The global time series intelligence software market revenue stood at US$ 420.7 Million in 2022 and is expected to reach US$ 1,981.4 Million by the end of 2030, growing at a CAGR of 17.7%.. The Major players profiled in this report include: Anodot Ltd., Axibase Corporation, Datapred SA, Microsoft Corporation, Seeq Corporation, SenX S.A.S., Shapelets, Trendalyze, Inc., TrendMiner amongst others..
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Business Intelligence (BI) is the use of applications and practices to collect, integrate, analyze and present raw information. Times series intelligence is a technique under the BI umbrella. Time series data is a set of analytical information, such as industrial process parameters or business metrics, collected in correlation with time. Analyzing time series data gives performance patterns essential for critical decision making in economic forecasting, budget analysis, financial market analysis, inventory management and others. The digital trend has transformed the rigorous manual tasks for analyzing huge data sets to computer software assisted process. Time series intelligence software helps in extracting significant business insights and trends from the database which stores information related to business operations. Organizations are largely deploying time series intelligence software to analyze huge data sets and produce results at a faster rate, with reduced human error. Thus, such factors are influencing the growth of global time series intelligence software market.
On the basis of component, the global time series intelligence software market is segmented into solution and services offered by the major players in this market. The solutions offered either come as a stand-alone software or in an integrated business intelligence suite. Solutions segment led the market with 70.84% in 2018 and is expected to hold 68.15% in 2027 with a CAGR of 17.2% from 2019 to 2027. Advent of more efficient software solutions, utilizing state of the art technologies, coupled with the growing awareness about business intelligence methods has fostered the adoption of time series intelligence solutions across organizations. For instance, Daimler AG uses machine learning powered time series forecasting tool called, ‘AutoML’ which automates the process of selecting relevant features in time series data. Integrated solutions are projected to hold majority of the share, with around 63.62% in 2027. The services segment, is expected to grow with comparatively higher CAGR of 18.8% over the forecast period. The growing popularity of cloud based solutions is expected to influence the services segment with increased requirement of services such as data center services, integration services and consultation service amongst others.
The time series intelligence software can be either deployed on a web based platform or a cloud based platform. Cloud based segment is leading with 63.59% share of global time series intelligence software market in 2018. Cloud based time series intelligence software allows users to access software applications that run on shared computing resources such as processing power, memory, and disk storage. The server-less approach of cloud based applications overcomes the challenges in scaling and enables data professional to work flexibly from remote locations. Thus, major players in the time series intelligence software market have launched their cloud based solutions. For instance, ABB Ability platform utilizes Microsoft Azure Time Series Insights, a cloud based time series intelligence tool of Microsoft, for storing and analyzing IoT data sets. Thus, advantages of cloud based solutions such as reduced infrastructure cost and faster real-time insights will boost the global time series intelligence software market over the forecast period.
The time series intelligence software has four major applications including data exploration & visual anomaly detection, operational analysis, advanced analytics and others. On the basis of application, data exploration & visual anomaly detection segment is leading the time series intelligence software market with 46.19% of share in 2018. The technological revolution has transformed conventional time series intelligence software with state-of-the-art technologies such as artificial intelligence. For instance, Tensormake Corporation, USA based startup, has introduced automated time series forecasting tool named oneclick.ai. This tool is powered with deep learning to solve complex tasks quickly with more than 90% accuracy.
On the basis of end users, data scientists segment is leading the time series intelligence software market with 44.26% of share in 2018. The modern age time series software has inculcated futuristic tools which has simplified analyzing and drawing insights from time series database. This has led to greater adoption of time series intelligence software by data scientists and is thus propelling the market growth globally.
North America region is leading with 40.43% in 2018. The recent progress made by North America based companies in autonomous vehicle technology fueled by the IoT has generated huge amount of data in recent years. Also, the increasing number of smart device users powered by IoT has further added to the amount of data generation in the region. These combined factors are contributing towards the growth of time series intelligence software market influencer in North America.
Global Time Series Intelligence Software Market
- By Component
- By Platform
- Web based
- Cloud based
- By Application
- Data Exploration & visual anomaly detection
- Operational Analysis
- Advanced Analytics
- By End User
- Data Analysts
- Data Scientists
- By Region:
- North America
- Rest of North America
- The UK
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
- North America
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