IMARC Group, a leading market research company, has recently releases report titled “Augmented Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032” The global augmented analytics market size reached US$ 12.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 73.1 Billion by 2032, exhibiting a growth rate (CAGR) of 20.9% during 2024-2032.
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Factors Affecting the Growth of the Augmented Analytics Industry:
- Data Explosion and Complexity:
The increasing volumes of data generated by various media and the growing complexity of data sources are positively influencing the market. Moreover, organizations are inundated with an unprecedented volume of data from diverse channels, including social media, e-commerce transactions, and sensors. This rise in data poses a challenge in terms of managing, processing, and extracting valuable insights. Augmented analytics addresses this challenge by simplifying the data preparation process. It utilizes advanced algorithms and automation to clean, organize, and integrate data from disparate sources efficiently.
- Demands for Data-Driven Insights:
The increasing demand for data-driven insights is propelling the market growth. Moreover, in a highly competitive business landscape, organizations are recognizing the strategic importance of leveraging data to gain a competitive advantage. Augmented analytics plays a pivotal role in democratizing data analytics within organizations. By offering user-friendly, self-service analytics tools, augmented analytics allows business users across various departments to access and analyze data independently. This democratization of data is empowering employees at all levels to make appropriate and informed decisions based on data-driven insights. Business users can also explore data, create reports, and discover patterns without requiring deep technical expertise.
- Automation and Artificial Intelligence (AI) Integration:
The rising addition of automation and artificial intelligence (AI) technologies in managing various types of business data is supporting the market growth. Augmented analytics is leveraging AI and machine learning (ML) to automate routine data analysis tasks, such as data cleansing, data transformation, and pattern recognition. This automation not only saves time but also enhances the accuracy and consistency of data analysis. AI-driven algorithms can uncover hidden insights and correlations in the data that may not be easily detected by human analysts. This predictive and prescriptive analytics capability of augmented analytics allows organizations to proactively identify opportunities and risks, leading to more effective decision-making.
Leading Companies Operating in the Global Augmented Analytics Industry:
- Domo Inc.
- International Business Machines Corporation
- Microsoft Corporation
- Oracle Corporation
- QlikTech International AB, Salesforce Inc.
- SAP SE
- Sisense Inc.
- ThoughtSpot Inc.
- TIBCO Software Inc.
- Yellowfin International Pty Ltd (Idera Inc.).
Augmented Analytics Market Report Segmentation:
By Component:
- Software
- Services
Software represents the largest segment due to its capability to automate the process of data cleansing, integration, and transformation.
By Deployment Mode:
- On-premises
- Cloud-based
On-premises exhibit a clear dominance in the market as It enables organizations to have complete control over their data and other systems and can implement their own security measures.
By Organization Size:
- Small and Medium-sized Enterprises (SMEs)
- Large Enterprises
Large enterprises account for the majority of the market share. They have a significant amount of funds allocated for investing in advanced augmented analytics services.
By Industry Vertical:
- BFSI
- Retail
- Healthcare and Life Sciences
- Telecom and IT
- Manufacturing
- Government
- Transportation and Logistics
- Others
BFSI represents the leading segment, driven by the increasing reliance on augmented analytics to make data-driven decisions by automating data preparation, analysis, and reporting.
Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
North America's dominance in the augmented analytics market is attributed to the rising focus on fraud prevention in insurance and increasing automation of various business processes.
Global Augmented Analytics Market Trends:
Augmented analytics goes beyond traditional descriptive analytics by incorporating advanced predictive and prescriptive analytics capabilities. With predictive analytics, organizations can forecast future trends, customer behaviors, and market changes. Moreover, prescriptive analytics provides actionable recommendations based on predictive insights. This combination of predictive and prescriptive analytics is empowering businesses to not only understand what is likely to happen but also how to respond proactively to optimize outcomes. The ability to make data-driven predictions and receive actionable recommendations is a compelling factor driving the adoption of augmented analytics.
Other Key Points Covered in the Report:
- Porters Five Forces Analysis
- Value Chain Analysis
- Strategic Recommendations
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