Augmented Analytics Market: Increasing Role of Augmented Analytics in Converting Big Data to Smart Data is driving the Growth

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Augmented Analytics Market: Increasing Role of Augmented Analytics in Converting Big Data to Smart Data is driving the Growth

Status : March, 2023 | Technology & Media

Report Digest

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:

  • Augmented Analytics Software   
  • Services
    • Professional Services
    • Managed Services

The augmented analytics market is segmented on the basis of enterprise size:

  • Small & Medium Enterprises
  • Large Enterprises

The augmented analytics market is segmented on the basis of vertical:

  • BFSI
  • IT & Telecom
  • Manufacturing
  • Travel & Hospitality
  • Healthcare
  • Energy & Utilities
  • Retail & Consumer Goods
  • Transportation & Logistics
  • Others  

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, 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.

The Augmented Analytics market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The market report also maps the qualitative impact of various market factors on market segments and geographies.

The report covers exhaustive analysis on:                                      

  • Augmented Analytics Market Segments
  • Augmented Analytics Market Dynamics
  • Augmented Analytics Market Size
  • Supply & Demand
  • Current Trends/Issues/Challenges
  • Competition & Companies Involved in Augmented Analytics Market
  • Technology
  • Value Chain of the Augmented Analytics Market
  • Market Drivers and Restraints

Report Highlights:

  • Detailed overview of parent Augmented Analytics market
  • Changing Augmented Analytics market dynamics in the industry
  • In-depth market segmentation
  • Historical, current, and projected market size in terms of volume and value
  • Recent industry trends and developments
  • Competitive landscape of Augmented AnalyticsMarket
  • Strategies of key players and products offered
  • Potential and niche segments, geographical regions exhibiting promising growth
  • A neutral perspective on market performance
  • Must-have information for market players to sustain and enhance their market footprint

The reports at TMR Research provide qualitative solutions that break the barriers of doubt or uncertainties when the stakeholders plan to expand their growth reach. The researchers compile the necessary information that enlightens the CXOs about the current growth opportunities in a specific market and enables them to make the most of the opportunities.

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5-Point Growth Formula

The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.

The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.

Accurate Trend Analysis

Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.

Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.

The reports offer answers to the top 7 questions that revolve around the growth of the market

  • What are the diverse growth parameters influencing the market?
  • Which regions will contribute largely to the growth of the market
  • What are the recent innovations and technological advancements in the market?
  • What are the emerging trends across the market?
  • How has COVID-19 affected the market?
  • What will be the post-pandemic scenario of the market?
  • What are the major threats that will dent the growth prospects of the market?