Global Augmented Analytics Market - Forecasts from 2020 to 2025

The global augmented analytics market was valued at US$9.487 billion in 2019. Growing digitalization of processes across businesses is driving the demand for augmented analytics technology to support advanced technologies such as machine learning and natural language generation. Growing volume of complex data generated every year is also creating the demand for augmented analytics solutions for deriving valuable insights while accelerating the data analysis process. Augmented analytics helps in identifying factors that are conducive for business growth and predicting forecast trends.

Large enterprises investing more in augmented analytics

By enterprise size, large enterprises hold the major share of the global augmented analytics market during the forecast period. This high adoption of augmented analytics solutions across large enterprises is due to the high volume of big data, both structured and unstructured, being generated by these global companies across various industry verticals. Large enterprises have more budget and so, are increasingly investing in augmented analytics solutions in order to streamline their business processes while managing the growing demand for accurate and relevant business insights. The adoption of augmented analytics across small- and medium-sized enterprises is still low owing to the lack of awareness along with a lack of budget required for the integration of advanced technologies and infrastructure.

Cloud deployment model projected to grow at a significant CAGR during the forecast period

By the deployment model, the cloud segment is projected to witness a significant CAGR during the forecast period owing to the growing adoption of cloud computing in enterprises across various industries. Cloud-based deployment eliminates the cost of initial setup and future scaling while providing a highly flexible and agile environment to deploy the technology. Moreover, the cloud deployment model offers a highly reliable environment with low-cost data backup, making it preferable to small and medium enterprises that lack a high budget. The on-premise segment will hold a substantial market share during the forecast period as large enterprises prefer this type of deployment model in order to have full control over the IT infrastructure.

Healthcare witnessing continuous market growth

By industry vertical, healthcare is projected to grow at a noteworthy CAGR during the forecast period. Increasing healthcare expenditure is driving up the need for cutting-edge technologies so as to aid the development of novel diagnostics and therapies. As such, in recent years, a rapid increase in a number of partnerships and collaborations have been witnessed among hospitals, large technology companies, healthcare start-ups, and research centers in the augmented reality. For example, recently in January 2020, Mayo Clinic has partnered with Massachusetts-based developer of augmented intelligence technology, conference, for Clinical Data Analytics Platform to speed up drug discovery and development.

The Global Augmented Analytics market is segmented by component, deployment model, enterprise size, industry vertical, and geography. By component, the global Augmented Analytics market is segmented into machine learning, natural language generation, and insight automation. By deployment model, the market is segmented into on-premise and cloud. The global augmented analytics market is further segmented by enterprise size as a small, medium, and large. By industry vertical, the market is segmented into retail, IT and telecom, BFSI, healthcare, government, manufacturing, and others.

North America holds the major market share throughout the forecast period

Geographically, the Global Augmented Analytics market is segmented as North America, South America, Europe, the Middle East, and Africa (MEA), and Asia Pacific (APAC). North America accounted for the major market share in 2019 and will remain at its position until the end of the forecast period. The early adoption of advanced technologies coupled with the presence of major market players in the region is the major driver of the augmented analytics market in North America. Enterprises across various industry verticals in this region are increasingly adopting augmented analytics solutions to enhance their business operations while improving the customer experience. For example, in January 2019, the global food and beverage giant, PepsiCo, announced to leverage augmented intelligence in order to determine strategic and consumer insights. The presence of state-of-the-art infrastructure, high R&D investment, and availability of highly-skilled workforce are other factors that is bolstering the market growth of augmented analytics market in this region. Companies are adopting various strategies to ramp up their market share, thereby driving the overall market growth of augmented analytics in the region. For example, in July 2019, U.S.-based leading provider of AI-powered augmented analytics software Tellius announced its partnership with Snowflake, Inc. Under this partnership, the Tellius Search and AI-powered analytics platform is certified to connect to the Snowflake data warehouse so as to allow customers to discover insights at scale with better analytics performance.

The Asia Pacific (APAC) augmented analytics market will witness a substantial CAGR during the forecast period on account of rising implementation of data discovery, data visualization, and business intelligence (BI) tools across enterprises of various sizes. Enterprises in countries such as India, China, and South Korea are shifting from traditional analytics projects to augmented analytics tools in order to speed up the data preparation and cleansing while increasing the accuracy of analytics offerings. Growing investments in artificial intelligence (AI) is also boosting the market growth of the augmented analytics market in the Asia Pacific (APAC) region. In April 2019, ThoughtSpot announced to invest $25 million in its engineering center in Bangalore, India to boost the company’s industry-leading search and AI-driven analytics platform. The company also announced to begin its business operations in India to bring augmented analytics to various enterprises across the region. However, lack of availability of skilled professionals is still a major inhibitor toward the adoption of augmented analytics in Asia Pacific (APAC), thus hindering the market growth in this region.

Competitive Insights

Prominent key market players in the Global Augmented Analytics market include Microsoft, IBM, SAP Analytics Cloud, Salesforce.com, Inc., Oracle, Sisense Inc., MicroStrategy Incorporated, TIBCO Software Inc, and Logi Analytics. These companies hold a noteworthy share in the market on account of their good brand image and product offerings. Major players in the Global Augmented Analytics market have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last two years.

Segmentation

By Component

• Machine Learning
• Natural Language Generation
• Insight Automation

By Deployment Model

• On-Premise
• Cloud

By Enterprise Size

• Small
• Medium
• Large

By Industry Vertical

• Retail
• IT and Telecom
• BFSI
• Healthcare
• Government
• Manufacturing
• Others

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• Germany
• France
• United Kingdom
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Israel
• Others
• Asia Pacific
• China
• Japan
• South Korea
• India
• Others