Augmented Analytics Market, By Component (Software, Services (Professional)), by Vertical (BFSI, Healthcare, Manufacturing, Retail, Government, Transportation), by Deployment (Hybris, On-Cloud) - Global Forecast till 2028
ID: MRFR/ICT/5995-HCR | February 2021 | Region: Global | 100 pages
Augmented Analytics Market Overview:
The Augmented Analytics Market is projected to grow at a CAGR of 24%. As per MRFR analysis, the market was valued at USD 4.20 Billion in the year 2017. Thus it is estimated that the market will reach up to USD 18 Billion during the forecast year 2021-2028. The rising use of analytical tools and advanced artificial technology are the major factors that are driving the market. Thus, the market will experience huge growth during the upcoming years.
The tools of augmented analytics are used for analyzing automated data. It is done by taking the help of machine learning and technology used for processing natural language. The augmented data helps to improve the process used for data modelling and data profiling. It helps to integrate both the business intelligence and artificial intelligence with analytical tools.
It is estimated that small business organizations will largely adopt analytical solutions to improve their productivity. The tools will further help them to increase their overall profit. But due to some restraining factors such as high costs and lack of skilled professionals will hinder the market growth. However, by the end of the forecast period, the Augmented Analytics Market will have record significant growth in the forthcoming years.
COVID-19 Analysis
With the impact of the Coronavirus pandemic, several enterprises shifted their work to digital platforms. Strict measures were taken to mitigate the risk of contamination such as social distancing, sanitization, and many others. As a result, the demand for tools required for augmented reality spiked. It helps to segregate the important data through cloud and hybrid solutions as well. Therefore, the value of the Augmented Analytics Market will gradually increase during the forecast period.
Market Dynamics:
Drivers:
Various factors are promoting the Augmented Analytics Business. The growing adoption of tools required for artificial intelligence, business intelligence, and other various technologies is driving the market to a great extent. Along with that, it also provides in-depth statistics and analysis with an accurate prediction of the outcomes. By developing systems for machine algorithms, deep analysis, data preparation, will be helpful in the decision-making process.
Restraints:
Several restraining factors such as lacked of skilled professionals will hinder the market growth. The higher costs and complexities to maintain the systems will act as a restraining factor for the augmented analytics market. Also, the high competition among key players will be difficult for the customers to choose a reliable option.
Opportunities:
Various organizations are focusing on using advanced tools for augmented analysis to take précised decisions. These factors are further increasing the benefits of other business aspects such as forecast trends, processes, and many more. Developing infrastructure and advancement in technology will open various opportunities for Augmented Analytics Market.
Challenges:
The Augmented Analytics Business will be largely beneficial for Small Business Enterprises. But, it will be very difficult for them to compete in the market with the large Enterprises due to a lack of budget. Also, the maintenance of data quality and safety will be difficult due to the absence of skilled individuals among various sectors will restrict the Augmented Analytics Market Sales.
Cumulative Analysis:
The rising Augmented Analytics Market Trends such as digitalization and artificial intelligence are major factors for the market growth. It is estimated that the Compound Annual Growth Rate (CAGR) of the Augmented Analytics Market will be around 24%. According to MRFR analysis, the market value will touch up to USD 18 Billion during the forecast year 2021-2028.
Value Chain Analysis:
The Augmented Analytics tools and systems give important insights into the data in the retail and e-commerce sector. It also gives customer’s insights on the basis of the previous data quickly. Also, the growing complications of the business have fuelled the need for Augmented Analytics. Its huge capability to extract relevant data and giving proper insights can improve the Augmented Analytics Market Profit.
Market Segmentations:
The Augmented Analytics Market Segments is divided into deployment mode, component, vertical, and organization size.
- Based upon deployment, the Augmented Analytics Business is sub-segmented into On-Cloud, Hybrid, and On-Premise.
- Based upon vertical, the augmented analytics market is again divided into Telecommunication and IT, Utilities and Energy, Defense and Government, Entertainment and Media, BFSI, Healthcare, Manufacturing and Retail, and Transportation.
- Based on components, the market is further sub-segmented into Managed Services and Professional Services.
- Based on organization size, the Augmented Analytics Industry is again categorized into Large Enterprises and Medium and Small Enterprises.
Regional Analysis:
On the basis of geographical region, the Augmented Analytics Market is divided into Europe, Asia-Pacific, North America, and the rest of the world. According to the Augmented Analytics Market Analysis, the North American region will hold the largest market share. Especially countries such as the United States and Canada are fuelling the market growth. Various supporting factors such as advanced technologies, better infrastructure with expert technicians are the main reasons for its massive growth.
After that, Europe and Asia-Pacific will respectively dominate the Augmented Analytics Market Size. It is evaluated that the European region will hold the second-largest share in the Augmented Analytics Industry. Due to the growing demand for analytics tools and solutions for increasing the growth of consumer and retail goods, the market is expected to flourish exponentially.
However, the Asia-Pacific region is expected to observe the highest growth. With the rapid development in technology, digitalization is the fuelling factor. Important countries like India and China are growing at a rapid speed. Mainly, demand and development in artificial and business intelligence and preference for machine learning and language processing will be beneficial for the Augmented Analytics Market.
Competitive Landscape:
There are various key players that use different strategies to improve their business portfolios. The Augmented Analytics Industry Top Leaders announce mergers, partnerships, product launches, acquisitions, etc. to increase their business foothold. These are some key players playing a major role in escalating the market growth-
- Tableau Software (US)
- MicroStrategy (US)
- Microsoft Corporation (US)
- IBM Corporation (US)
- Birst (US)
- SAS Tibco (UK)
- SAP SE (Germany)
- Sisene (US)
- Logi Analytics (US)
- Looker (US)
- Qilk (Sweden)
- Salesforce (US)
- Yellowfin (Australia)
- Pyramid Analytics (Netherlands)
- Board International (Switzerland)
- Oracle (US)
Recent Developments:
In June 2019 Qlik announced its new multi-cloud platform integrated with augmented intelligence. This step made Qlik the one and only provider to offer its software comprising multi-cloud deployments.
In 2019, Salesforce announced its future plans to acquire a renowned company called Business Intelligence in May.
In the year 2019, Tableau Software released its new software called "Ask Data" which consists of natural language processing. This software was designed to provide an immediate visual response in plain language for the questions asked by users.
AVORA, an enterprise analytics enterprise in January 2019 announced its investment in machine learning algorithms worth USD. 6.5 Million. It also invested in augmented intelligence to improve its sales and leadership skills.
Report Overview:
The overview of the Augmented Analytics Market Report is listed below-
- Market Overview
- COVID-19 Analysis
- Dynamics of the Market
- Value Chain Analysis
- Market Segmentation
- Regional Analysis
- Competitive Analysis
- Recent Development
Report Score and Segmentation:
- Study Period- 2021-2028
- Base Year-2021
- Forecast Period- 2021-2028
- Historical Period-2019-2020
The score of the report is to give insight into the Augmented Analytics Market during the forecast period 2021-2028. It gives important information about the potential and highlights the growth of the market. The report also covers other factors such as opportunities, challenges, and key players growing in the market. Furthermore, the important information provided in this report is gathered from secondary and primary sources.
Segmentation:
By Deployment:
- Hybrid
- On Cloud
- On-Premise
By Vertical:
- Telecommunication and IT
- Utilities and Energy
- Defense and Government
- Entertainment and Media
- BFSI
- Healthcare
- Manufacturing and Retail
- Transportation
By Component:
- Managed Services
- Professional Services
By Organisation Size:
- Large Enterprises
- Medium and Small Enterprises
By Region:
- Asia-Pacific
- Europe
- North America
- Rest of the World
Report Scope:
| Report Attribute/Metric | Details |
|---|---|
| Market Size |
|
| CAGR | 24% (2018-2023) |
| Base Year | 2019 |
| Forecast Period | 2020-2027 |
| Historical Data | 2018 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Component, by Vertical |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | Salesforce, SAP SE, IBM Corporation, Microsoft Corporation, Oracle, Tableau Software, SAS, Tibco Software, Sisense, Qlik, MicroStrategy, Looker, Yellowfin, Board International, Logi Analytics, Pyramid Analytics, and Birst among others. Among these, Microsoft corporation, Tableau, and Qlik |
| Key Market Opportunities |
|
| Key Market Drivers | High technical expertise in technology such as natural language processing, and machine learning, widespread customer base in almost every industry verticals are some of the major factors driving the growth of augmented analytics in the region. |
Frequently Asked Questions (FAQ) :
The dearth of the required skills in the workforce is expected to hold the market back from achieving its potential.
The need for automation of predictive and prescriptive tools is anticipated to create an advantageous scope for development in the market.
A USD 13 billion by the conclusion of the year 2027 is estimated to transform the market in the approaching period.
IBM Corporation, Yellowfin, SAP SE, Microsoft Corporation, Looker, Oracle, SAS, Tibco Software, Tableau Software, Sisense, Qlik, and MicroStrategy are the leading players in the market.
The North American region is likely to be in the spotlight during the forecast period.
Augmented analytics tools are utilized for analyzing automated data with the support of natural language processing technology and machine learning techniques. It helps in streamlining the process of data modeling and data profiling thus supporting reuse and data governance. With the increasing amount as well as complexity of data generated every year, the need for tools like augmented analytics to derive valuable insights has also noted a major boost