The global dark analytics market is expected to reach approximately US$ 588.8 million in 2023. The growing focus of businesses on enhancing data security is driving them to analyze dark data as a part of their information security strategy. The demand for dark analytics is forecasted to increase at an average annual growth rate of 21.3% from 2023 to 2033, reaching a total value of around US$ 4,071.7 million by 2033.
Dark analytics is the study of hidden information found in endeavors. Dark information is a broad term for unprocessed data or information that organizations collect as part of various business operations and store regardless of whether they use it to extract knowledge or for business dynamics.
Associations are becoming aware of the significant risk of losing control of business and administrative matters that results from failing to analyze and handle this information. Dark analytics thus involves ongoing training in initiatives that increase the decomposition of PC network jobs and example recognition.
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The dark analytics solution includes a framework that enables customers to create complete data pipelines for handling data extraction, integration, and machine learning-based prediction. The large-scale resolution of statistical inference issues yields valuable insights from this data. By examining customer behavior insights, dark analytics help to better identify underutilized opportunities, particularly in sales and marketing processes.
Dark Analytics Market Drivers and Restraints:
Extracting insights for decision-making by immediate analysis of real-time information from key business processes such as sales, production, and distribution trends is the major factor driving the growth of the dark analytics market.
Moreover, 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 minimise the accumulation of dark data by transforming it into valuable real time information are also some key factors resulting in the growth of dark analytics market.
However, security concerns and risks associated with data, and data storage costs are some factors restraining the growth of dark analytics market.
Dark Analytics Market Segmentation:
The dark analytics market can be segmented on the basis of analytics type, dark data type, end-user, and region-wise. On the basis of analytics type market can be further segmented into predictive, prescriptive, diagnostic and descriptive. On the basis of dark data type, it can be categorized into business, customer, and operational dark data.
In the end-user type, the dark analytics market is categorized into BSFI, Government, Retail and E-commerce, Travel and hospitality, and others. Region global dark analytics market can be segmented into North America, Europe, Asia-Pacific, Middle East Africa, and Latin America.
Dark Analytics Market Regional Overview:
North America is the biggest market for dark analytics market followed by Europe to ensure compliance of business processes and legal issues. Asia Pacific region is expected to show significant growth in the dark analytics market due to emerging start-ups and a rise in the adoption of analytics in enterprises. Latin America and Middle East regions are showing considerable growth in this market owing to the adoption of data-driven strategies in business processes.
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Competitive Landscape:
- In July 2022, IBM announced the acquisition of Databand.ai, a leading provider of data observability software that helps organizations fix issues with their data, including errors, pipeline failures, and poor quality – before it impacts their bottom line. This news further strengthens IBM’s software portfolio across data, AI, and automation to address the full spectrum of observability and helps businesses ensure that trustworthy data is being put into the right hands of the right users at the right time.
- In June 2022, Microsoft announced its plans to acquire cyber threat analysis and research company Miburo. The cybersecurity company specializes in detecting and responding to foreign information operations.
- In February 2021, Google acquired Halli Labs, a four-month-old Bengaluru-based start-up that develops artificial intelligence and machine learning options.
- In June 2020, Apple acquired Lattice Data, a company that uses an AI-enabled interface to discover and generate unstructured data into structured data.
- May 2023 – Deloitte acquired all the assets of Optimal Design Co. Deloitte’s leading-edge capabilities, paired with Optimal Design’s multi-disciplinary PES talent. It is expected to help customers unlock innovation and achieve their digital transformation goals.
- July 2023 – IBM Corporation collaborated with the National Association of Boards of Pharmacy (NABP) with a view of bringing visibility to the drug supply chain and helping protect patients from counterfeit or substandard prescription medications.
Key Players:
- IBM Corporation
- Deloitte
- SAP SE
- Teradata
- Hewlett-Packard
- EMC Corporation
- VMware, Inc.
- Microsoft Corporation
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Dark Analytics Industry Segmentation:
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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