Business intelligence (BI) and analytics have become crucial things for the majority of businesses. Initially started with coding-based analytics in the 1990’s it slowly evolved into visual-based analytics and with further advancements analytics is now leveraging the power of automation. Augmented analytics leverages data science and artificial intelligence to convert big data into more usable and smaller datasets and insights. Besides, it helps in offering real-time insights, automating processes, and making better business decisions.
The Augmented Analytics market is expected to grow at a CAGR of 22.70.% to reach 35.6 in 2030.
The global augmented analytics market size is predicted to reach over USD 49 billion by 2028. This can be ascribed to the growing demand for advanced analytics and BI (Business Intelligence) tools. Besides, the increase in the need for real-time business insights to make faster business decisions is also the key factor driving the market growth for augmented analytics.
However, increasing data security concerns are hampering the market growth. Furthermore, the increase in the adoption of machine learning, NLP, and artificial intelligence is likely to provide lucrative development opportunities for the augmented analytics market in the forthcoming years.
Augmented Analytics Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2030||USD 35.6 Billion|
|Growth Rate||CAGR of 22.70 % during 2022-2030|
|Segment Covered||By Component, By Vertical, By Deployment, Region.|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Salesforce, SAP SE, IBM Corporation, Microsoft Corporation, Oracle, Tableau Software, SAS, Tibco Software, Sisense, Qlik, MicroStrategym Looker, Yellowfin, Board International, Logi Analytics, Pyramid Analytics|
Key Segments of the Global Augmented Analytics Market
Component Overview, 2019-2028 (USD Million)
Application Overview, 2019-2028 (USD Million)
- Sales & Marketing
Industry Vertical Overview, 2019-2028 (USD Million)
- IT & Telecom
Regional Overview, 2019-2028 (USD Million)
- Rest of Europe
- Rest of Asia-Pacifi
Middle East and Africa
- South Africa
- Rest of Middle East and Afric
- Rest of South America
Frequently Asked Questions (FAQ) :
Over the past few decades analytics has evolved from code-based conventional analytics structure to automated structure. With the growing adoption of numerous technologies, analytics is no more limited to a particular department and being adopted across a wide range of industries and their business processes.
Advanced technologies such as artificial intelligence, machine learning, and data science enable augmented analytics to prepare data, generate insight, and visualize them which further allows businesses to make better decisions. Moreover, augmented analytics also boosts business intelligence processes through numerous ways such as conversational analytics, task automation, and context-aware insight suggestions. With all these capabilities augmented analytics allows organizations to save costs as well as time spent on gathering the data and generating insights manually by the data scientists.
Furthermore, as the adoption of IoT is increasing, the amount of data is being generated at tremendous speed. To store all this data in its natural form is going to be impossible in upcoming years as it also contains a large number of unnecessary things. Hence, augmented analytics is expected to help organizations in creating the necessary and useful insights through all such raw data at a faster pace.
The market is consolidated as several major market players currently hold the major market share. However, the market is expected to become fragmented in the forthcoming years as several new market players are emerging from developing countries such as India, Japan, China, and other countries.
Based on the component segment, the market is bifurcated into services and software. In 2020, the software segment accumulated the maximum market share and it is likely to continue its dominance throughout the forecast years. However, the services segment is projected to attain major growth throughout the forecast years owing to the increasing need to provide uninterrupted support & maintenance and training & consulting services.
Based on the application, the market is segmented into operations, IT, sales & marketing, finance, and others. The finance sector seized the maximum market share in 2020 and it is likely to maintain its place throughout the forecast years. The growth of this segment is largely ascribed to the growing adoption of advanced technologies in the BFSI industry and an increase in the need to provide better services to the customers.
Industry Vertical Segment
Based on the industry vertical, the market is segmented into retail, IT & telecom, BFSI, healthcare, manufacturing, others. The BFSI segment gathered the major market share in 2020 and it is likely to continue its dominance throughout the forecast years. The growing need to provide real-time financial insights and enhance loan processing & customer services are boosting the market growth across banking & financial institutions. However, in 2020, the healthcare industry is expected to experience major industry growth during the forecast years.
The North American region is likely to account for the maximum market contribution during the forecast years. The domination of this region is largely ascribed to the increasing demand among small & medium as well as large enterprises to enhance their business operations. However, the Asia-Pacific is likely to gather noteworthy growth through the forecast years 2021-2028. The growth of the augmented analytics market in this region is mostly ascribed to the growing adoption of augmented analytics by companies in countries such as India, Japan, and China to compete against other regional players.
The major players of the global augmented analytics market are Domo, IBM, Microsoft, MicroStrategy, Oracle, Salesforce, SAS, SAP, Tableau, and TIBCO Software. Moreover, the additional prospective market players in the augmented analytics market are Pyramid Analytics, Qlik, Sisense, ThoughtSpot, and Yellowfin. Renowned companies are offering new and modern augmented analytics software solutions. Besides, the previously recognized as well as new market players are approaching the market with advanced and new strategic services and solutions and to remain competitive in the global market.