Dark Analytics are used by companies to explore and tap relevant potential information from dark data. It uses the raw data from customers, markets and organizations preferences to predict and analyze future trends for improved decision making. Recent breakthroughs in data mining and intelligence systems add value to the industry, estimated to be worth $278.3 million in 2018 and predicted to reach $867.6 million by 2023, at a CAGR of 25.5% during the forecast period. The opportunity for organizations to use these insights to reach a broader audience for their products coupled with the advancements in data systems is considered to fuel the growth of this industry.
What is Dark Analytics?
Data Analytics refers to the use of “dark’ data to analyze and provide insights about customers, markets and organizations. Dark data refers the unused digital information. Consumers, employees and businesses provide information using various sources like social media, IOT, search results and financial transactions and so on. From the data relevant information is gathered and utilized by interested users but a section of unused data, the left behind is referred to as “dark” data. Using machine intelligence and AI the largely unusable data can be structured and put that in order to make it more usable. The primary end users belong to industries like Retail and E commerce, Financial Institutions, Energy, Healthcare, Governments and others.
Market Research and Market Trends of Dark Analytics Market
- Many industry experts consider Dark Analytics to be used extensively for the entire length and breadth of the industry in the coming years. In recent years retailers have already begun experimenting different approaches to improve their customer’s digital experiences. Retailers in fashion use detailed questionnaires, trends and permission to access ones social media, analyze them, use it to predict the evolving tastes of consumers and develop a deeper understanding of their style. Grocery stores such as Amazon and Kroger Co. employ advanced analytics using IOT to keep a track of their customer’s choices and products based on their regularity. Using this data enterprises provide tailor made product deals, merchandising, marketing and even product development strategies.
- Tech industry leaders such as Apple and IBM are ditching traditional methods and are stepping up their foray into AI and machine learning intelligence. Apple has recently acquired Lattice Data, a company that employs AI enabled interface to find and convert unstructured data into structured data, for a sum of $200 million. IBM took an alternative approach and constructed an AI system, the IBM Watson. According to a study conducted by IBM, 88% of the total data collected is unused other than for its intended purpose. Even with the presence of various marketing tools, a majority of the unused data is accumulated and stored, incurring a high price on data use to cost for storage ratio. The alternative approach for companies is to invest in advanced analytics to flip and cut down the loss of revenue opportunities and cost savings.
Who are the Major Players in Dark Analytics Market?
The major vendors in the Dark Analytics market are IBM Corporation, SAP, Amazon Web Services, Micro Focus, Dell EMC, Microsoft, Ave Point, Apple Inc., Teradata, Symantec and others.
What is Our Research Scope?
The report assimilates in-depth assessment of the competitive analysis, Contactless Payments market sizing, benchmarking, market trends, Multiple Technology Innovations for quick & secure transactions, financial analysis, strategic analysis and so on to pattern the effecting forces and hidden contingencies of the market. Apart from this the report also focuses on a study of major developments in the market such as Innovations, agreements, acquisitions, collaborations, mergers to forecast the market
Key Takeaways from this Report
- Evaluate market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level – for product types, end use applications and by different industry verticals.
- Understand the different dynamics influencing the market – key driving factors, challenges and hidden opportunities.
- Get in-depth insights on your competitor performance – market shares, strategies, financial benchmarking, product benchmarking, SWOT and more.
- Analyze the sales and distribution channels across key geographies to improve top-line revenues.
- Understand the industry supply chain with a deep-dive on the value augmentation at each step, in order to optimize value and bring efficiencies in your processes.
- Get a quick outlook on the market entropy – M&A’s, deals, partnerships, product launches of all key players for the past 4 years.
- Evaluate the supply-demand gaps, import-export statistics and regulatory landscape for more than top 20 countries globally for the market.