The global augmented analytics market is anticipated to grow at a CAGR of 24.61% from a market size of US$1.368 billion in 2020 to reach a market size of US$6.383 billion by 2027.
The growing digitalization of processes across businesses is driving the demand for augmented analytics technology to support advanced technologies such as machine learning and natural language generation. The growing volume of complex data generated every year is also augmented analytics for deriving valuable insights while accelerating the data analysis process. Augmented analytics helps in identifying factors that are conducive to business growth and predicting forecast trends.
Increased investments by large enterprises in augmented analytics are expected to boost the market
By enterprise size, large enterprises hold the major share of the global augmented analytics market during the forecast period. This high adoption of augmented analytics solutions across large enterprises is due to the high volume of big data, both structured and unstructured, being generated by these global companies across various industry verticals. Large enterprises have more budgets and so, are increasingly investing in augmented analytics solutions to streamline their business processes while managing the growing demand for accurate and relevant business insights. The adoption of augmented analytics in small and medium-sized businesses remains low due to a lack of awareness, as well as a lack of budget for the integration of advanced technologies and infrastructure.
Cloud deployment models are projected to grow at a significant CAGR during the forecast period
According to the deployment model, the cloud segment is projected to witness a significant CAGR during the forecast period owing to the growing adoption of cloud computing in enterprises across various industries. Cloud-based deployment eliminates the cost of initial setup and future scaling while providing a highly flexible and agile environment to deploy the technology. Moreover, the cloud deployment model offers a highly reliable environment with low-cost data backup, making it preferable to small and medium enterprises that lack a high budget. The on-premise segment will hold a substantial market share during the forecast period as large enterprises prefer this type of deployment model to have full control over their IT infrastructure.
Healthcare is witnessing continuous market growth
By industry vertical, healthcare is projected to grow at a noteworthy CAGR during the forecast period. Increasing healthcare expenditure is driving the need for cutting-edge technologies to aid in the development of novel diagnostics and therapies. As such, in recent years, a rapid increase in the number of partnerships and collaborations has been witnessed among hospitals, large technology companies, healthcare start-ups, and research centres in augmented reality. For example, in January 2020, Mayo Clinic partnered with the Clinical Data Analytics Platform, a Massachusetts-based developer of augmented intelligence technology, to accelerate drug discovery and development.
The Global Augmented Analytics market is segmented by component, deployment model, enterprise size, industry vertical, and geography. By component, the global Augmented Analytics market is segmented into hardware, software, and services. By deployment model, the market is segmented into on-premise and cloud. The global augmented analytics market is further segmented by enterprise size as small, medium, and large. By industry vertical, the market is segmented into retail, IT and telecom, BFSI, healthcare, government, manufacturing, and others.
North America holds the major market share throughout the forecast period
Geographically, the global augmented analytics market is segmented into North America, South America, Europe, the Middle East, and Africa (MEA), and Asia Pacific (APAC). North America accounted for the major market share in the market and will remain in its position until the end of the forecast period. The early adoption of advanced technologies coupled with the presence of major market players in the region is the major driver of the augmented analytics market in North America. Enterprises across various industry verticals in this region are increasingly adopting augmented analytics solutions to enhance their business operations while improving the customer experience. For example, in January 2019, the global food and beverage giant, Pepsico, announced it would leverage augmented intelligence to determine strategic and consumer insights. The presence of state-of-the-art infrastructure, high R&D investment, and the availability of a highly skilled workforce are other factors that are bolstering the market growth of the augmented analytics market in this region.
Companies are adopting various strategies to ramp up their market share, thereby driving the overall market growth of augmented analytics in the region. For example, in July 2019, U.S.-based leading provider of AI-powered augmented analytics software Tellius announced its partnership with Snowflake, Inc. Under this partnership, the Tellius Search and AI-powered analytics platforms are certified to connect to the Snowflake data warehouse to allow customers to discover insights at scale with better analytics performance.
The augmented analytics market has benefitted from the COVID-19 outbreak owing to the numerous benefits of augmented analytics such as machine learning, artificial intelligence, and natural language generation. Furthermore, amid the rise of the pandemic analysts recognized the importance of navigating COVID-19 data. The data gathered with the help of augmented analytics provides numerous opportunities to automate routine analytics work without human intervention. Additionally, the current advancements with augmented analytics such as faster data analysis, and cleaner and capable higher-level insights have thus added momentum to the growth of the global augmented analytics market in the anticipated period.
|Market Size Value in 2020||US$1.368 billion|
|Market Size Value in 2027||US$6.383 billion|
|Growth Rate||CAGR of 24.61% from 2020 to 2027|
|Forecast Unit (Value)||USD Billion|
|Segments Covered||Component, Deployment Model, Enterprise Size, Industry Vertical, And Geography|
|Regions Covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies Covered||Microsoft, IBM, SAP Analytics Cloud, Salesforce.com, inc., Oracle, Sisense Inc., MicroStrategy Incorporated, TIBCO Software Inc., QlikTech International AB, Tellius, Inc.|
|Customization Scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What is the size of the global augmented analytics market?
A1. Augmented Analytics Market was valued at US$1.368 billion in 2020.
Q2. What are the growth prospects for the augmented analytics market?
A2. The augmented analytics market is anticipated to grow at a CAGR of 24.61% during the forecast period.
Q3. What will be the augmented analytics market size by 2027?
A3. The global augmented analytics market is anticipated to reach a total market size of US$6.383 billion by 2027.
Q4. What factors are anticipated to drive the augmented analytics market growth?
A4. The growing digitalization of processes across businesses is driving the demand for augmented analytics technology to support advanced technologies such as machine learning and natural language generation.
Q5. Which region holds the largest market share in the augmented analytics market?
A5. North America accounted for the major share in the augmented analytics market and will remain at its position until the end of the forecast period.
SAP Analytics Cloud
TIBCO Software Inc.
QlikTech International AB
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