The global dark analytics market is anticipated to be valued at USD 588.8 million in 2023. The increasing concentration of companies towards data security is further compelling the companies to analyse dark data to plan their information security strategy. Overall, demand for dark analytics is projected to grow at a CAGR of 21.3% between 2023 and 2033, totaling around USD 4,071.7 million by 2033.
| Data Points | Key Statistics |
|---|---|
| Growth Rate (2018 to 2022) | 19.2% CAGR |
| Expected Market Value (2023) | USD 588.8 million |
| Anticipated Forecast Value (2033) | USD 4,071.7 million |
| Projected Growth Rate (2023 to 2033) | 21.3% CAGR |
Dark analytics is the analysis of dark data present in enterprises. Dark data is generally referred to as raw data or information buried in the text, tables, and figures that organizations acquire in various business operations and store but is unused to derive insights and for decision making in business.
Organizations nowadays are realizing that there is a huge risk associated with losing a competitive edge in business and regulatory issues that comes with not analyzing and processing this data. Hence, dark analytics is a practice followed in enterprises that advance in analyzing computer network operations and pattern recognition.
The rapid penetration owing to the introduction of digitalization and industrial revolutions and high growth in data generated by organizations because of increased adoption of IoT is expected to flourish the growth of the dark analytics market during the forecast period.
On the other hand, security concerns and risks associated with data are one of the major factors that are expected to hamper the growth of the Dark Analytics market over the analysis period.
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Digitization of Businesses & Potential to Optimize Real-time Data Will Act as Prominent Growth Drivers
The major factor that is expected to propel the growth of the Dark Analytics market during the forecast period includes extracting insights for decision making by immediate analysis of real-time information from key business processes such as sales, production, and distribution trends.
Additionally, factors such as gaining insights from and making the most of every data point, efficiency in terms of time, money, and resources in processing unstructured data, and aid to minimize the accumulation of dark data by transforming it into valuable real-time information are also anticipated to accelerate the growth of dark analytics market over the analysis period.
Internet access and devices enable organizations to obtain relevant data, such as customer behavior in retail outlets, real-time marketing analysis, sensor-driven decision analytics, and immediate control response in complex automated systems. Technology that connects businesses and governments to all smart prospects, such as smart urban, transportation, smart healthcare, and smart energy.
As an outcome, the rapid adaptation of IoT in vertical markets including BFSI, universal health care, industrial production, and others is projected to boost for dark analytics to produce significant information from dark data. Dark details can be obtained in the form of emails, video files, messages, audio, images, and other layouts. It is exceptionally hard for data analysts to maintain, regulate, and clean this dark data.
High Volume of Raw & Unsynchronized Data May Slowdown the Market Expansion
Synchronization and integration of dark data are among the major restraints for the dark analytics market. There is huge heterogeneity in dark data since it is obtained from different sources at different rates and on different schedules. There is a risk of information being unsynchronized due to conventional data marts, sequences of data extractions and transformations, and importantly, its accumulation from diverse sources.
In recent times, the volume of data has been increasing due to the growing use of various personal devices, such as smartphones, wearable devices, and laptops, among others, which require real-time processing of data, data coherence, and proper technology selection, thereby making integration of transactional data much more difficult. This may hamper the adoption of dark analytics solutions in the coming years.
There is a huge scarcity of affordable dark analytics management and business consulting firms. The dark analytics management and consulting vertical is mostly dominated by large companies whose services are not in line with the needs and budgets of small and medium organizations. Large consulting companies are mostly concerned with selling their business services to undertake complex projects for extended periods. As there is a huge demand for analytics-associated services among small and business enterprises, the shortage of management and consulting firms may slow down the adoption of dark analytics in the coming years.
In addition, security concerns and risks associated with data, and data storage costs are some other factors impeding the growth of the dark analytics market over the analysis period.
In terms of regional platforms, North America holds a significant market share in the dark analytics market. The region is expected to accumulate 27.8% revenue in 2023. North America is the biggest market for dark analytics market to ensure compliance with business processes and legal issues.
The region is expected to show significant growth in the dark analytics market, attributed to emerging start-ups and the rise in the adoption of analytics in enterprises. Dark analytics solutions are adopted by governments and large enterprises to improve their decision-making process.
For instance, In Aug 2022, SAP announced that the RISE with SAP solution continued its strong rate of adoption across businesses in North America, as organizations of all sizes selected SAP in the second quarter of 2022 to help drive their cloud transformations.
According to Future Market Insights, Europe is expected to provide immense growth opportunities for dark analytics and is expected to reach a market share of 23.6% in 2023. Europe is expected to emerge as the second-largest region, driven by the adoption of data-driven strategies in business processes. This market growth is attributed to the rising prominence of artificial intelligence and increasing investments in data analytics programs.
Over the years, Germany undertook new steps to institutionalize governmental data analysis. In 2021, the government made a Euro 239 million investment for building data labs in every ministry and the Chancellery, adding new capacity across the federal government. These initiatives are fueling the market growth of the Dark Analytics segment in the region.
Moreover, the developments in the E-commerce and BFSI sectors are another factor augmenting the demand for dark analytics to make crucial business decisions.
As per the recent analysis by Future Market Insights, Asia pacific is anticipated to be the highest growing region over the forecast period. The growth in the Asia Pacific will primarily be driven by the increasing concentration of IT companies adopting dark analytics to optimize their business functionality.
In Addition, the rising number of security breaches is one of the foremost factors anticipated to propel the growth of dark analytics during the forecast period. For instance, In July 2021, Japanese-headquartered insurance firm Tokio Marine Group became a victim of ransomware attacks on its Singapore unit. The insurer also verified that the ransomware attack affected the Singapore subsidiary only, and there is no damage or effect on different group companies. The victim organization has taken information security safeguards so far and will endeavor to make more efforts to keep customer data and confidential information protected.
The global dark analytics market is segmented into analytics type, dark data type, end-user type, and regions. Based on the end-user type segment, the BFSI industry segment captures the highest volume of market share in the global Dark Analytics market. This segmental growth is attributed to the incessantly growing digital data and rising inclination toward the customer-centric business model.
The growing adoption of cutting-edge technologies including big data, blockchain, cloud computing, and biometrics generates extensive data. AI-based solutions are incorporated with machine learning algorithms to assist banks in gathering and analyzing data. It offers an in-depth analysis of the customer data and helps banks to make decisions, enabling operational efficiency and gaining higher ROI.
There are many prominent market players in the dark analytics market, who are working hand-in-hand to provide the best-in-class Dark Analytics for enhancing the global analytics arena. However, many global start-ups in the dark analytics market are stepping forward in matching the requirements of the dark analytics domain.
| Attribute | Details |
|---|---|
| Growth Rate | CAGR of 21.3% from 2023 to 2033 |
| Market Value in 2023 | USD 588.8 million |
| Market Value in 2033 | USD 4,071.7 million |
| Base Year for Estimates | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD million and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Analytics type, Dark Data type, End User, Region |
| Regions Covered | North America; Latin America; Europe; Asia Pacific; Middle East and Africa |
| Key Countries Profiled | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, China, Japan, South Korea, GCC, South Africa, Israel |
| Key Companies Profiled | IBM Corporation; Deloitte; SAP SE; Teradata; Hewlett-Packard; EMC Corporation; VMware, Inc.; Microsoft Corporation |
The market is valued at USD 588.8 million in 2023.
IBM, SAP, and Microsoft are key market players.
India, Japan, and China dominate the Asian market.
The market is estimated to reach USD 4,071.7 million by 2033.
North America is projected to emerge as a lucrative market.
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Dark Analytics Market
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