Augmented Analytics Market Research

Rise in awareness of enterprises to utilize growing streams of data from various sources in innovative ways drive the growth of augmented analytics market.

PORTLAND, PORTLAND, OR, UNITED STATES, March 23, 2023 /EINPresswire.com/ -- The report estimates that the global augmented analytics market generated $4.09 billion in 2017 and will grow at a CAGR of 28.4% from 2018 to 2025 to reach $29.86 billion by 2025.

The potential to automate processes by fusing business intelligence (BI) with artificial intelligence (AI), receive relevant actionable business insights, make faster decisions, save time and money, and other benefits offered by augmented analytics are what are driving the market's expansion. The expansion of the market is hampered by security worries across industry verticals regarding the handling of sensitive data and the slow uptake of advanced analytics solutions in underdeveloped countries. On the other hand, it is projected that rising industry-specific solutions based on augmented analytics and increased investment in bots would present attractive market potential.

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Among components, the software segment generated the highest share in 2017, accounting for nearly three-fifths share of the total revenue and is expected to maintain its dominance through 2025. This is attributed to the growing demand for modernization of analytics and business intelligence in organizations and increasing need to leverage the massive amount of data generated from multiple sources in organizations to improve business strategies, customer experience, & brand building, and offer relevant and actionable insights. However, the services segment is expected to grow at the fastest CAGR of 32% through 2025 because of the aggrandized requirement for training, planning, maintenance, and support services and personnel associated with augmented analytics. Moreover, increased demand for implementation, integration, and upgrade of services would supplement the growth of this segment.

The on premise deployment mode segment held the largest share in 2017, accounting for nearly three-fifths of the total market revenue. This segment is expected to retain its lead throughout the forecast period because organizations are concerned about data security and privacy, which is ensured through on premise deployment of augmented analytics solutions. However, the cloud segment is expected to grow at the fastest CAGR of 31.4% during the forecast period, as it is preferred by small and medium organizations due to the low capital cost & maintenance, direct IT control, improved internal data delivery & handling, faster data processing, and efficient resource utilization.

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Latest Trends in Augmented Analytics Market:

• Increased adoption of AI and machine learning: The use of AI and machine learning algorithms to automate data analysis and insight generation was becoming more prevalent in the augmented analytics market. This was enabling businesses to derive valuable insights from large datasets more quickly and accurately.

• Focus on natural language processing: Augmented analytics vendors were increasingly incorporating natural language processing (NLP) into their products, allowing users to ask questions and receive insights in plain language. This was making analytics more accessible to non-technical users.

• Integration with other tools: Augmented analytics tools were being integrated with other business intelligence and analytics tools, such as data visualization platforms and reporting tools. This was enabling businesses to gain a more comprehensive view of their data and insights.

• Cloud-based solutions: Cloud-based augmented analytics solutions were becoming more popular, allowing businesses to access insights from anywhere and reducing the need for on-premises infrastructure.

• Increased focus on data governance and security: As the amount of data being analyzed with augmented analytics tools increased, so did the importance of data governance and security. Vendors were focusing on providing robust data security and governance features to ensure that data was properly protected.

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North America contributed more than one-third of the total market revenue in 2017 and is predicted to continue its dominance during the forecast period, as the region is one of the early adopters of augmented analytics solutions. Also, the market in this region has grown as a result of improvements in advanced analytics and the adoption of AI-driven technologies in business intelligence products. However, Asia-Pacific would experience the fastest CAGR of 30.3% over the course of the study because of the increased need for businesses to produce insightful data, the rise of automation in India, the rising use of AI-driven technologies, and the emergence of augmented workplaces in China, India, and Japan.

The key market players analyzed in the report include IBM Corporation, Qlik, Tableau Insights, Tibco Software, Salesforce.com, Inc., Sisense Inc., SAP SE, SAS Institute, Microsoft Corporation, and ThoughtSpot, Inc. These companies have implemented various strategies including expansions, mergers & acquisitions, partnerships, joint ventures, collaborations, and others to gain a stronghold in the industry.

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David Correa
Allied Analytics LLP
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