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The global Augmented Analytics Market, valued at USD 14.26 billion in 2023, is projected to grow at a compound annual growth rate (CAGR) of 28.1%

VANCOUVER, BRITISH COLUMBIA, CANADA, June 5, 2024 /EINPresswire.com/ -- The global Augmented Analytics Market, valued at USD 14.26 billion in 2023, is projected to grow at a compound annual growth rate (CAGR) of 28.1% during the forecast period, according to the latest analysis by Emergen Research. Key drivers of market growth include the increased use of advanced business analytics tools, rising demand for automation in data analysis and processing, rapid digital transformation across industries, and the growing volume of data in various enterprises.

Augmented Analytics (AA) leverages artificial intelligence (AI) and machine learning (ML) to streamline data preparation, contextual analysis, visualization, and interaction for businesses. AA enables organizations to develop key solutions by automating repetitive tasks like implementing ML and deep learning (DL) algorithms, data preparation, and insight discovery at various stages of business growth. This enhances decision-making speed, efficiency, and overall productivity.

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Additionally, AA facilitates quicker delivery of business solutions through efficient data analysis using fewer resources. It also increases profitability by allowing organizations to share prepared data with other firms via the cloud. The deployment of ML algorithms aids in identifying critical insights and actionable information for businesses. Moreover, natural language processing (NLP) makes domain-specific insights easily accessible through applications on computers or text messaging on mobile devices. NLP also enables the instant delivery of analysis reports with self-service analytics and conversational interactions, saving time for IT professionals. Consequently, many companies are adopting this technology to detect trends and patterns in business operations.

For example, on May 3, 2021, Smarten launched Smarten Clickless Analytics, an NLP Search Analytics tool designed for both new and existing business users. This tool helps users identify trends and patterns, providing information in simple language, thereby contributing to market growth.

However, the market faces challenges such as privacy issues and security concerns related to data analysis using augmented analytics, due to the increasing incidence of cyber hacks and unauthorized data access. Data breaches are also hindering market growth by causing performance issues and potential economic losses for companies using these analytical tools. Additionally, the high cost of installing augmented analytics infrastructure and the lack of data governance, leading to low-quality data analysis and irrelevant conclusions, are significant obstacles to market growth.

Some Key Highlights From the Report

Cloud segment accounted for largest revenue share in 2022. The main benefit of using few resources to execute the augmented analytics program through the cloud is driving the segment growth. This is because all platforms for sophisticated analytics and corporate intelligence are accessible and maintained on the cloud. Additionally, the cloud-based augmented analytics offer self-service options to users in addition to data analyst professionals and businesses implementing such analytics in their operational systems. Moreover, the use of cloud-based analytics reduces the requirement of staff and provides more time for large-scale data analysis. Furthermore, it aids in the instantaneous detection of patterns and trends in the data sets.

The Deployment and Integration segment is expected to grow at a steady CAGR during the forecast period. The time required to develop, train, and deploy machine learning (ML) models is significantly reduced due to augmented analytics. This is because the repetitive manual activities required in data analytics is automated which helps to minimize human intervention and improve emphasis on other, more crucial duties.
North America accounted for significant revenue share in 2022. This region's augmented analytics market is growing as a result of the faster technological development in domains including AI and ML, which are helping businesses such as life sciences companies increase their revenue share and improve their decision-making.

Additionally, the growth of the market in this region is due to the introduction of new products and significant investments undertaken by significant companies for high analytic solutions. For instance, on 24 May 2023, WhizAI, a pioneer in AI-powered analytics for the life sciences and healthcare, and TrinityLife Sciences, a leader in global life sciences commercialization solutions announced a partnership that allows easier creation and sharing of share AI-driven insights for life sciences companies. WhizAI's improved analytics is boosting Trinity's enterprise reporting tools to give insights to more corporate stakeholders. These are some of the factors that are driving the market growth in this region.

Some major companies in the global market report include IBM, Salesforce, Inc., QlikTech International AB, SAP, Microsoft, SAS Institute Inc., Oracle, Cloud Software Group, Inc., MICROSTRATEGY INCORPORATED, Sisense Ltd., ThoughtSpot Inc., YellowFin, Domo, Inc., GoodData Corporation, Softengi, PYRAMID ANALYTICS, Board International, Insightsoftware, Amazon Web Services, Inc., and CognitiveScale.

On 22 March 2023, AnswerRocket, a pioneer in providing augmented analytics to the workplace announced the launch of Max, a novel conversational AI assistant developed to aid organizations in exploring, analysing, and gaining insights from their data. The GPT-4 large language model from OpenAI and the augmented analytics platform from AnswerRocket are combined in Max to create an easy conversational AI experience for obtaining insights.

To get leading market solutions, visit the link below: https://www.emergenresearch.com/industry-report/augmented-analytics-market

Emergen Research has segmented global Augmented Analytics Market on the basis of Deployment Type, Component, Organization Size, End-Use, and Region:

Deployment Type Outlook (Revenue, USD Billion; 2020-2033)
On-Premises
Cloud

Component Outlook (Revenue, USD Billion; 2020-2033)
Software
Services
Training and Consulting
Deployment and Integration
Support and Maintenance

Organization Size Outlook (Revenue, USD Billion; 2020-2033)
Large Enterprises
Small and Medium-sized Enterprises (SMEs)

End-Use Outlook (Revenue, USD Billion; 2020-2033)
Banking, Financial Services, and Insurance (BFSI)
Telecom and IT
Retail and Consumer Goods
Healthcare and Lifesciences
Manufacturing
Government and Defense
Energy and Utilities
Transportation and Logistics
Media and Entertainment
Others

Regional Outlook (Revenue, USD Billion; 2020-2033)
North America
U.S.
Canada
Mexico
Europe
Germany
France
U.K.
Italy
Spain
Benelux
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
UAE
South Africa
Turkey
Rest of MEA

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Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

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