The increasing need for real-time business insights to make faster business decisions is driving the augmented analytics market growth
The global augmented analytics market size is likely to attain over USD 49 billion by the year 2028. Besides, it is likely to project a CAGR of nearly 28% during the forecast years 2021-2028. The augmented analytics leverages machine learning and artificial intelligence to automate the processes from data accumulation to insight generation from the data. It has the capability of replacing the data scientists and the human approach. However, organizations are looking for uniform solutions that can combine human and machine capabilities to create a more precise interpretation of the data.
The present and future augmented analytics market progress is summarized to conclude the attractiveness of the entire market. Also, prime factors that influence the augmented analytics market opportunities during the forecast years. Factors such as the increase in the need for real-time business insights to make faster business decisions is the key factor driving the market growth for augmented analytics.
Also, the growing demand for advanced analytics and BI (Business Intelligence) tools is another factor driving market growth. 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.
The report also emphasizes several distinctiveness of the global augmented analytics industry by valuing the market from value chain breakdown. Moreover, the report encompasses numerous qualitative features of the augmented analytics industry which comprises market restraints, drivers, as well as key industry opportunities. Furthermore, the report offers an inclusive evaluation of the company profiling along with the market rivalry of local and global vendors.
The augmented analytics market has tough competition among the new emerging and pre-established market vendors. Besides, the augmented analytics industry vendors are trying to capture the prospective markets to grab a competitive advantage over the remaining industry vendors. To capture the market, market players are forming agreements, acquiring other companies & startups, mergers & acquisitions, partnerships & collaboration, and escalating their business existence.
In terms of the application, the market is categorized into operations, IT, sales & marketing, finance, and others. The sales & marketing segment is predicted to achieve the largest growth during the forecast years 2021-2028. On the other hand, 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 the Operations segment is largely ascribed to the upsurge in demand from small enterprises and homes.
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. However, 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.
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. In addition, 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.
Segment Overview of 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)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America