The global Augmented Analytics Market size is expected to reach USD 18.4 billion by 2023, growing at a Compound Annual Growth Rate (CAGR) of 30.6% during the forecast period. The growing adoption of advanced Business Intelligence (BI) and analytics tools, and increasing volume of complex business data are expected to increase the demand for augmented analytics offerings across the globe during the forecast period.
The software segment to hold a larger market size during the forecast period
The analytics market space is experiencing transformation from the traditional manual process of generating insights to the advanced Artificial Intelligence-(AI) and Machine Learning- (ML) enabled Business Intelligence (BI) tools. Augmented analytics solutions are a component of modern BI tools, which automate data insights using ML and Natural Language Generation (NLG)). Augmented analytics provides functionalities, such as preparing data, deciphering data patterns and building models, and distributing and operationalizing data findings. For building models and integrating data to simplify and automate tasks, augmented analytics proves to be an effective solution.
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The cloud deployment type is expected to grow at a higher CAGR during the forecast period
Cloud or hosted augmented analytics solutions are provided as Software-as-a-Service (SaaS) by service providers. These solutions convert fixed costs of services to variable costs, as customers pay according to the services used by them. Customers can also start or stop any service at any time. Thus, the use of cloud-based augmented analytics solutions provides flexibility to organizations for adjusting to the dynamic business environment. Scalability and cost-effectiveness are the major advantages of adopting the cloud-based augmented analytics solutions. With advancements in cloud-based technologies, the use of augmented analytics solutions as SaaS is emerging as the best practice for companies looking for cost-effective functionalities.
The augmented analytics market includes major vendors, such as Salesforce (US), SAP (Germany), IBM (US), Microsoft (US), Oracle (US), Tableau (US), MicroStrategy (US), SAS (US), Qlik (US), TIBCO Software (US), Sisense (US), Information Builders (US), Yellowfin (Australia), ThoughtSpot (US), and Domo (US). These players have embraced different growth strategies to expand their global presence and increase their market shares. New product launches and partnerships/collaborations are some of the significant strategies adopted by the major players to grow further in the augmented analytics market.
Salesforce has witnessed continuous growth over the years within the augmented analytics market. The company offers a wide range of product offerings to fulfill the requirements of diversified customers. It has adopted both organic and inorganic growth strategies to effectively compete with the other players in the market. For instance, in September 2016, Salesforce acquired BeyondCore to improve its analytics offerings and enhance the Artificial Intelligence (AI) platform by expanding smart data discovery and advanced analytics capabilities. Furthermore, in June 2017, Salesforce launched Einstein Analytics to provide its Customer Relationship Management (CRM) users with advanced analytics powered by AI. Moreover, the Einstein Analytics helps users in analyzing various datasets by offering predictive insights and prescriptive recommendations.
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SAP is a prominent player in the augmented analytics market. The company aims at organic and inorganic growth strategies for its business growth. It has a large partner network across the globe, which it uses to expand its geographical presence. It works toward expanding its operations in various regions across the globe. For instance, in May 2018, SAP opened a cloud data center in Saudi Arabia. With the aid of this data center, SAP would be providing its cloud-based services to the Saudi government and enterprise customers in the Middle East. Continuous innovation is one of the primary approaches that the company has adopted from the last couple of years and this approach can be seen as a part of the company’s recent developments. It recently upgraded its analytics offerings and added numerous features for enabling its end users to scale their business operations. In September 2018, SAP added new machine learning features to its SAP Analytics Cloud solution. This enhancement helped businesses uncover correlations in their data and assisted users in making faster and better business decisions.
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