds to an annual storage cost of $26 million.
