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The last few years have seen significant growth in terms of augmented analytics developments that have taken place, with several evolving trends being witnessed within this industry sector over time. Augmented Analytics is a facet of business intelligence (BI) distinguished by its incorporation of AI & natural language processing capabilities into traditional analytical tools. One key trend that emanates from this is increased adoption levels by companies using AI-powered analytical tools. The use cases range from automated preparation through AI algorithms, including analysis, up to precision making. Within the field of augmented analytics, there is another important trend, which is the increasing importance placed on natural language processing (NLP). It means that NLP lets users interact naturally with data so it becomes more accessible across an organization's broader spectrum audience. This evolution towards letting non-experts analyze complex datasets without deep technical skills aligns with the industry's push toward data and analytics democratization.
Another trend that is becoming more common in the market is integrating augmented analytics into business processes. Companies are realizing the benefits of embedding analytics directly into their day-to-day operational workflows through real-time guidance. This is especially evident in industries such as finance, healthcare, and manufacturing, where insights can have a direct impact on business outcomes. Additionally, there has been a shift to cloud-based solutions within the Augmented Analytics market. Cloud-based analytics platforms have scalability, elasticity, and availability features that organizations can take advantage of without making massive infrastructure investments for augmented analytics. This trend also coincides with the broader industry movement toward cloud computing and reflects an increasing preference for agile & flexible analytic solutions.
The market is also witnessing a surge in demand for predictive and prescriptive analytics capabilities. Augmented analytics tools are getting more sophisticated in projecting future trends and recommending significant strategies based on historical data. This trend is important for companies who want to proactively address challenges and take advantage of emerging opportunities in a dynamic and competitive business environment. Various technology companies have been contributing to the growth of the Augmented Analytics market, as outlined above by BI players, as well as innovative startups that introduce advanced analytics solutions focusing on the growing needs of businesses. This competitive landscape promotes continuous innovation, thereby resulting in a general expansion of the augmented analytics environment.
Augmented Analytics Market Highlights:
Augmented Analytics Market Overview
The Augmented Analytics Market is expected to expand at a 22.70% CAGR, according to the MRFR analysis. As a result, the market is expected to reach USD 35.6 billion during the forecast year 2024-2032.
The rising use of analytical tools and advanced artificial technology are the major factors that are driving the market. Thus, the market will experience huge growth during the upcoming years.
Figure 1: Augmented Analytics Market Size, 2022-2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The tools of augmented analytics are used for analyzing automated data. It is done by taking the help of machine learning and technology used for processing natural language. The augmented data helps to improve the process used for data modelling and data profiling. It helps to integrate both the business intelligence and artificial intelligence with analytical tools.
It is estimated that small business organizations will largely adopt analytical solutions to improve their productivity. The tools will further help them to increase their overall profit. But due to some restraining factors such as high costs and lack of skilled professionals will hinder the market growth. However, by the end of the forecast period, the Augmented Analytics Market will have record significant growth in the forthcoming years.
Automating data preparation, insight sharing and data discovery using machine learning and natural language creation is known as augmented analytics. The goal is to integrate artificial intelligence into business intelligence technologies so that citizen data scientists & other business users may use analytics effectively. It cuts down the amount of time spent on data exploration and helps professional data scientists focus on specialized challenges while providing decision makers with the most pertinent and useful actionable insights.
The rising demand to democratize analytics is one of the key factors likely to propel the market growth during the forecast period. Another factor that is projected to drive the market growth is the rise in productivity and growing awareness among businesses to leverage the increasing streams of data from various sources in creative ways. Also, in the upcoming years, there may be more prospects for the market growth due to the rising popularity of augmented analytics solutions among SMEs.
Latest Industry News of Augmented Analytics Market
Jan. 20, 2023 In order to increase the value of the system, Seerist Inc., the top augmented analytics solution for threat and security experts, announced today that it is releasing additional capabilities. The company has also almost finished integrating human analysis content that was previously exclusively available through its CORE service. These enhancements enable customers to obtain considerable contextual insight, decipher the "noise" in the data, and further tailor the solution to focus on key operational areas for a business.
The Predictive Model Mark-Up Language (PMML) Integration capability for Smarten's suite of products for augmented analytics was announced for release in January 2023. Data scientists and business users can construct PMML models in other platforms and utilise such models thanks to PMML integration functionality.
COVID-19 Analysis
With the impact of the Coronavirus pandemic, several enterprises shifted their work to digital platforms. Strict measures were taken to mitigate the risk of contamination such as social distancing, sanitization, and many others. As a result, the demand for tools required for augmented reality spiked. It helps to segregate the important data through cloud and hybrid solutions as well. Therefore, the value of the Augmented Analytics Market will gradually increase during the forecast period.
Market Dynamics
Drivers
Various factors are promoting the Augmented Analytics Business. The growing adoption of tools required for artificial intelligence, business intelligence, and other various technologies is driving the market to a great extent. Along with that, it also provides in-depth statistics and analysis with an accurate prediction of the outcomes. By developing systems for machine algorithms, deep analysis, data preparation, will be helpful in the decision-making process.
Restraints
Several restraining factors such as lacked of skilled professionals will hinder the market growth. The higher costs and complexities to maintain the systems will act as a restraining factor for the augmented analytics market. Also, the high competition among key players will be difficult for the customers to choose a reliable option.
Opportunities
Various organizations are focusing on using advanced tools for augmented analysis to take précised decisions. These factors are further increasing the benefits of other business aspects such as forecast trends, processes, and many more. Developing infrastructure and advancement in technology will open various opportunities for Augmented Analytics Market.
Challenges
The Augmented Analytics Business will be largely beneficial for Small Business Enterprises. But, it will be very difficult for them to compete in the market with the large Enterprises due to a lack of budget. Also, the maintenance of data quality and safety will be difficult due to the absence of skilled individuals among various sectors will restrict the Augmented Analytics Market Sales.
Cumulative Analysis
The rising Augmented Analytics Market Trends such as digitalization and artificial intelligence are major factors for the market growth. It is estimated that the Compound Annual Growth Rate (CAGR) of the market will be around 24%. According to MRFR analysis, the market value will touch up to USD 18 Billion during the forecast year 2021-2028.
Value Chain Analysis
The Augmented Analytics tools and systems give important insights into the data in the retail and e-commerce sector. It also gives customer’s insights on the basis of the previous data quickly. Also, the growing complications of the business have fuelled the need for Augmented Analytics. Its huge capability to extract relevant data and giving proper insights can improve the Augmented Analytics Market Profit.
Market Segmentations
The Market Segments is divided into deployment mode, component, vertical, and organization size.
- Based upon deployment, the Augmented Analytics Business is sub-segmented into On-Cloud, Hybrid, and On-Premise.
- Based upon vertical, the market is again divided into Telecommunication and IT, Utilities and Energy, Defense and Government, Entertainment and Media, BFSI, Healthcare, Manufacturing and Retail, and Transportation.
- Based on components, the market is further sub-segmented into Managed Services and Professional Services.
- Based on organization size, the Augmented Analytics Industry is again categorized into Large Enterprises and Medium and Small Enterprises.
Regional Insights
On the basis of geographical region, the market is divided into Europe, Asia-Pacific, North America, and the rest of the world. According to the Augmented Analytics Market Analysis, the North American region will hold the largest market share. Especially countries such as the United States and Canada are fuelling the market growth. Various supporting factors such as advanced technologies, better infrastructure with expert technicians are the main reasons for its massive growth.
After that, Europe and Asia-Pacific will respectively dominate the Augmented Analytics Market Size. It is evaluated that the European region will hold the second-largest share in the Augmented Analytics Industry. Due to the growing demand for analytics tools and solutions for increasing the growth of consumer and retail goods, the market is expected to flourish exponentially.
However, the Asia-Pacific region is expected to observe the highest growth. With the rapid development in technology, digitalization is the fuelling factor. Important countries like India and China are growing at a rapid speed. Mainly, demand and development in artificial and business intelligence and preference for machine learning and language processing will be beneficial for the Augmented Analytics Market.
Competitive Landscape
There are various key players that use different strategies to improve their business portfolios. The Augmented Analytics Industry Top Leaders announce mergers, partnerships, product launches, acquisitions, etc. to increase their business foothold. These are some key players playing a major role in escalating the market growth-
- Tableau Software (US)
- MicroStrategy (US)
- Microsoft Corporation (US)
- IBM (US)
- Birst (US)
- SAS Tibco (UK)
- SAP SE (Germany)
- Sisene (US)
- Logi Analytics (US)
- Looker (US)
- Qilk (Sweden)
- Salesforce (US)
- Yellowfin (Australia)
- Pyramid Analytics (Netherlands)
- Board International (Switzerland)
- Oracle (US)
Recent Developments
In June 2019 Qlik announced its new multi-cloud platform integrated with augmented intelligence. This step made Qlik the one and only provider to offer its software comprising multi-cloud deployments.
In 2019, Salesforce announced its future plans to acquire a renowned company called Business Intelligence in May.In the year 2019, Tableau Software released its new software called "Ask Data" which consists of natural language processing. This software was designed to provide an immediate visual response in plain language for the questions asked by users.AVORA, an enterprise analytics enterprise in January 2019 announced its investment in machine learning algorithms worth USD. 6.5 Million. It also invested in augmented intelligence to improve its sales and leadership skills.
Report Overview:
- Market Overview
- COVID-19 Analysis
- Dynamics of the Market
- Value Chain Analysis
- Market Segmentation
- Regional Analysis
- Competitive Analysis
- Recent Development
Report Score and Segmentation:
- Study Period- 2021-2028
- Base Year-2021
- Forecast Period- 2021-2028
- Historical Period-2019-2020
The score of the report is to give insight into the Augmented Analytics Market during the forecast period 2021-2028. It gives important information about the potential and highlights the growth of the market. The report also covers other factors such as opportunities, challenges, and key players growing in the market. Furthermore, the important information provided in this report is gathered from secondary and primary sources.
Segmentation:By Deployment:
- Hybrid
- On Cloud
- On-Premise
By Vertical:
- Telecommunication and IT
- Utilities and Energy
- Defense and Government
- Entertainment and Media
- BFSI
- Healthcare
- Manufacturing and Retail
- Transportation
By Component:
- Managed Services
- Professional Services
By Organisation Size:
- Large Enterprises
- Medium and Small Enterprises
By Region:
- Asia-Pacific
- Europe
- North America
- Rest of the World
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