(I-BusinessNews.Com, May 28, 2021 ) The Global Dark Analytics Market is estimated to surpass $1.1 billion marks by 2026 growing at an estimated CAGR of more than 24.1% during the forecast period 2021 to 2026. Dark Analytics refers to the use of “dark’ data to analyze and provide insights about customers, markets and organizations. Dark data refers to 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. The market is driven by increased applications of Big data applications.
Dark Analytics Market Segment Analysis – By Dimensions
Traditional unstructured data consists of think emails, messages, notes, documents, logs, notifications. They are text-based and remain within the organisation. They are not used as they do not live in a relational database, and tools required to leverage them do not exist. In these unstructured data, information on pricing, customer behaviour, and competitors are present that can be translated into data assets by multinational companies. 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. 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.
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Dark Analytics Market Segment Analysis – By End-Use Industry
Retail sector is the major market for dark analytics. 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 with different approaches to improve their customer’s digital experiences. Retailers in fashion use detailed questionnaires, trends and permission to access one’s 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 enterprise provide tailor-made product deals, merchandising, marketing and even product development strategies.
Dark Analytics Market Segment Analysis – By Geography
North America will dominate the Dark Analytics Market due to improved technologies to harness dark data. Europe and Asia Pacific will follow suit. Asia Pacific will show significant growth in the market due to the emergence of start-ups and the usage of analytics in enterprises in the region. Latin America and Middle East regions will also show good growth due to the implementation of data-driven strategies in the business processes.
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Dark Analytics Market Drivers
Rising Amount of Data Generated by Organizations
One of the current trends in the Dark Analytics Market is it is widely popular and in-demand due to the rising storage capacity in terms of Terabyte and Petabyte of Big Data generated by the organizations. It is widely used because it can handle a large amount of data and keep scaling to keep up growth and can provide input and output data to analytical tools for analysis. Big Data challenges include storage of data, capturing data and analyzing data. These can be done by a few analytical tools such as Apache Hadoop, NoSQL, JAQL, Hive and others. Out of these tools Apache Hadoop is widely used and is in trend due to its storage capacity, Hadoop file storage system which can split data and can distribute across many nodes thus providing high availability. All these aspects are making dark analytics market face higher adoption and we can expect the growth of this market, as more and more organization are looking forward to an alternative tool or cloud storage to store its generated data to analyze it and make a corrective approach to generate revenue.
Growing Usage for Customer Behavior Analysis
Big data is transforming supply chain managers into mind readers allowing them to predict and react to buyer’s behaviour in new ways. One of the current trends in the dark analytics Market with a focus on supply chain management is the Real-time tracking, Supplier sourcing, Customer segmentation by segmenting the buyers and market to offer the most customized product and services. By using dark analytics in supply chain management firms can make accurate forecasting, improve visibility, decrease reaction time and smart sourcing. This concept can make a firm and market growth which will enable them to generate the revenue and will keep them competitive in the market. This will drive the adoption of dark analytics for Customer analytics in particular.
Dark Analytics Market Challenges
Concerns Regarding Data Security
The biggest challenge with dark analytics is the sensitive issue of data privacy and security, which most organizations are facing. With the implementation of GDPR regulations, consumer and enterprise data privacy issues have been put to the forefront. Security concerns are cropping up as companies feed more and more consumer and vendor data into advanced, AI-fuelled algorithms to create new bits of sensitive information, unbeknownst to affected consumers and employees. This is especially prevalent in the Healthcare and Food and beverage sectors, where enterprise data could lead to trade secrets being revealed. These data privacy concerns will hinder the adoption of dark analytics solutions.
Dark Analytics Market Landscape
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Dark Analytics Market. IBM Corporation, SAP SE, Amazon Web Services, Micro Focus, Dell EMC, Microsoft Corporation, AvePoint, Inc., Teradata Corporation, Symantec Corporation, Datameer, Inc., Innovative Routines International (IRI), SAS Institute, Commvault and Veritas Technologies are considered to be the key players of the Dark Analytics Market.
Acquisitions/Technology Launches/Partnerships
Google acquired Halli Labs, a four-month-old start-up out of Bengaluru that is developing artificial intelligence and machine learning solutions.
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
Key Takeaways
Extraction of valuable insights harnessed from dark data will boost the growth of dark data analytics.
Threats and risks associated with the storage of dark data propel the growth of dark analytics.
The competitive rivalry shown by various organisations enhances the growth of the Dark Analytics Market.
In many organisations, large collections of both structured and unstructured data sit idle. The adoption of dark analytics will propel this usage.
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