A recent study by Triton Market Research titled ‘Global Augmented Analytics Market’ includes the Global Analysis and Forecasts by Deployment (Cloud, On-Premises), Function (Operations, IT, Finance, Sales & Marketing, Others), Component (Software, Services), Industrial Vertical (Transportation and Logistics, IT & Telecommunication, Government, Healthcare & Life Sciences, Manufacturing, Retail, BFSI, Others), Organization Size (Large Organizations, Small- & Medium-sized Enterprises [SMEs]), and by Geography (Europe, Latin America, Middle East and Africa, North America, Asia-Pacific).
Augmented analytics includes the amalgamation of AI, machine learning, natural language processing, automated analytics, and others. It is termed as the next-generation information model functioning on platforms that program and incorporate activities such as data preparation, building models around data clusters, developing insights, and data cleansing to assist business operations.
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Triton’s research report infers that the global augmented analytics market is expected to grow at a CAGR of 21.10% during the forecast years 2019-2028. It is also likely to acquire revenue worth $31.88 billion by 2028.
The surge in awareness of augmented analytics among enterprises, the need to increase productivity and democratize analytics, and the rise in need to make work simpler are factors driving the market’s development. Every second, a large amount of data is generated by organizations on several platforms. As this data is not received in a structured format, it creates certain challenges for the companies. This factor is one of the primary reasons that the companies require augmented analytics to retrieve actionable insights from the vast data streams. However, the data security concerns and slow adoption of augmented analytics in underdeveloped countries are hampering the development of the augmented analytics market.
The augmented analytics market is categorized into deployment, function, component, industrial vertical, and organization size. Based on deployment, it is divided into the cloud and on-premises. As per function, the market is segmented into operation, IT, finance, sales & marketing, and others. At the same time, component is bifurcated into software and services. Moreover, the industrial vertical is branched into transportation and logistics, IT & telecommunication, government, healthcare & life sciences, manufacturing, retail, BFSI, and others. Lastly, organization size is divided into large organizations and small- & medium-sized enterprises (SMEs).
Geographically, the Asia-Pacific region is expected to be the fastest-evolving market globally in the forthcoming years. The region’s market is mainly motivated by the vast data generated in various sectors in the region. In China, the rise in the number of data sources and the complexity of data generated in the healthcare sector drive the need for augmented analytics to support the decision-making process of health professionals.
Moreover, healthcare organizations need predictive modeling and data visualization tools from modern business intelligence software applications to gain insights relating to patient care and satisfaction. Further, the Japanese telecommunication industry’s innovation has shifted the focus from how to drive value from data sets to productively utilizing them. Hence, the surge in the need for advanced analytics to retrieve efficient insights is driving the augmented analytics market in the APAC region.
SAS Institute Inc, Tibco Software, MicroStrategy, ThoughtSpot, Microsoft Corporation, Yellowfin, Information Builders, IBM Corporation, Qlik, Tableau Software, Domo, Oracle Corporation, SAP SE, and Sisense are the major companies in this market.
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Question & Answer: Augmented Analytics Market
Question 1: What major factors are driving the development of the augmented analytics market?
Answer: The surge in awareness of augmented analytics among enterprises, the need to increase productivity and democratize analytics, and the rise in need to make work simpler are factors driving the market’s development.
Every second, a large amount of data is generated by organizations on several platforms. As this data is not received in a structured format, it creates certain challenges for the companies. This factor is one of the primary reasons that the companies require augmented analytics to retrieve actionable insights from the vast data streams.
Question 2: What factors are hampering the augmented analytics market development?
Answer: Factors such as the data security concerns and slow adoption of augmented analytics in underdeveloped countries are hampering the development of the augmented analytics market.
Question 3: Which region is the fastest-growing in the augmented analytics market?
Answer: Geographically, the Asia-Pacific region is expected to be the fastest-evolving market globally in the forthcoming years. The region’s market is mainly motivated by the vast data generated in various sectors in the region. In China, the rise in the number of data sources and the complexity of data generated in the healthcare sector drives the need for augmented analytics to support the decision-making process of health professionals. Moreover, healthcare organizations need predictive modeling and data visualization tools from modern business intelligence software applications to gain insights relating to patient care and satisfaction. Further, the Japanese telecommunication industry’s innovation has shifted the focus from how to drive value from data sets to productively utilizing them. Hence, the surge in the need for advanced analytics to retrieve efficient insights is driving the augmented analytics market in the APAC region.
Question 4: Which are the major companies in the augmented analytics market?
Answer: SAS Institute Inc, Tibco Software, MicroStrategy, ThoughtSpot, Microsoft Corporation, Yellowfin, Information Builders, IBM Corporation, Qlik, Tableau Software, Domo, Oracle Corporation, SAP SE, and Sisense are the major companies in this market.
Related Report:
Global Machine Learning Market
The global machine learning market is anticipated to progress at a CAGR of 34.19% during the forecast period of 2019-2027, while acquiring revenue worth $24.75 billion by 2027.
The global machine learning market primarily deals with solutions and services that utilize statistical techniques. The ML technology provides computers the ability to learn with data without being explicitly programmed. Moreover, machine learning is associated with computational statistics that mainly concentrate on the prediction made with the use of computers.
Furthermore, big data, AI, machine learning are known to become a crucial part of enterprises to accelerate the business value and increase their efficiency. The availability of large volumes and sources of data are augmenting the capabilities of machine learning and AI technologies. Hence, the expanding data volume across the world and the rising application of machine learning in various end-user industries are driving the development of the market globally.
However, factors such as difficulties in protecting sensitive and private data and the possibility of component failure restrict the machine learning market’s progress.
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