Newark, Jan. 08, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the global augmented analytics market will grow from USD 15.19 Billion in 2022 to USD 173.82 Billion by 2032. Augmented analytics describes how modern technologies, such as artificial intelligence (AI) and machine learning (ML), are integrated to help with data preparation, insight generation, and explanation. It facilitates comprehension of how users interact with analytics and business intelligence (BI) tools to explore and evaluate data. Automating various parts of data science, machine learning, and artificial intelligence (AI) modality generation, maintenance, and deployment also aids citizens and expensive data scientists. In the current scenario, entrepreneurs and business enterprises rely heavily on advanced analytics to extract value from their data sets without needing advanced technical knowledge or data processing abilities.
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Key Insight of the Augmented Analytics Market
Asia-Pacific region is expected to grow at the highest CAGR during the forecast period.
During the forecast period, Asia-Pacific is expected to grow at the highest CAGR within the global augmented analytics market. The Asia-Pacific region would significantly expand. A dynamic corporate environment stimulated by fast urbanization, a growing middle class, and the adoption of emerging technology is found in Asia-Pacific. Growing investments in augmented analytics solutions are being made in nations like China, India, Japan, and Australia to provide data for business insights. The need for augmented analytics solutions is driven by the region's diverse businesses, which include manufacturing, banking, health care, and e-commerce. Adopting augmented analytics tools is further accelerated by the widespread use of smartphones and internet access, which has fostered the rise of automated analytics in the Asia-Pacific region.
The services segment is expected to grow at the highest CAGR during the forecast period.
The component segment is divided into software and services. The services segment is expected to grow at the highest CAGR during the forecast period. The market share of augmented analytics services is noteworthy, mostly due to the intricacy of integrating advanced analytics into corporate settings. These solutions incorporate services like data consultation, training, continuous support, and software. Organizations that value a holistic approach to analytics adoption, including strategy alignment, organizational transformation and its subsequent management, and skill development, may find augmented analytics services especially appealing.
The cloud segment is expected to grow at the highest CAGR during the forecast period.
The deployment mode segment is divided into cloud and on-premises. The cloud segment is expected to augment the market during the forecast period. Numerous strong drivers are driving the growing market share of cloud-based augmented analytics. Their benefits are scalability and agility, which let businesses adjust their analytics capacity in real time to changing workloads. Because pay-as-you-go cloud services allow businesses to pay only for the resources they use without making upfront infrastructure investments, they can be more cost-effective. Geographically scattered teams can collaborate quickly because of cloud providers' global reach. Additionally, cloud-based augmented analytics is positioned as a strategic option for enterprises wishing to capitalize on the most recent developments in data analytics due to the quick spread of innovation in cloud technologies, such as artificial intelligence (AI) and machine learning (ML).
The SMEs segment is expected to grow at the highest CAGR during the forecast period.
The organization size segment is divided into SMEs and large enterprises. The SMEs segment is expected to augment the market during the forecast period. Because of their exponential growth globally, SMEs are gaining ground in the augmented analytics sector. SMEs are ideal candidates for implementing advanced analytics solutions because they frequently have flexible IT infrastructure and are more open to embracing new technology. Because SMEs must outperform their larger competitors and exhibit flexibility in decision-making, enhanced analytics is poised to be a strategic growth engine. SMEs are especially drawn to cloud-based augmented analytics solutions because they provide scalability without requiring large upfront investments. Augmented analytics is seen as a democratizing force allowing SMEs to compete on a more leisurely playing field. It can provide augmented analytics capabilities without the hassles of operating on-premises infrastructure.
The healthcare segment is expected to grow at the highest CAGR during the forecast period.
The end-user segment is classified into BFSI, IT & telecommunication, healthcare, retail and other industry verticals. The healthcare segment is expected to grow at the highest CAGR during the forecast period. Hospitals use technology for various purposes, including staffing, controlling patient turnover, and examining operating expenses. Additionally, hospitals are adopting augmented analytics tools to quickly respond to the most frequently asked questions by patients on their websites. Technology applications are also being found in other industries, including e-commerce, retail, and government, where demand for automated analytics is predicted to rise gradually over the coming years.
Advancement in Market:
• In February 2019: The Ask Data tool, developed by Tableau Software, allows users to ask questions and receive conversational responses with Natural Language Processing. The functionality will make the data analysis process easier and more efficient for consumers.
• In May 2020: With the release of Oracle Analytics for Cloud HCM, HR professionals can directly access state-of-the-art analytics capabilities for employee data analysis. The system uses natural language processing and machine learning to provide deeper insights and improve decision-making skills.
Market Dynamics
Driver: Demand for Advanced Data Visualization
The need for advanced data visualization tools in the era of digital information is a major factor promoting the augmented analytics industry. Complex insights are frequently difficult for traditional analytics to communicate understandably. This concern is tackled by augmented analytics integrating advanced data visualization features. Incorporating interactive dashboards, clear charts, and graphical representations improves the ability to communicate analytics results effectively. Organizations increasingly emphasize creating and efficiently disseminating insights, driving the market for enhanced analytics with powerful data visualization capabilities. This factor is propelling the market growth.
Restraint: Lack of Skilled Data Professionals
One major obstacle in the augmented analytics market is the lack of qualified data experts/professionals. The need for data scientists, machine learning engineers, and analytics specialists is growing as more and more businesses use advanced analytics solutions. But there needs to be more skilled individuals with the know-how to manage and execute automated analytics systems efficiently. Hiring and maintaining qualified data experts/professionals is challenging for organizations, making integrating and optimizing augmented analytics technologies more difficult. This factor can restrain the global augmented analytics market's growth and development.
Opportunity: Integration of Emerging Technologies
The global augmented analytics market is driven by the widespread adoption of machine learning (ML) and artificial intelligence (AI) technologies in various industries. Business enterprises increasingly focusing on AI and ML algorithms that can automate data analysis, resolve hidden patterns, and forecast future trends. Augmented analytics enables users to take advantage of machine learning's predictive and predictive capabilities by smoothly integrating these advanced technologies into its framework. The convergence of advanced analytics and AI/ML becomes a key driver of the market's growth as companies seek more advanced and augmented analytics solutions.
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Some of the major players operating in the augmented analytics market are:
• IBM Corporation
• Microsoft Corporation
• Oracle Corporation
• QlikTech International AB
• SAP SE
• SAS, Inc.
• Sisense Inc.
• Tableau Software
• ThoughtSpot Inc.
• TIBCO Software Inc.
Key Segments Cover in the Market:
By Platform:
• Software
• Services
By Deployment Mode:
• Cloud
• On-premises
By Organization Size:
• SMEs
• Large Enterprises
By Industry:
• BFSI
• IT & Telecommunication
• Healthcare
• Retail
• Other Industry Verticals
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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