The global augmented analytics market size was valued at USD 4,760 million in 2020 and is expected to expand at a CAGR of 25.5% during the forecast period, 2021–2028. The growth of the market is attributed to the organization's growing need for intelligent business tools in the field of data analysis and to raise the productivity of business processes.
Augmented analytics involves a process of intellectual data evaluation that makes pattern detection easier for non-technical users by running multiple algorithms and creating a standard format. The technology also converts non-linguistic data into a human-readable format for better comprehension by business executives. Moreover, the integration of natural language processing technology into augmented analytics has widely allowed users of business intelligence technology to interact in a conversational mode. Further, it includes functionalities such as data preparation, deciphering data patterns, and building models, as well as distributing and operationalizing the data findings.
The outbreak of COVID-19 pandemic had forced to shatter the global economy and governments across the globe imposed different set of rules and regulations to reduce the risk of the virus contamination. As a result, business organization have rapidly shifted towards establishment and upgrade of their digital platforms and infrastructure; thus, the demand for augmented reality tools skyrocketed. It also aids in the separation of important data using the cloud and hybrid solutions.
Market Trends, Drivers, Restraints, and Opportunities
- Rising adoption of intelligent business tools in data analytics and requirement for the analysis solutions to interpret a large volume of operational data of businesses are key factors boosting the market growth.
- Adoption of advanced and innovative technology across the globe to increase productivity by allowing effective business operations presents another key factor that drives the market growth.
- Rapid expansion of companies due to industrialization and complexity associated with well-management of data on a daily basis have increased the demand for the analytic tools.
- Issues regarding the violation of users’ privacy and security are key hurdles expected to hamper the market expansion during the forecast period.
- Developing infrastructure and advancement in technology are some vital factors creating lucrative opportunities for market expansion in the long run.
Scope of the Report
The report on the global augmented analytics market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Augmented Analytics Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Deployments (Cloud-based and On-premise), Components (Services [Implementation Services, Support & Maintenance Services, Training Services, and Consulting Services] and Software), Enterprise Sizes (Large Enterprises and Small & Medium Enterprises), and End-users (Healthcare, IT & Telecommunication, Manufacturing, Retail & E-commerce, BFSI, Government, Energy utilities, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Tableau Software; Sisense Inc.; Salesforce.com, Inc.; TIBCO Software Inc.; SAS Institute Inc.; MicroStrategy Incorporated; Microsoft Corporation; IBM Corporation; SAP SE; and QlikTech International AB
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Market Segment Insights
Cloud-based segment is projected to expand at a considerable CAGR
On the basis of deployments, the augmented analytics market is bifurcated into cloud-based and on-premise. The cloud-based segment is projected to expand at a considerable CAGR during the forecast period as cloud-based analytics allows for more flexible and agile deployment of the technology. On the other hand, the on-premise segment is anticipated to account for a major market share during the forecast period due to the ease of customization offered during implementation of tools by businesses such as startups and SMEs.
Service segment is expected to account for significant market share
In terms of components, the market is divided into services and software. The service segment is further classified as implementation services, support & maintenance services, training services, and consulting services. The service segment is expected to account for significant share of the market as consulting services provide organizations with appropriate analytics and assist businesses in determining how analytics will benefit their operations. However, the software segment is anticipated to represent a large market share due to wide use of software as data visualization tools and analysis tools among companies.
Large enterprise segment to constitute considerable market share
On the basis of enterprise sizes, the augmented analytics market is bifurcated into large enterprises and small & medium enterprises. The large enterprise segment is anticipated to constitute considerable market share due to requirement of advanced analytical tools to handle and manage a large volume of data among big enterprises. However, the small & medium enterprise is expected to register a moderate CAGR during the forecast period due to the high cost associated with the new technologies for implementation among small businesses.
BFSI sector is expected to grow at a significant rate
Based on end-users, the market is segregated into healthcare, IT & telecommunication, manufacturing, retail & e-commerce, BFSI, government, energy utilities, and others. The BFSI sector is expected to grow at a significant rate during the projected period to increase the proficiency of various customer service processes as well as real-time financial insights. Moreover, the healthcare segment is expected to register a fast-growth rate as hospitals are increasingly deploying several advanced analytics techniques to provide quick answers to patients' most frequently asked questions using their websites.
North America is anticipated to constitute a key market share
In terms of regions, the augmented analytics market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the projected period owing to delivering good customer experience by business organizations. However, the market of Asia Pacific is anticipated to expand at a rapid pace during the forecast period due to the implementation of data discovery and visualization among enterprises.
Segments
Segments Covered in the Report
The global augmented analytics market has been segmented on the basis of
Deployments
Components
- Services
- Implementation Services
- Support & Maintenance Services
- Training Services
- Consulting Services
- Software
Enterprise Sizes
- Large Enterprises
- Small & Medium Enterprises
End-users
- Healthcare
- IT & Telecommunication
- Manufacturing
- Retail & E-commerce
- BFSI
- Government
- Energy Utilities
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Tableau Software
- Sisense Inc.
- Salesforce.com, Inc.
- TIBCO Software Inc.
- SAS Institute Inc.
- MicroStrategy Incorporated
- Microsoft Corporation
- IBM Corporation
- SAP SE
- QlikTech International AB
Competitive Landscape
Key players competing in the global augmented analytics market are Tableau Software; Sisense Inc.; Salesforce.com, Inc.; TIBCO Software Inc.; SAS Institute Inc.; MicroStrategy Incorporated; Microsoft Corporation; IBM Corporation; SAP SE; and QlikTech International AB.
With the demand for new capabilities are growing, vendors are responding by offering advanced self-serve data discovery tools, assisted predictive modeling, and other services. For example, Microsoft Corporation announced updates to Power BI in February 2019 to improve the user experience and upgrade o new features such as Q&A, conditional formats, data connections, and custom visuals.
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