Richmond, Nov. 17, 2023 (GLOBE NEWSWIRE) -- According to a research report "Augmented Analytics Market”, By Component (Software, Services), Service (Training and Consulting, Deployment and Integration, Support, and Maintenance), Organization Size (Large enterprises, Small and Medium-sized Enterprises (SMEs)), Deployment Type (On-Premises, Cloud), Industry (Banking, Financial Services, and Insurance (BFSI), Telecom and IT, Retail and Consumer Goods, Healthcare and Life sciences, Manufacturing, Governments and Defense, Energy and Utilities, Transportation and Logistics, Media and Entertainment, Others, and Region.
Global Augmented Analytics Market Report Scope:
| Report | Details |
| Market size value in 2022 | USD 18.7 Billion |
| Market size value in 2030 | USD 81.4 Billion |
| CAGR (2023-2030) | 20.2% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Service, Component, Organization Size and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
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| Sample of Companies Covered |
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TOC Covers in Depth & Breath on Augmented Analytics Market
175 - Market Data Tables
66 - List of Figures
230 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
Market Overview
The augmented analytics market is experiencing robust growth driven by the escalating demand for data-driven insights and intelligent business decision-making tools. The integration of advanced technologies, including machine learning and artificial intelligence, has revolutionized the analytics landscape, enabling organizations to derive meaningful insights from vast datasets. The market dynamics are characterized by a surge in the adoption of augmented analytics solutions across various industries, as businesses seek to enhance their operational efficiency and gain a competitive edge. Additionally, the increasing awareness of the benefits of augmented analytics, such as improved data accuracy and quicker decision-making, is propelling market expansion. The rise of self-service analytics and the growing importance of predictive and prescriptive analytics further contribute to the market's momentum. As organizations continue to prioritize data-driven strategies, the augmented analytics market is poised for sustained growth, with innovations and evolving user expectations shaping the competitive landscape.
Major vendors in the global Augmented Analytics Market:
- Salesforce
- SAP
- IBM
- Microsoft
- Oracle
- Tableau
- MicroStrategy
- SAS
- Qlik
- TIBCO Software
- Sisense
- Information Builders
- Yellowfin
- ThoughtSpot
- Domo
- Birst
- Logi Analytics
- Looker
- Pyramid Analytics
- Board International
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Increasing demand for self-service augmented analytics tools
The increasing demand for self-service augmented analytics tools is a key driver for the augmented analytics market due to its ability to empower non-technical users within organizations to derive meaningful insights from complex data sets without the need for extensive technical expertise. These tools integrate advanced analytics capabilities, such as machine learning and natural language processing, into user-friendly interfaces, allowing business users to independently explore and analyze data. This shift towards self-service analytics not only enhances the efficiency of decision-making processes but also promotes a more democratized approach to data-driven insights within organizations. As businesses recognize the importance of agility and accessibility in analytics, the augmented analytics market is experiencing growth driven by the desire to make data-driven decision-making more pervasive across various functional areas.
Market Dynamics
Drivers:
- Development in blockchain and modernization of digital technology
- Increasing Demand to Cater Complex Business Data
- Huge Adoption of Business Intelligence Tools
Opportunities:
- Growing adoption of cloud-based augmented analytics solutions
- Increasing demand for self-service augmented analytics tools
- Augmented analytics for customer experience (CX) improvement
Use of augmented analytics to automate data preparation tasks
The prevailing trend in the augmented analytics market revolves around the widespread adoption of automation to streamline and expedite data preparation tasks. Organizations are increasingly leveraging augmented analytics tools to automate the labor-intensive process of collecting, cleaning, and transforming raw data into meaningful insights. This trend is driven by the need for efficiency and the desire to reduce the reliance on manual intervention, allowing businesses to allocate resources more strategically. Data preparation is a time-consuming and labor-intensive task that can often take up to 80% of a data analyst's time. Augmented analytics can automate many of the tasks involved in data preparation, such as data cleansing, data transformation, and data integration. This can free up data analysts to focus on more complex tasks and improve the efficiency of data analysis. This trend is expected to continue as businesses generate more and more data. By incorporating machine learning algorithms and artificial intelligence into data preparation workflows, augmented analytics not only accelerates the analysis process but also enhances accuracy by minimizing the risk of human errors. This shift towards automated data preparation is reshaping how businesses approach analytics, fostering a more agile and responsive decision-making environment that is essential in today's fast-paced and data-driven landscape.
The market for Augmented Analytics Market is dominated by North America.
Asia Pacific dominated the Augmented Analytics Market. The Asia Pacific region is experiencing rapid economic growth and industrialization. This is driving the demand for advanced nanomaterials in a wide range of industries, such as electronics, energy and environment, healthcare, and aerospace and defense. There is a large and growing nanomaterials industry in the Asia Pacific region. This industry is supported by a number of leading nanomaterials companies, such as Samsung SDI, LG Chem, and Toray Industries. The cost of manufacturing advanced nanomaterials is relatively low in the Asia Pacific region. This is making the region an attractive destination for foreign investment in the nanomaterials industry.
Asia Pacific region is expected to continue to dominate the Augmented Analytics Market in the coming years. This is due to the region's rapid economic growth and industrialization, government support for nanotechnology research and development, presence of a large and growing nanomaterials industry, and low manufacturing costs. Also, Asia Pacific are the fastest growing region for the Augmented Analytics Market. South Korea's Ministry of Trade, Industry and Energy (MOTIE) has launched a new program to support the development and commercialization of advanced nanomaterials. The program will provide funding to companies that are developing new nanomaterials and applications.
On-Premises Segment is anticipated to Hold the Largest Market Share During the Forecast Period
Based on by Deployment segments categorized into On premises and on cloud. The on-premises segment holds a major share in the augmented analytics market by deployment due to several factors contributing to the preference for in-house infrastructure. Many organizations, especially those in highly regulated industries such as finance and healthcare, prioritize on-premises solutions to maintain control over sensitive data and comply with strict security and privacy regulations. Additionally, certain enterprises with substantial investments in existing infrastructure may opt for on-premises augmented analytics solutions to leverage their existing resources and ensure seamless integration with other on-premises applications. The on-premises deployment model provides a sense of security and customization, allowing organizations to tailor the augmented analytics environment to their specific needs, address latency concerns, and manage data governance more closely. As a result, the on-premises segment continues to be a significant contributor to the augmented analytics market's overall growth.
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