The global dark analytics market size is expected to increase from USD 588.8 million in 2023 to USD 4,071.7 million by 2033. In 2022, the global dark analytics industry was valued at USD 491.9 million. Over the forecast period from 2023 to 2033, the global demand for dark analytics is anticipated to rise at 21.3% CAGR.
Market players aim to shine a light on untapped, unstructured, or hard-to-reach data sources and transform them into insightful and intelligent data. This data can be utilized by firms for making informed decisions regarding consumers, exploring new growth possibilities, minimizing operational risks, and increasing ROI.
With data security becoming a key concern, enterprises are actively seeking innovative solutions to analyze data, including dark data, to ensure its risk-free nature. As a preventive measure against the risks associated with market competitiveness and regulatory challenges, enterprises prioritize the analysis and processing of dark data through dark analytics. This approach enhances pattern recognition and maximizes the value of untapped information.
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Dark analytics enables the instantaneous mining and analysis of dark data, converting it into real-time useful insights for strategic realignment. This capability significantly propels the growth of the dark analytics market. Dark analytics is increasingly gaining traction by providing solutions to enhance dark data and improve organizational return on investments, especially with the ongoing industrial digitalization.
Possible factors that might impede market growth in the data analytics sector are the common issues related to risk and data security, as well as the rising storage costs. Moreover, the market players may face challenges due to shortcomings, such as a lack of highly skilled and trained personnel to handle logistics and data operations effectively.
The increasing adoption of artificial intelligence (AI) and Machine Learning (ML) by enterprises for dark data analysis is anticipated to generate new growth opportunities for market players.
Dark data analysis streamlines internal processes in organizations, resulting in enhanced workforce productivity, improved efficiency, and reduced waste. AI and ML algorithms are particularly effective in handling complex data types, making them a significant factor contributing to the growth of the dark analytics market.
Key Takeaways
- During the forecast period, the Asia Pacific region, particularly emerging economies like India and Japan, is expected to experience significant growth in the dark analytics industry. This growth can be attributed to the increased investment by these countries in the development of IT infrastructure. Specifically, India is projected to grow at a remarkable CAGR of 24.5% through 2033.
- The dark analytics market continues to be dominated by the North American regions, including Canada and the United States, which collectively accounted for a global share of 27.8% in 2022. This surge can be attributed to the presence of established players offering advanced and secure cloud-based solutions in these regions.
- In 2022, Europe accounted for a substantial global share of 23.6% in the dark analytics industry. This growth is attributed to the increasing focus of several dark analytics startups and emerging players on customer acquisitions and customer experience, resulting in a satisfied consumer base.
Market Competition
The dark analytics market is projected to experience significant growth in the forecast period. The market is witnessing a surge of established players, startups, and local enterprises entering the field.
These players are strategically introducing new innovations and employing tactics like mergers and partnerships to expand their market reach. The incorporation of artificial intelligence and machine learning by companies further enhances the value chain for key players.
Key Players
- IBM Corporation
- Deloitte
- SAP SE
- Teradata
- Hewlett-Packard
- EMC Corporation
- VMware, Inc.
- Microsoft Corporation
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Recent Developments
- July 2023 –Teradata completed the acquisition of Stemma Technologies, a cloud-based data catalog solution. Teradata is going to benefit from Stemma’s automated data catalog capabilities to accelerate growth in AI and ML analytics.
- June 2023 – Microsoft launched a new AI Skills Initiative that intends to help consumers around the world to harness the power of AI. This is a part of Microsoft’s Skills for Jobs program.
Key Segments Covered in the Dark Analytics Industry Analysis
By Analytics Type:
- Predictive
- Prescriptive
- Diagnostic
- Descriptive
By Dark Data Type:
- Business
- Customer
- Operational
By End User:
- BFSI
- Government
- Retail & E-Commerce
- Travel and Hospitality
- Other End Users
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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