New York, US, April 27, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), " Augmented Analytics Market: By Component, By Vertical By End-User Forecast till 2030”, the market is predicted to thrive substantially during the assessment era from 2022 to 2030 at a healthy CAGR of approximately 22.70% to attain a valuation of around USD 35.6 billion by the end of 2030.
Key Players
Some of the key players operating in the augmented analytics market include
- Microsoft Corporation
- IBM Corporation
- SAP SE
- Oracle Corporation
- Tableau Software Inc.
- SAS Institute Inc.
- Salesforce.com Inc.
- MicroStrategy Incorporated
- QlikTech International AB
- TIBCO Software Inc.
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Augmented Analytics Market Report Scope:
| Report Metrics | Details |
| Augmented Analytics Market Size by 2030 | USD 35.6 Billion (2030) |
| Augmented Analytics Market CAGR during 2022-2030 | 22.70% |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Drivers | High technical expertise in technology such as natural language processing, and machine learning, a widespread customer base in almost every industry verticals are some of the major factors driving the growth of augmented analytics in the region. |
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Drivers
One of the major drivers of the augmented analytics market is the increasing demand for data analytics solutions that can help businesses make data-driven decisions. The use of augmented analytics solutions enables businesses to analyze vast amounts of data quickly and efficiently, enabling them to identify patterns and trends that can help inform their decision-making.
Another driver of the market is the growing adoption of machine learning and artificial intelligence technologies. These technologies are increasingly being used to automate the data analytics process, making it faster and more accurate. This has led to a growing demand for augmented analytics solutions that can leverage these technologies to provide insights into data.
Challenges
Despite the promising growth prospects, the augmented analytics market is not without its challenges. One of the biggest challenges facing the market is the shortage of skilled professionals who can develop and implement augmented analytics solutions. This has led to a growing demand for training and education programs to help bridge the skills gap.
Another challenge facing the market is the issue of data privacy and security. With businesses increasingly relying on data analytics solutions to inform their decision-making, there is a growing concern about the security of data. This has led to a growing demand for solutions that can ensure the security and privacy of data.
Recent Developments
In March 2021, SAP announced the launch of its new augmented analytics tool, SAP Analytics Cloud. The tool is designed to provide users with a more intuitive and efficient way to analyze data.
In February 2021, IBM announced the launch of its new augmented intelligence platform, Watson Discovery. The platform is designed to provide businesses with a more efficient way to analyze and understand data.
In conclusion, the augmented analytics market is expected to witness significant growth in the coming years, driven by the increasing demand for data analytics solutions and the growing adoption of machine learning and artificial intelligence technologies. However, the market is not without its challenges, including the shortage of skilled professionals and concerns around data privacy and security.
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Opportunities
The augmented analytics market presents several opportunities for growth and development in the coming years. One of the key opportunities is the increasing demand for predictive analytics solutions. Predictive analytics involves the use of statistical algorithms and machine learning techniques to analyze historical data and make predictions about future events. This has significant applications in a range of industries, including finance, healthcare, and marketing.
Another opportunity in the augmented analytics market is the growing demand for real-time analytics solutions. Real-time analytics enables businesses to analyze data as it is generated, providing them with immediate insights into key trends and patterns. This has significant applications in industries such as retail, where real-time analytics can be used to optimize inventory management and improve customer engagement.
The use of augmented analytics solutions is also expected to grow in the healthcare industry, where they can be used to analyze patient data and identify patterns and trends that can inform patient care. This presents significant opportunities for growth and innovation in the market, as healthcare organizations increasingly turn to data analytics to improve patient outcomes and reduce costs.
Furthermore, there is an opportunity for the development of more intuitive and user-friendly augmented analytics solutions. As businesses continue to adopt data analytics solutions, there is a growing need for solutions that are easy to use and accessible to a wide range of users. This has led to the development of solutions that use natural language processing (NLP) and other intuitive interfaces to enable users to interact with data analytics solutions in a more natural and intuitive way.
Finally, there is an opportunity for the development of more secure and privacy-focused augmented analytics solutions. As businesses increasingly rely on data analytics solutions to inform their decision-making, there is a growing concern about the security and privacy of data. This has led to a growing demand for solutions that can ensure the security and privacy of data, presenting opportunities for growth and innovation in the market.
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Regional Analysis
The augmented analytics market is segmented into North America, Europe, Asia-Pacific, and the rest of the world. North America is expected to dominate the market during the forecast period, owing to the presence of a large number of key players in the region. Europe is also expected to witness significant growth, driven by the increasing adoption of data analytics solutions in the region.
Industry Trends
One of the major trends in the augmented analytics market is the growing use of natural language processing (NLP) technology. NLP technology is increasingly being used to enable users to interact with data analytics solutions in a more natural and intuitive way.
Another trend in the market is the growing use of augmented analytics solutions in the healthcare industry. These solutions are being used to analyze patient data and identify patterns and trends that can help inform patient care.
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