The global augmented analytics market size is expected to reach USD 22,390.1 million by 2025, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 25.2% from 2019 to 2025.
Data has become one of the most critical assets for any organization. Every organization’s progress depends on how correctly the data resources are being used. To ensure that data resources are appropriately used, enterprises are depending on data scientists, which are rare resources, to get actionable insights. This has driven the adoption of augmented analytics among organizations, which eliminates the dependency on data scientists. The augmented analytics technology allows enterprises to get consistent data with fewer errors in lesser time. It also accelerates data preparation and discovery with the help of advanced tools such as machine learning and artificial intelligence. In addition, it eliminates the requirement of any technical person to write algorithms for creating data analysis models that can determine insights.
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The field of data analytics has evolved significantly in recent years. The increasing requirement of data scientists to analyze massive volumes of data to derive actionable insights has generated the need for augmented analytics. The technology automates the data science steps and analysis used in the process of advanced analytics, thereby providing actionable insights from data. This is done by using linguistic and statistical technologies to break down big data into small chunks that are more usable.
The augmented analytics technology has helped in delivering more detailed and relevant insights from the copious amount of data stored within an organization or generated during everyday operations and procedures. Factors such as rising demand of intelligent business tools in the field of data analytics, increasing adoption of smart discovery tools for business users, rising need for an increase in productivity, and the growing adoption of technology across diversified industry verticals are propelling the growth of the augmented analytics market.
Further key findings from the report suggest:
• Increasing adoption of predictive and prescriptive analytics to determine the information and appropriate reasoning for any analysis coupled with the growing need for data quality management to clean and prepare data and distribute it across the enterprise will spur the growth of the market
• The adoption of cloud-based analytics is expected to increase due to capabilities such as agility and quick response time along with robustness offered by the cloud
• The integration of artificial intelligence and automation into augmented analytics technology is augmenting the user experience by providing capabilities such as chatbots to enable real-time services to customers
• The North American region dominated the augmented analytics market in 2018. The Asia Pacific region is projected to register the highest CAGR from 2019 to 2025
• Key competitors in the market are Microsoft Corporation, IBM Corporation, SAP SE, Qlik Technologies Inc., Tableau Software Inc., Sisense Inc., Salesforce.com, Inc., TIBCO Software Inc., SAS Institute Inc., and MicroStrategy Incorporated.
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Grand View Research has segmented the global augmented analytics market on the basis of enterprise size, component, deployment type, industry vertical, and region:
Augmented Analytics Enterprise Size Outlook (Revenue, USD Million, 2014 - 2025)
• SMBs
• Large Enterprises
Augmented Analytics Component Outlook (Revenue, USD Million, 2014 - 2025)
• Software
• Services
o Training Services
o Consulting Services
o Implementation Services
o Support and Maintenance Services
Augmented Analytics Deployment Type Outlook (Revenue, USD Million, 2014 - 2025)
• Cloud
• On-premise
Augmented Analytics Industry Vertical Outlook (Revenue, USD Million, 2014 - 2025)
• Retail & E-commerce
• Healthcare
• BFSI
• IT and Telecommunication
• Manufacturing
• Government
• Energy utilities
• Others
Augmented Analytics Regional Outlook (Revenue, USD Million, 2014 - 2025)
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o U.K.
o France
• Asia Pacific
o China
o Japan
o India
• South America
o Brazil
• Middle East and Africa (MEA)
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.