Augmented analytics embeds machine learning algorithms, natural language generation, and other advanced analytics functionality into business intelligence (BI) to automate insights. Augmented analytics comprises data preparation, data discovery, and augmented data science and machine learning (ML). Augmented analytics utilizes automated ML to transform how data is developed, consumed, and shared. Non-technical users can easily interface with augmented analytics solutions by asking questions directly and getting answers instantly, radically decreasing reporting time, and accelerating strategy and performance. The growing adoption of it will enable organizations to optimize decisions and actions of not only data scientists but also all employees.
Rise in need to democratize the analytics and increase productivity, increase in awareness of enterprises to utilize growing streams of data from various sources in innovative ways, and to make the work of citizen data scientists and business users easier are some of the major factors that drive the growth of the global augmented analytics market. In addition, adoption of modern business intelligence tools by enterprises, which utilize artificial intelligence algorithms and machine learning is expected to fuel the growth of the market. However, security concerns over critical data among industry verticals and slow adoption of advanced analytics solutions in the underdeveloped regions are the major factors that impede the augmented analytics market growth. Conversely, increase in investment in bots and rise in industry-specific solutions that are driving adoption of augmented analytics among different industry verticals are expected to provide lucrative opportunities for the growth of the global market.
The global augmented analytics market is segmented based on component, deployment, organization size, business function, industry verticals, and region. In terms of component, the market is bifurcated into software and services. On the basis of deployment, it is fragmented into on-premise and cloud. Depending on organization size, it is segregated into small and medium-sized enterprises (SMEs) and large enterprises. By business function, it is classified into sales & marketing, finance, IT, operations, and others. By industry verticals segment, it is divided into retail, healthcare & life sciences, BFSI, telecom & IT, manufacturing, government, transportation & logistics, and others. Region wise, augmented analytics market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The global augmented analytics market is dominated by key players such as IBM Corporation, Qlik, Tableau Software, Tibco Software, Salesforce, Sisense Inc., SAP SE, SAS Institute, Microsoft, and ThoughtSpot.
Key Benefits for Augmented Analytics Market:
The study presents an in-depth analysis of the global augmented analytics market along with the current & future trends to elucidate imminent investment pockets.
Information about key drivers, restraints, and opportunities and their impact analysis on the market is provided in this study.
Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the global augmented analytics industry.
The quantitative analysis of the global augmented analytics market from 2017 to 2025 is provided to determine the market potential.
Augmented Analytics Key Market Segments:
By Component
Software
Services
By Deployment
On-Premise
Cloud
By Organization Size
Small & Medium Sized Enterprises (SMEs)
Large Enterprises
By Business Function
Sales & Marketing
Finance
IT
Operations
Others
By Industry Verticals
Retail
Healthcare & Life Sciences
BFSI
Telecom & IT
Manufacturing
Government
Transportation & Logistics
Others
By Region
North America
U.S.
Canada
Europe
UK
Germany
France
Rest of Europe
Asia-Pacific
China
India
Japan
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market Players
IBM Corporation
Microsoft
Qlik
SAP SE
Salesforce
SAS Institute
Sisense Inc.
Tableau Software
TIBCO Software Inc.
ThoughtSpot
Table of Contents
Executive Summary
According to the report titled, 'Augmented Analytics Market by Component, Deployment, Organization Size, Business Function, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2018 - 2025' the global augmented analytics market was valued at $4,094 million in 2017, and is projected to reach $29,856 million by 2025, growing at a CAGR of 28.4% from 2018 to 2025.Increase in need to democratize the analytics and increase productivity, rise in awareness of enterprises to utilize growing streams of data from various sources in innovative ways, and increase in need to make the work easier for citizen data scientists and business users are some of the key factors that are expected to fuel the growth of the global market. However, data security concerns are expected to hamper the growth of the market.
The cloud deployment segment is expected to grow at the highest CAGR during the forecast period due to greater prospect to facilitate real business value to the organization through reduced cost. In addition, direct IT control, internal data delivery & handling, faster data processing, efficient resource utilization, and cost-effectiveness of cloud deployment are some of the advantages offered by this deployment mode, which in turn are anticipated to boost the augmented analytics market growth.
The IT business function segment dominated augmented analytics market share in 2017, and is projected to maintain its dominance during the forecast period. However, finance and sales & marketing segments are anticipated to witness the high growth rates during the forecast period due to the growing usage of machine learning and natural language generation in analytics for these functions.
Key Findings of the Augmented Analytics Market:
By component, services segment is expected to exhibit significant growth in the global augmented analytics market during the forecast period.
In 2017, the on-premise segment accounted for the highest revenue in the deployment category.
By organization size, SMEs are projected to the highest growth rate during the forecasting period.
Based on business function, the IT segment generated the highest revenue in 2017.
Based on industry verticals, BFSI segment generated the highest revenue in 2017.
Based on region, North America led the market in terms of revenue in 2017.
Some of the key players operating in the augmented analytics market include IBM Corporation, Qlik, Tableau Software, Tibco Software, Salesforce, Sisense Inc., SAP SE, SAS Institute, Microsoft, and ThoughtSpot.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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