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.
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:
This study provides a particularized anatomy according to the L.E.A.P mechanism
The regional analysis offers market assays across:
The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.
Latest Trends and Cardinal Growth Prospects
The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.
Existing and Future Insights in Growth
The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.
Ascensions in Technology
Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.
The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.
The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.
The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!
This report is the key to questions such as:
What are the prominent factors that will help in reshaping the market growth?
Which trends have the potential to bring expansive growth for the market?
What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?
Which regions will emerge as champion growth contributors for the market?
Which aspects will serve as game-changers for the market?
What are the latest innovations in the market?
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