The Dark Analytics Market is projected to grow from USD 278.3 million in 2018 to USD 867.7 million by 2022, at a CAGR of 25.5% from 2018 to 2023. Major factors driving the dark analytics market include a rapid increase in data generated by organizations, the adoption of Artificial Intelligence (AI) and Machine Learning (ML) technologies for dark data analysis, and increase in deployment of dark analytics solutions.
The scope of this report covers the analysis of the dark analytics market based on component, deployment mode, business application, vertical, and region. Increasing investments in dark analytics technology by SMEs acts as a growth opportunity for the dark analytics market. Dark analytics empower the decision-making process of SMEs and enable them to identify existing and future business risks easily. The presence of cloud-based analytics solutions has also paved the path for wide-scale implementation of dark analytics solutions among small organizations.
Based on component, the solutions segment is projected to lead the dark analytics market from 2018 to 2023. The growth of the solutions segment can be attributed to the increasing adoption of dark analytics tools that include Apache Hadoop, IBM Watson, SAP HANA 2, Datumize Observer, and Microsoft Cognitive Services. These tools encompass features such as video and sound analytics, computer vision, machine learning, and advanced pattern recognition.
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Based on deployment mode, the on-premises segment of the dark analytics is projected to grow at a higher CAGR during the forecast period as compared to the cloud segment. Rising security concerns and increasing regulations in the BFSI and healthcare sectors have led to the on-premises deployment of dark analytics solutions.
Based on vertical, the retail & e-commerce segment of the dark analytics market is expected to grow at the highest CAGR from 2018 to 2023. In the fast-growing digital era, customer behavior has transformed dramatically, which presents new opportunities for organizations to engage with their customers. Dark analytics solutions are applied at every stage of the retail process that includes predicting trends in popular products, forecasting demand and supply analysis, and identifying customer segmentation. The advent of digital media for online shopping has led to the generation of a large volume of data. The analysis of this dark data provides growth opportunities for retailers and assist retailers to strengthen their presence in the competitive environment.
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The Asia Pacific dark analytics market is projected to grow at the highest CAGR during the forecast period. This growth can be attributed to the increased spending on improving the IT infrastructure and the emergence of advanced and secure cloud-based solutions. Key countries considered for market analysis in the Asia Pacific region include China, Japan, Australia, and New Zealand. Companies in the Asia Pacific region are shifting their focus from customer acquisition to customer experience. They are increasingly investing in customer intelligence to gain insights regarding customer sentiment and buying behavior. Companies are also focused on the adoption of cloud-based analytics services, which, in turn, is contributing to the growth of the dark analytics market in this region.
