Market Research Future (MRFR) gives its insights into the latest trends and growth prospects of the augmented analytics market 2020. The market valuation in 2017 had reached USD 4.20 billion, while the market size by 2023 is anticipated to be USD 13 billion. The market can progress at a robust rate of 24% between 2018 and 2023 (forecast period).
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Top Drivers and Main Challenges
The augmented analytics technology has been a significant catalyst in the growth of digital transformation within organizations, backed by tools that support advanced technologies like natural language generation and machine learning. With the increasing amount as well as complexity of data generated every year, the need for tools like augmented analytics to derive valuable insights has also noted a major boost. The technology helps data scientists accelerate the process of data analysis by taking care of colossal sets of data while deriving required insights from them. Factors like soaring demand for intelligent business tools in the data analysis field paired with the surging need for better productivity of business processes boosts market growth.
Augmented analytics is observing a high demand on account of the increasing integration of the natural language processing technology, which enables business intelligence technology users to connect in a conversational space. Augmented analytics also gives a suggestion on the ways of using data and also enrich it in order to achieve a more in-depth analysis. Some other important benefits of augmented analytics include insight generation and prediction, wherein it helps identify the factors that can facilitate more business growth. Moreover, the technology recommends the features that can affect the outcomes of the business processes and predicts the forecast trends.
Business organizations everywhere are increasingly adopting augmented analysis tools to arrive at data-driven decisions, leveraging the advantages of augmented analytics platforms, which empowers their business analysts. Organizations across a variety of industry verticals are making extensive use of the technology to determine the preferences and needs of their consumers, which can ensure smooth market progression in the following years.
The augmented analytics market can be segmented with regard to component, deployment mode, organization size and vertical.
The components discussed in the report are software as well as services. The services segment can be split into professional and managed services
The segments, deployment-wise, are on-cloud, on-premise, and hybrid. The cloud segment can record a high growth rate in the years ahead, since cloud deployment helps companies mitigate the challenges generally faced with the use of on-premise services, like high cost and the future scaling of the initial setup. Cloud-based analytics also offer high flexibility and agility, which makes it a vital aspect of the augmented analytics market.
The organizations making use of Augmented Analytics Market can be narrowed down to small and medium enterprises (SMEs) and large enterprises, based on the size.
The verticals deploying augmented analytics are Government & defense, BFSI, Retail, manufacturing, energy & utilities, transportation, healthcare, media & entertainment, IT & Telecommunication, among others. The augmented analytics technology is gaining significant traction in the healthcare sector, with more and more hospitals using it for a broad range of tasks such as managing patient turnover, analyzing operation cost, staffing, and more. Hospitals also use advanced analytics techniques to offer faster answers for the most-searched questions over their websites.
During the review period, the augmented analytics market can expand across the primary regions of Europe, North America, Asia Pacific (APAC), and Rest of the World (RoW).
MRFR identifies North America as the highest revenue generator in the global market, with Europe and APAC following suit. The United States (U.S) is a technically superior country, given the large number of renowned players such as Microsoft Corporation, IBM Corporation, Tableau Software and Oracle, among others. the region boasts of a technically advanced infrastructure, a vast customer base in various industry verticals and a high technical expertise in the latest technologies such as machine learning and natural language processing. These strong points add to the market strength and can help the region maintain its position even in the coming years.
Europe, with the second lead in the global augmented analytics market, benefits from the increase in digital technology and the amplified demand for these solutions in elevating the business intelligence. The striking expansion of the retail and consumer goods industry also favors the augmented analytics market in the region.
APAC can register the fastest growth rate in the approaching years, thanks to the rapid advancements in artificial technology as well as big data analytics, coupled with the rising expertise in natural language processing and machine learning techniques.
SAP SE, Yellowfin, Microsoft Corporation, Oracle, Tableau Software, SAS, Tibco Software, IBM Corporation, Qlik, Salesforce, MicroStrategy, Looker, Birst, Board International, Logi Analytics, Pyramid Analytics, Sisense, and more. Out of these, Tableau, Qlik and Microsoft Corporation lead the market for augmented analytics.
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