The augmented analytics market is continually growing, driven by the demand for streamlining the processes for data profiling and data modeling. The demand for augmented analytics from various industries such as the BFSI, manufacturing, telecom, and utilities is on the constant rise. Also, the increasing focus on business analytics from the growing number of businesses that are in the embryonic phase currently drive the growth of the augmented analytics market.
According to Market Research Future (MRFR), the global Augmented Analytics Market is poised to touch a valuation of USD 13 BN by 2023. MRFR also confirmed that the market would register a whopping CAGR over 24% throughout the forecast period (2018 – 2023). In 2017, the global augmented analytics market had valued at USD 4.20 BN. Development in blockchain and modernization of digital technology would create ample growth opportunities for market growth.
Increasing volume of complex data, huge uptake of analytical tools for business intelligence, and development in artificial intelligence technology are some of the major factors boosting the growth of this market. Industries susceptible to data breaches and compliance issues such as banking, insurance, and manufacturing, have been significantly investing in augmented analytics. The contribution from the telecom industry is phenomenal too.
On the other hand, lack of skilled workforce hindering the growth of the market, challenging with the complexities in analyzing the vast generated data by maintaining quality and safety. Also, the high cost of analytical tools is impeding the growth of the market by restricting its uptake. Nevertheless, growing spending from the banking and telecom industry would support the growth of the market throughout the review period.
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The key players in the global augmented analytics augmented augmented analytics market include Birst (USA), Board International (Switzerland), IBM Corporation (USA), Logi Analytics (USA), Looker (USA), Microsoft Corporation (USA), MicroStrategy (USA), Oracle (USA), Pyramid Analytics (Netherlands), Salesforce (USA), SAP SE (Germany), SAS (USA), Sisense (Israel), Tableau Software (USA), Tibco Software (USA), Qlik (Sweden), and Yellowfin (Japan).
The report is segmented into five key market dynamics to widen the scope of understanding,
- By Component: Software and Services (professional and managed services, others)
- By Deployment : On-premise, On-Cloud, and Hybrid.
- By Organization Size: SMEs and Large Enterprises.
- By Vertical: BFSI, Government & Defense, IT & Telecommunication, Retail, Manufacturing, Energy & Utilities, Transportation, Media & Entertainment, and Healthcare, among others.
- By Regions: Asia Pacific, North America, Europe, and the Rest-of-the-World.
North America dominates the global augmented analytics market. Factors such as the presence of several large players such as IBM Corporation, Microsoft Corporation, and Oracle, among others. The US, backed by the huge technological advances and the increasing focus of organizations on adopting augmented analysis, leads the regional market.
The state-of-the-art infrastructure that allows early emergence and uptake of advanced analytics help North America to gain an edge over other regions. Besides, high technical expertise in technologies such as natural language processing and machine learning are some of the major factors driving the growth of augmented analytics in the region.
The augmented analytics market in the European region stands second. The market is heading with the rapid and constant technological advancements and enormous investments in the development of augmented analytics. Besides, the developing digital technology and increasing demand for augmented analytics solutions for business intelligence, alongside, the high growth in the retail & consumer goods industry, impacts the market growth, positively.
The Asia Pacific augmented analytics market has emerged as a promising market, globally. Increasing numbers of enterprises and massive advances in the related technologies are some of the factors driving the regional market. Developing countries such as Japan, China, and India lead the regional market.
Tremendous advancements in digital technology alongside the developments in augmented reality, artificial intelligence technology, and increasing expertise in the machine learning and natural language processing techniques are fostering the growth in the regional market, majorly.
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- Software vendors
- Supply and Distribution vendors
- Research organizations and associations
- End-user verticals
- Small & medium sized enterprises
- Industry associations
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