The Global Augmented Analytics market was valued at US$9.487 billion in 2019. 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.
Large enterprises investing more in augmented analytics
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 budget 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 across small- and medium-sized enterprises is still low owing to the lack of awareness along with a lack of budget required for the integration of advanced technologies and infrastructure.
Cloud deployment model projected to grow at a significant CAGR during the forecast period
By 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 the IT infrastructure.
Healthcare 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 up the need for cutting-edge technologies to aid 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 centers in augmented reality. For example, recently in January 2020, Mayo Clinic has partnered with a Massachusetts-based developer of augmented intelligence technology, conference, for Clinical Data Analytics Platform to speed up 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 a small, medium, and large. By industry vertical, the market is segmented into retail, IT and telecom, BFSI, healthcare, government, manufacturing, and others.
Geographically, the Global Augmented Analytics market is segmented as North America, South America, Europe, the Middle East, and Africa (MEA), and Asia Pacific (APAC). North America accounted for the major market share in 2019 and will remain at 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 to leverage augmented intelligence to determine strategic and consumer insights. The presence of state-of-the-art infrastructure, high R&D investment, and 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 platform are certified to connect to the Snowflake data warehouse to allow customers to discover insights at scale with better analytics performance.
The Asia Pacific (APAC) augmented analytics market will witness a substantial CAGR during the forecast period on account of the rising implementation of data discovery, data visualization, and business intelligence (BI) tools across enterprises of various sizes. Enterprises in countries such as India, China, and South Korea are shifting from traditional analytics projects to augmented analytics tools to speed up data preparation and cleansing while increasing the accuracy of analytics offerings. Growing investments in artificial intelligence (AI) are also boosting the market growth of the augmented analytics market in the Asia Pacific (APAC) region. In April 2019, ThoughtSpot announced to invest $25 million in its engineering center in Bangalore, India to boost the company’s industry-leading search and AI-driven analytics platform. The company also announced to begin its business operations in India to bring augmented analytics to various enterprises across the region. However, the lack of availability of skilled professionals is still a major inhibitor toward the adoption of augmented analytics in the Asia Pacific (APAC), thus hindering the market growth in this region.
Prominent key market players in the Global Augmented Analytics market include Microsoft, IBM, SAP Analytics Cloud, Salesforce.com, inc., Oracle, Sisense Inc., MicroStrategy Incorporated, TIBCO Software Inc, and Logi Analytics. These companies hold a noteworthy share in the market on account of their good brand image and product offerings. Major players in the Global Augmented Analytics market have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last two years.
|Market size value in 2019||US$9.487 billion|
|Growth Rate||CAGR during the forecast period|
|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||Arthrex Inc., Boston Scientific Corporation, Conmed Corporation, Cook, Olympus Corporation, Medtronic, Hoya Corporation, Karl Storz GmbH & Co., Smith & Nephew, Stryker|
|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$9.487 billion in 2019.
Q2. Who are the major players in the augmented analytics market?
A2. Prominent key market players in the augmented analytics market include Microsoft, IBM, SAP Analytics Cloud, Salesforce.com, inc., Oracle, Sisense Inc., MicroStrategy Incorporated, TIBCO Software Inc, and Logi Analytics.
Q3. How is the global augmented analytics market segmented?
A3. The global augmented analytics market is segmented by component, deployment model, enterprise size, industry vertical, and geography.
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 in 2019 and will remain at its position until the end of the forecast period.
SAP Analytics Cloud
TIBCO Software Inc.
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