Augmented Analytics Market Forecasts to 2028 – Global Analysis By Component (Software, Services and Other Components), Deployment (On-Premises and Cloud), Organization Size (Small Sized Enterprises, Medium Sized Enterprises and Large Enterprises ) End Use

Augmented Analytics Market Forecasts to 2028 – Global Analysis By Component (Software, Services and Other Components), Deployment (On-Premises and Cloud), Organization Size (Small Sized Enterprises, Medium Sized Enterprises and Large Enterprises ) End User and Geography

According to Stratistics MRC, the Global Augmented Analytics Market is accounted for $9.67 billion in 2022 and is expected to reach $24.05 billion by 2028 growing at a CAGR of 16.4% during the forecast period. The augmented analytics refers to the use of enabling technologies like machine learning and AI to help with data preparation, insight generation, and insight explanation to enhance how people explore and understand data in analytics and BI systems. By automating a lot of data science, machine learning, and AI model building, administration, and deployment processes, it also supports professional and citizen data scientists. Utilizing augmented analytics, businesses may become more adaptable, increase analytics access, and enable people to make smarter, data-driven decisions, accelerate decision-making, and cut expenses.

According to SAS Institute, estimated adoption rates of Big Data in the United Kingdom in 2020 are forecasted at around 59%. This showcases the huge potential for augmented analytics and thus, can provide a great advantage in the online retail segment.

Market Dynamics:

Driver:

Growing volume of complex corporate data

Organizations have begun integrating several technological aspects into their operational procedures. Huge volumes of data have been produced as a result of this. Although this data frequently has a high volume and is not organised, it does contain significant information. Most organisations are concerned with data storage and knowledge extraction. A significant demand exists for augmented analytics tools like machine learning and natural language processing to analyse the data. It is now possible to examine the structured, semi-structured, and unstructured data sources that are available within an organisation thanks to augmented analytics. Due to the evolution of digital technology across company processes, it is anticipated that there would be an encouraging growth in the market.

Restraint:

Lack of skilled professionals

Organization uses advanced analytics approaches that are complex in nature and call for in-depth analytical skills, to derive business insights from data. Due to the technology's architecture, augmented analytics is a particularly difficult field. A person needs technological expertise, analytical thinking, and critical thinking to employ augmented analytics. Many end consumers lack the resources and knowledge necessary for analytical thinking. Another major obstacle is the ignorance of augmented analytics. Furthermore, in order to create a culture that is data driven and decision-making, business expertise is required, along with the right training.

Opportunity:

The use of technology for machine learning, artificial intelligence, and natural language processing is growing.

Organizations have been forced to adopt emerging technologies like AI, ML, and NLP due to the development of enormous amounts of data and the requirement to evaluate it in real time. The entire process of deriving insights from data has been made easier by these technologies. Typically, charts and graphs were used for data analysis. The research methodology was not user-friendly to the untrained eye, and there was a chance of misunderstanding and substandard judgement. The NLP technology fixes this problem. Strategic streaming and the use of these technologies may comprehend large datasets and produce insightful data that can be used to create unique and effective solutions.

Threat:

Difficulty in maintaining quality data

Preserving data quality and safety is challenging huge amounts of data and a diversity of data types can raise the possibility of bad data, which can hurt firms and their profits and stymie operations. When employing augmented analytics to get insights, data quality is a crucial determinant of data reliability. Businesses are becoming more reluctant to disclose their vital business data on the cloud. Sharing vital company information exposes systems to unauthorised access, which could sabotage systems or result in system failure. Businesses are reluctant to transfer their data to the cloud because they are so sensitive to data storage and access therefore hindering the market growth.

Covid-19 Impact

During the Covid 19 pandemic era, the market for augmented analytics is anticipated to experience growing prospects. As a number of organisations deal with the difficulties brought on by the COVID 19 epidemic, the demand for quick and widespread updates and instructions has grown. The crisis offered an opportunity for analytics and AI-based solutions to support decision making since business leaders demanded that decisions be made quickly. By labelling and structuring the data, augmented analytics automates the preparation of the data for analysis. AI helps analytics by speeding up the process of finding new insights which positively impacted the market.

The Software segment is expected to be the largest during the forecast period

The Software segment is estimated to have a lucrative growth due to its one of most cutting-edge analytics-driven application that incorporates cutting-edge technology like artificial intelligence is called augmented analytics software. However, as emerging technologies, like the Internet of Things, develop, there is a growing need for better analytic solutions. A tool called augmented analytics software gathers, organises, and analyses data before displaying it to the user. By incorporating AI technology into BI, it enables users to quickly prepare and clean their data, find insightful information, and share it with others thereby propelling the market growth.

The IT & Telecommunication segment is expected to have the highest CAGR during the forecast period

The IT & Telecommunication segment is anticipated to witness the fastest CAGR growth during the forecast period, due to the use of sophisticated machine learning algorithms, augmented analytics in telecom can scan huge amounts of data, including call detail records in the telecoms sector, to identify patterns, spot problems in the network, and foresee them. Strong IT systems with cutting-edge Augmented Analytics for telecom at their core can complete tasks with extreme precision and no mistakes. Machine learning algorithms that are unsupervised can learn from data on their own without any further technical support. It frees up time that would otherwise be used to manually research trends, allowing marketers to react more swiftly to the quickly shifting market conditions. Teams in the telecom industry can use augmented analytics to examine technician performance metrics, identify unnecessary service requests, and otherwise enhance customer service.

Region with largest share:

North America is projected to hold the largest market share during the forecast period owing to the extensive use of artificial intelligence and the acceptance of its potential to compete with or completely replace human intelligence. Data consumers had to do a number of mindless, repetitive activities that took a lot of time. These jobs are now automated and may be completed in real time owing to AI, greatly enhancing human productivity. Given the intense competition among firms in the region, productivity maximisation can be done to generate improved profits, hence increasing their overall income in turn increasing the growth in the region.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period, owing to the substantial money offered by venture capitalists to new companies is probably going to have a favourable effect on the expansion of the predictive analytics sector. For well-known players, emerging developments in methods and approaches related to the development of augmented analytics are projected to present significant potential. In Europe, there is a substantial need for these solutions because to the growing significance and awareness of augmented analytics models which are driving the market growth in this region.

Key players in the market

Some of the key players profiled in the Augmented Analytics Market include Salesforce.com, Inc, IBM, Microsoft, Sap Oracle, MicroStrategy Incorporated, SAS Institute Inc, QlikTech, TIBCO Software Inc, Sisense Inc, Information Builders, ThoughtSpot Inc, Domo, Inc, Yellowfin International, CognitiveScale, Google LLC, Amazon Web Services,Inc and Pyramid Analytics.

Key Developments:

In Jan 2023, Salesforce has announced a partnership with Walmart Commerce Technologies to provide retailers with technologies and services that power frictionless local pickup and delivery for shoppers everywhere. Walmart Store Assist technology and Walmart GoLocal local delivery solutions will be available through AppExchange to help retailers thrive in today’s hybrid shopping world.

In Jan 2023, Microsoft and Qcells announce strategic alliance to curb carbon emissions and power the clean energy economy, Qcells is the only company in the U.S. that will have a complete solar supply chain and provides one-stop clean energy solutions.

Inj Jan 2023, Qlik announced its intention to acquire Talend, which would bring together two Thoma Bravo-backed industry leaders with a shared focus on adding value to data to deliver business outcomes for customers. Additionally, Qlik has been named a leader in the IDC MarketScape: U.S. Business Intelligence and Analytics Platforms 2022 Vendor Assessment.

In Dec 2022, Salesforce Launches Automation Everywhere Bundle to Help Companies Lower Costs, Boost Productivity, and Deliver Success Now, However, the last mile of automation is challenging and often includes updating data in legacy systems, scanning paper documents, and routing work to multiple people and systems.

Components Covered:
• Software
• Services
• Other Components

Deployments Covered:
• On-Premises
• Cloud

Organization Sizes Covered:
• Small Sized Enterprises
• Medium Sized Enterprises
• Large Enterprises

End Users Covered:
• IT & Telecommunication
• Retail & Consumer Goods Manufacturing
• Energy & Utilities
• Government
• Media & Entertainment
• Banking, Financial Services, & Insurance(BFSI)
• Healthcare
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements