ID: MRFR/ICT/5995-HCR | February 2021 | Region: Global | 100 pages
Augmented analytics tools are used to analyze automated data with the support of machine learning techniques and natural language processing technology. Augmented data streamline the processes for data profiling, and data modelling thereby supports reuse and data governance. The approach also able to combine artificial intelligence and business intelligence and has huge potential to support technical as well as non-technical users to automate their data analytics tools. Further, it also automates predictive and prescriptive tools along with providing historical reports and dashboards.
Global Augmented Analytics market was valued at USD 4.20 billion in 2017 and is estimated to reach market value of USD 13 billion by 2023 growing with 24% CAGR during forecast period 2018-2023. Increasing volume of complex data, increasing adoption of analytical tools for business intelligence, and development in artificial intelligence technology are some crucial driving factors for the growth of this market. However, lack of skilled workforce is expected to hamper the market growth in coming years. Development in blockchain and modernization of digital technology are expected to shape a fruitful opportunity for augmented analytics market during the forecast period. Whereas, high cost of analytical tools, and analyzing the huge generated data by maintaining quality and safety are some of the major challenges faced by the market.
The global Augmented Analytics market is segmented into component, deployment mode, organization size, vertical, and region.
By component, the market is segmented into software, and services. Services segment is further sub-segmented into professional and managed services
By deployment, the market is segmented into on-premise, on-cloud and hybrid.
By organization size, the market is sub-segmented into SMEs and large enterprises
By vertical, the market is classified into BFSI, Government & defense, IT & Telecommunication, Retail, manufacturing, energy & utilities, transportation, media & entertainment, and healthcare among others.
By region, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the world.
Market Research Future (MRFR) has covered following countries in regional analysis of Augmented Analytics market - U.S, Canada and Mexico in North America. Germany, U.K, France, Russia, Spain, and Italy in Europe. China, Japan, India, Singapore, Australia, and South Korea in Asia-Pacific. The Middle East & Africa and South America Market in the Rest of the world.
North America is dominating the Augmented Analytics market, followed by Europe and Asia-Pacific. North America, especially U.S is a technically advanced region due to presence of key players such as IBM Corporation, Microsoft Corporation, Oracle, and Tableau Software among others .Further, technically advanced infrastructure, 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.
Europe is the second highest revenue generating market for augmented analytics. Developing digital technology and increasing demand for augmented analytics solutions for business intelligence, and high growth in retail & consumer goods industry is driving the market of augmented analytics in the region.
Asia-Pacific is projected to grow with fastest growing CAGR during the forecast period. Development in digital technology, development in artificial technology and big data analytics, and increasing expertise in the machine learning and natural language processing techniques are some of the prime factors for the growth of augmented analytics market in the region.
The market players follow several organic and inorganic growth strategies, under which they focus on partnerships, agreements, collaborations, mergers, acquisitions, business expansion, product launches, and product enhancements to strengthen their position and excel in the global augmented analytics market.
The global Augmented Analytics market is characterized by the presence of many global, regional, and local vendors. Market Research Future has identified following key players in the market – 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 are leading the augmented analytics market in terms of their product offerings and customer reach. MicroStrategy Inc., a software provider of business intelligence, mobile software and cloud-based services, is projected to be a challenger for the leaders of the market.
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 2023 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.