According to a new market research report "Augmented Analytics Market by Software, Service (Training and Consulting, Deployment and Integration, and Support and Maintenance), Organization Size (SMEs and Large Enterprises), Deployment Type, Vertical, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the augmented analytics market expected to grow from $4.8 billion in 2018 to $18.4 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 30.6% during the forecast period.
The major factors driving the augmented analytics market include the growing demand for gathering crucial business insights from customer data and increasing volume of business data.
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The software segment to hold a larger market size during the forecast period
The analytics market space is experiencing transformation from the traditional manual process of generating insights to the advanced Artificial Intelligence-(AI) and Machine Learning- (ML) enabled Business Intelligence (BI) tools. Augmented analytics solutions are a component of modern BI tools, which automate data insights using ML and Natural Language Generation (NLG)). Augmented analytics provides functionalities, such as preparing data, deciphering data patterns and building models, and distributing and operationalizing data findings. For building models and integrating data to simplify and automate tasks, augmented analytics proves to be an effective solution.
The cloud deployment type is expected to grow at a higher CAGR during the forecast period
Cloud or hosted augmented analytics solutions are provided as Software-as-a-Service (SaaS) by service providers. These solutions convert fixed costs of services to variable costs, as customers pay according to the services used by them. Customers can also start or stop any service at any time. Thus, the use of cloud-based augmented analytics solutions provides flexibility to organizations for adjusting to the dynamic business environment. Scalability and cost-effectiveness are the major advantages of adopting the cloud-based augmented analytics solutions. With advancements in cloud-based technologies, the use of augmented analytics solutions as SaaS is emerging as the best practice for companies looking for cost-effective functionalities.
North America to hold the largest market size during the forecast period
North America is estimated to account for the highest market share in 2018. The region comprises developed countries, such as the US and Canada, and is considered the most advanced region in terms of adopting new and emerging technologies. Moreover, it houses key industry players offering augmented analytics software and services. The financial position of these industry players enables them to invest in the leading tools and technologies for effective business operations.
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Major vendors offering augmented analytics software and services across the globe include Salesforce (US), SAP (Germany), IBM (US), Microsoft (US), Oracle (US), Tableau (US), MicroStrategy (US), SAS (US), Qlik (US), TIBCO Software (US), Sisense (US), Information Builders (US), Yellowfin (Australia), ThoughtSpot (US), and Domo (US).
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