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The Dark Analytics market is currently experiencing significant shifts and trends that are reshaping the landscape of data analysis and business intelligence. Dark Analytics, a term coined for the analysis of unstructured and untapped data, is gaining traction as organizations recognize the potential hidden in their vast reservoirs of information. One prominent trend is the growing emphasis on leveraging advanced technologies such as artificial intelligence and machine learning to extract insights from dark data, which comprises unstructured information often overlooked in traditional analytics processes.
Organizations are increasingly realizing that a substantial portion of their valuable insights lies in unstructured data sources such as emails, social media, documents, and other forms of text. As a result, there is a heightened focus on employing sophisticated analytics tools that can sift through this dark data and unveil hidden patterns, correlations, and trends. Machine learning algorithms play a pivotal role in this process, enabling the identification of meaningful information from seemingly chaotic and unstructured datasets.
Another notable trend in the Dark Analytics market is the rising adoption of predictive analytics. Organizations are now looking beyond historical data and are keen on predicting future trends and events based on the insights derived from dark data sources. This predictive capability empowers businesses to make informed decisions, anticipate market trends, and gain a competitive edge in an ever-evolving landscape.
Furthermore, there is a growing realization that compliance and regulatory requirements necessitate a more comprehensive approach to data analytics. Dark Analytics can aid organizations in meeting compliance standards by uncovering hidden risks and ensuring that sensitive information is appropriately handled and secured. As data privacy regulations become more stringent, businesses are turning to dark analytics solutions to navigate the intricate landscape of data governance.
The demand for cloud-based dark analytics solutions is also witnessing an upswing. Cloud computing offers scalability, flexibility, and cost-effectiveness, making it an attractive option for organizations looking to harness the power of dark analytics without significant infrastructure investments. Cloud-based solutions enable seamless integration with existing systems and provide accessibility from anywhere, fostering a collaborative and data-driven organizational culture.
In addition to technological advancements, the market is witnessing a shift in organizational mindset towards data literacy. Companies are investing in data literacy programs to ensure that employees across various departments can effectively interpret and use insights derived from dark analytics. This democratization of data analytics enhances the overall decision-making process within organizations, enabling a more agile and responsive approach to market dynamics.
While the Dark Analytics market holds immense potential, challenges such as data security and privacy concerns remain pertinent. As organizations delve into the realm of unstructured data, ensuring the protection of sensitive information becomes paramount. The development of robust security measures and compliance frameworks is essential to build trust and foster widespread adoption of dark analytics solutions.
In conclusion, the Dark Analytics market is undergoing significant transformations driven by technological advancements, evolving regulatory landscapes, and a growing recognition of the untapped potential in unstructured data. Organizations that embrace these trends and strategically leverage dark analytics stand to gain a competitive advantage by unlocking valuable insights and staying ahead in an increasingly data-centric business environment.
Dark Analytics Market Highlights:
Dark Analytics Market Synopsis
The Dark Analytics Market is expected to grow from USD 238.98 Million in 2018 to USD 3.45 Billion by 2030, at a compound annual growth rate (CAGR) of 26.40% during 2022-2030. Dark analytics refers to the analysis of information assets which are gathered, processed, and stored by an organization during its regular business activities. Advancement in technologies such as computer vision, pattern recognition, and cognitive analytics help organizations to focus on the unstructured information for better decision making to offer enhanced user experience.
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. As this IoT ecosystem expands, the volume of data generated is also expected to increase, majority of which would be dark data comprising of structured as well as unstructured data. Dark analytics solutions are capable of analyzing such massive volumes of unorganized and untapped data and helping the organizations to obtain actionable business insights for better decision making. Furthermore, increasing adoption of advanced technologies such as artificial intelligence and machine learning to analyze the data is encouraging the adoption of dark data solutions by organizations to increase their ROI. However, non-uniformity of the gathered data, lack of skilled expertise, and data to use dark analytics solutions are the factors hampering the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Dark Analytics Market Segmentation
The global dark analytics market has been broadly segmented on the basis component, deployment, application, industry vertical, and region.
- By component, the market has been segmented into solutions and services.
- By deployment, the market has been segmented into on-cloud and on-premise.
- By application, the market has been segmented into operations, finance, human resource, and marketing.
- By industry vertical, the market has been segmented into IT and telecommunication, BFSI, retail and e-commerce, government, healthcare, media and entertainment, and others.
- By region, the market has been segmented into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America.
Dark Analytics Market Key Players
The prominent players active in the market of dark analytics are
- Amazon Web Services, Inc. (US)
- Microsoft Corporation (US)
- SAP SE (Germany)
- IBM Corporation (US)
- Symantec Corporation (US)
- Teradata (US)
- Datameer, Inc. (US)
- Micro Focus (UK)
- SAS Institute Inc. (US)
- Dell Inc. (US)
- Zoho Corporation (US)
- AvePoint, Inc. (US)
- Commvault (US)
- Zoomdata (US)
- Veritas (US)
- Deloitte (US)
- Synerscope (The Netherlands)
- TIBCO Software Inc. (US)
- Datumize (Spain)
Dark Analytics Market Industry Developments
July 2023 - IBM Company collaborated with the National Association of Boards of Pharmacy (NABP) to bring visibility to the drug supply chain and assist patients from counterfeit or substandard prescription medications.
May 2023 - Deloitte purchased all assets of Optimal Design Co. Deloitte's leading-edge capabilities, coupled with Optimal Design’s PES multidisciplinary talent, are expected to help customers unlock innovation and achieve their digital transformation goals.
Examples include, In Aug 2022, SAP continued to see strong adoption of its RISE with SAP solution by North American companies as recorded by sizes regardless of them having opted for it in the second quarter of the year 2022 for enabling cloud transformations.
In July 2022, IBM announced that it was acquiring Databand.ai – a top-rated provider of observability software for data that enables organizations to address any issues concerning data like bugs, pipe failures and poor quality before they hit on profits. It also strengthens IBM’s software portfolio across data, AI, and automation, thus addressing the full range of observability while ensuring reliable information is shared among businesses for decision-making.
In July 2022, Dataiku partnered with Deloitte US Data and AI Alliance Ecosystem, which will enable firms to build reusable AI projects at enterprise scale. The combined force will facilitate the provision of AI solutions to thousands of users across enterprises, make ML pipelines more effective, implement risk management systems and improve quality control measures.
In June 2022 Microsoft announced its intentions to acquire Miburo cyber threat analysis company. This cybersecurity company is known for its expertise in detecting foreign information operations.
In February 2021, Google acquired Halli Labs, which is a Bengaluru-based start-up founded just four months ago specializing in artificial intelligence (AI) and machine learning(Ml).
For example, In July 2021Tokio Marine Group, an insurer based in Japan, fell victim to a ransomware attack that affected its Singapore unit. In addition, the insurer confirmed that the ransomware attack had affected only its Singapore subsidiary and it has not damaged or impacted other group companies. The victim company has made some efforts to secure the information of its customers so far and will further try to protect customer data and confidential information.
In June 2020, Apple acquired Lattice Data – a firm that translates unstructured data into structured one through an AI-driven interface.
Dark Analytics Market Regional Analysis
The dark analytics market is estimated to grow at a significant rate during the forecast period from 2019 to 2024. The geographical analysis of dark analytics market has been done for North America, Europe, Asia-Pacific, the Middle East and Africa, and South America.
North America is expected to dominate the dark analytics market during the forecast period. The region is recognized as a leader in technological invention and an early adopter of technology. Organizations across the region are promptly adopting dark analytics solutions to analyze the huge volumes of data generated by utilizing advanced technologies such as IoT and big data. The region is also a hub to the major dark analytics solutions providers who are investing heavily in research and development activities to provide advanced features to their solutions and enhancing their capabilities. The region has been segmented, by country, into the US, Canada, and Mexico.
Europe is following North America in the global dark analytics market in terms of market share. As the European government is focusing on compliance and legal issues concerning data security, the adoption of dark analytics solution is growing in the region.
Asia-Pacific is expected to grow at a significant pace during the forecast period. The region has been segmented by country into China, Japan, India, South Korea, Australia, and the rest of Asia-Pacific. Increasing digitalization and adoption of cloud-based services in these countries has increased the demand for dark data analytics solutions to analyze massive data sets. The rising need among enterprises to understand and utilize nontraditional and unstructured data to enhance the customer experience by personalizing the services offered is positively impacting the market growth in the region.
Intended Audience:
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- Dark Analytics Platform Providers
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