NEWARK, Del, Sept. 14, 2023 (GLOBE NEWSWIRE) -- According to FMI research analysts, the market for augmented analytics is expected to reach US$ 8,654.5 Million by 2023 and reach US$ 62,360 Million by 2033. The market is projected to witness a growth rate of 21.8% between 2023 and 2033.
A growing number of organizations are realizing the potential of augmented analytics in democratizing data analysis, which may result in it becoming more mainstream. The adoption of augmented analytics tools by small and medium-sized businesses will increase.
The use of augmented analytics tools will facilitate more effective communication of insights through advanced communication capabilities and visualization tools. Various industries and organizations will benefit from augmented analytics tools that are more customizable and personalized.
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Businesses will be able to leverage analytics more efficiently with augmented analytics solutions and templates tailored to their industries. The need for education and training will grow as augmented analytics tools become more common, ensuring that users make the most of them.
Analytical solutions tailored to businesses' unique needs and goals are in high demand. Specializing in the development of custom analytics software and models for specific industries and functions. Providing clients with personalized solutions can result in long-term partnerships that will benefit both companies.
Business analysts, data scientists, and domain experts are forming cross-functional analytics teams. Data analytics at the edge reduces latency and improves real-time decision-making by processing data closer to the point of origin. In addition to enabling the analysis of data on-site, these solutions also reduce the cost of responding.
Key Takeaways from the Market Study
- The global market for augmented analytics market is expected to rise at a CAGR of 21.8%.
- The market for augmented analytics in Germany is expected to witness a growth rate of 7.6% CAGR during the forecast period.
- A total of US$ 160 million is expected to be generated by India between 2023 and 2033.
- The healthcare industry is expected to register at a CAGR of 20% until 2033.
- Augmented Analytics demand in the United States is expected to reach US$ 158 million from 2023 to 2033.
“Augmented analytics will become more relevant as cloud solutions and artificial intelligence grow in popularity. Augmented analytics demand is expected to rise in coming years as machine learning and automation become more popular," says an FMI analyst.
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Competitive Landscape
A highly competitive market has developed in the augmented analytics field globally over the past decade. With a broader and more cost-effective product line, the business will be able to thrive in a market that is highly competitive.
Key Companies Profiled are-
- Salesforce
- SAP
- IBM
- Microsoft
- Oracle
- Softengi
- MicroStrategy
- SAS
- Qlik
- TIBCO Software
- Sisense
- Pyramid Analytics
- Yellowfin
- ThoughtSpot
- Domo
Market Developments Include
- In August 2023, Saksoft, based in Chennai, India, acquired Solveda Group, a New York-based software design and development company. The company specializes in Augmented Analytics, Enterprise Applications, Intelligent Automation, and Enterprise Cloud. There was no information on the deal's amount. As a result of the acquisition, Saksoft will be able to further emphasize its Inch-wide Mile-Deep strategy to successfully compete in niche markets.
- In September 2023, Arista Networks, Inc., a leading provider of data-driven, data center, and campus networking solutions, announced that Spark selected its company as the preferred provider of private cloud networking services to support Spark's new private telecommunications cloud platform's data centre networking services.
Competitive Landscape - Regional Trends
The augmented analytics market boasts a competitive landscape characterized by relentless innovation and strategic partnerships. Regional trends are shaping the market dynamics, with North America currently leading the charge due to its robust technological infrastructure and early adoption of augmented analytics solutions. Europe and Asia-Pacific are not far behind, with increasing investments in AI and machine learning technologies fueling market growth.
Restraints
While the prospects are promising, the augmented analytics market does face some challenges. Data privacy concerns and the need for rigorous data governance continue to be pressing issues. Moreover, the complexity of implementing augmented analytics solutions and the associated costs pose hurdles for some organizations.
Region-wise Insights - Category-wise Insights
- North America: The United States is the epicenter of augmented analytics adoption, with enterprises across industries embracing this technology.
- Europe: The European market is witnessing substantial growth, driven by the healthcare and finance sectors.
- Asia-Pacific: Rapid urbanization and digitization in countries like China and India are fostering market expansion.
- Latin America: Augmented analytics is gaining traction in Latin America, particularly in retail and e-commerce segments.
- Middle East and Africa: Adoption is steadily increasing, with the banking and telecommunications sectors leading the way.
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the augmented analytics market, the market is segmented on the basis of Solution (Augmented Analytics Software (On-Premises, Cloud) Services (Consulting, Deployment and Integration, Support and Maintenance)), Enterprise Size (Large Enterprises, Small and Mid-Sized Enterprises (SMEs)), Industry (BFSI, Retail, IT and Telecom, Manufacturing, Healthcare, Government, Others) and Region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, Middle East, and Africa).
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Segmentation Analysis of the Augmented Analytics Market
By Solution:
- Augmented Analytics Software
- On-Premises
- Cloud
- Services
- Consulting
- Deployment and Integration
- Support and Maintenance
By Enterprise Size:
- Large Enterprises
- Small and Mid-Sized Enterprises (SMEs)
By Industry:
- BFSI
- Retail
- IT & Telecom
- Manufacturing
- Healthcare
- Government
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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