Augmented Analytics Market: Increasing Role of Augmented Analytics in Converting Big Data to Smart Data is driving the Growth
The rising need and importance of data along with the evolution of next-generation technologies and data processing tools is generating potential opportunities for the organization’s business models and operations. The demand for augmented analytics is increasing continuously among organizations to streamline business processes and to cater the need for advanced data processing tools and solutions. Moreover, augmented reality also offered an edge over the traditional analysis tools by providing clear information and by automating data insights.
The augmented analytics market is gaining immense popularity and is expected to witness tremendous growth in coming few years. The rising awareness of businesses to consume evolving streams of data and the increasing need for enhancing efficiency of analytics are some of the key factors driving the growth of augmented analytics market. Furthermore, continuous innovations in the augmented analytics technology and high demand for augmented analytics from BFSI, retail, IT & Telecom, manufacturing, healthcare, and logistics industries is shaping the growth of augmented analytics market.
COVID-19 Impact Analysis
As the economic impact of COVID-19 outbreak is clearly seen on the world economy with travel bans and quarantines, there has been disruptions in slowing down the supply chain and the fall in business confidence. However, various entities are leveraging technologies such as augmented analytics, artificial intelligence platforms, analytics algorithms, and data visualization tools to build smart solutions for business continuity. In such pandemic scenarios, the analysis of clinical data is of utmost importance. Technologies such as Big Data and AI can be employed improve clinical data management performance for valuable insights, which is possible via Augmented Analytics solutions. Organizations are using AI/ML driven dashboards to monitors locally reported COVID-19 cases, to share them publically.
The global augmented analytics market is valued approx. US$ 5.0 Billion in 2019 with an estimated CAGR of nearly 25% in the next 5 years. However, there would be a surge in the demand for data-driven evaluation models in industries such as Financial Services, Healthcare, Government, and Telecommunications, which would use technologies such as machine learning and natural language processing to enhance data analytics for business viability and intelligence. According to the estimates, almost 90% of operations teams within manufacturing and healthcare industry says there is impact of analytics and BI spending budgets due to COVID-19 outbreak, as compared to 75% of marketing teams. Moreover, growing need for AI in healthcare is expected to increase the demand for augmented analytics solutions at this time of global pandemic.
Augmented Analytics Market: Market Dynamics
The enormous development in the business intelligence tools and acceleration in data preparation and discovery process are the key factors driving the growth of augmented analytics market. Moreover, augmented analytics technology helps data scientists to automate the process of organizing and analysing data and is providing organizations with faster data insights. Due to this factor, augmented analytics is becoming a part of workflow rather than a separate technology, and businesses around the globe are adopting this technology to exploit growth opportunities.
Moreover, in recent years, the integration of machine learning and artificial intelligence technologies into analytics platforms is propelling the growth of augmented analytics market. Furthermore, to compete with large organizations, various small & medium organizations are adopting augmented analytics solutions to maximize profit margins and enhance operational productivity through appropriate assessment of data. Apart from this, the fourth industrial revolution and paradigm shift towards smart factories that uses new technologies and products is generating potential growth opportunities for the augmented analytics market.
Augmented Analytics Market: Segmentation
The augmented analytics market has been segmented on the basis of component, enterprise size, and vertical.
The augmented analytics market is segmented on the basis of component:
The augmented analytics market is segmented on the basis of enterprise size:
The augmented analytics market is segmented on the basis of vertical:
Augmented Analytics Market: Competition Landscape
Most of the leading players in the augmented analytics market are focusing on entering into partnerships and collaborations to meet the growing demand for advanced technologies and to enhance their capabilities and roadmaps of analytics and business intelligence, machine learning, and data science technologies. Some of the key players in the augmented analytics market are Salesforce.com, Inc., IBM Corporation, SAP, Microsoft Corporation, Oracle Corporation, Tableau Software, SAS, TIBCO Software, and Sisence.
Augmented Analytics Market: Regional overview
On the basis of regions, North America is expected to be one of the key market for augmented analytics market owing to the early adoption of advanced technologies and presence of various key providers of augmented analytics solutions in the region. Moreover, the augmented analytics market in Europe and Asia Pacific is also expected to create significant growth opportunities, owing to the rising adoption of digital technologies and continuous increase in R&D expenditure by the organizations in the regions to strengthen their IT framework. Furthermore, the growing demand for smart products and solutions and increasing penetration of advanced technologies such as artificial intelligence and machine learning in the countries of Middle East & Africa and Latin American regions is expected to drive the augmented analytics market.
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