Market Size – USD 4,690.0 Million in 2018, Market Growth – CAGR of 25.2%, Market Trends – Technological advancements in the analytic techniques to propel the augmented analytics market
According to the current analysis of Reports and Data, the global augmented analytics market was valued at USD 4,690.0 Million in 2018 and is expected to reach USD 31,069.7 Million by the year 2026, at a CAGR of 25.2%. Augmented analytics market research study offers an all-inclusive analysis of the revenue generated by the online investment vendors locally and globally. It includes the analysis of critical strategies, business models, geographic presence, market dynamics, industry outlook, competitive landscape, and augmented analytics market revenue for all segments. The study provides an overall insight into the factors responsible for the growth in the augmented analytics market.
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The factors driving the augmented analytics market are increasing complex business data, increased adoption of analytic tools for business intelligence and reducing operational costs, and technological advancements in the analytic techniques. Owing to rising urbanization and digitalization across the world, end-user sectors like BFSI, Government, and retail industries have experienced growth, which is expected to supplement the growth of the augmented analytics market. An increasing number of key players are partnering up with the significant core companies in the above sectors to provide a superior and more efficient platform to help them grow their business as well as redefine experiences for the customers.
The augmented analytics market presents several opportunities for the vendors due to increasing higher implementation of augmented analytics solutions among SMEs. The growth of the augmented analytics market is expected to be restrained due to them is the lack of skilled professionals required for operating these systems, data privacy, and security issues, and reluctant to implement new technology due to heavy dependence on traditional analytical methods. It is anticipated that extensive research and development funded by various companies, along with the enhancements of the cloud computing services would help in overcoming this challenge and convert it into an opportunity for the augmented analytics market to thrive upon. The ecosystem of the augmented analytics comprises of several small and large enterprises. These players are developing in house solutions by spending a larger share of revenue in the innovation of the products. The companies are indulging in partnerships, collaborations, agreements, and mergers to gain a competitive edge in the augmented analytics market.
Further key findings from the report suggest
- The augmented analytics market is growing at a CAGR of 9% in the Asia Pacific due to the rapid industrialization, urbanization, and digitalization of the developing countries and the increased use of real-time analytics techniques for business intelligence in developing countries such as India, China, and Singapore.
- Global modernization and emergence of technologies like Big Data, AI, ML, and BI, has increased the number of analytical applications in all business functions of the enterprise, which is expected to increase the use of augmented analytics and expand its market size.
- Governments are investing in the digitalization of the various industries to help modernize the state-run services, which are availed by people for the day to day activities. These services critically contribute to the revenue generated by countries. It is expected this factor would help the augmented analytics market growth.
- The cloud deployment model is expected to dominate the augmented analytics market owing to its low-cost implementation and flexible subscription models suitable for the end-users.
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- The sales and marketing business function are estimated to dominate the market in 2018. The enterprises are using augmented analytics solutions to derive actionable insights from the existing data using buying patterns and targeting customers for sales and marketing activities reducing failure rates
- Key participants include Microsoft Corporation, QlikTech International AB, IBM Corporation, Salesforce.com inc., SAP SE, SAS Institute, Inc., TIBCO Software Inc., Sisense Inc., ThoughtSpot Inc., MicroStrategy Inc., and GoodData Corporation.
Component type (Revenue in USD Million; 2016–2026)
- Software
- Services
- Training and Consulting Services
- System Integration and deployment
- Technical Support
Business Function (Revenue in USD Million; 2016–2026)
- Sales & Marketing
- Finance
- IT
- Operations
- Others
Deployment type (Revenue in USD Million; 2016–2026)
- On-Premises
- Cloud
Organization Size (Revenue in USD Million; 2016–2026)
- Large Enterprises
- Small and Medium-Sized Enterprises
End-User (Revenue in USD Million; 2016–2026)
- Banking, Financial Services, and Insurance
- Telecom and IT
- Retail and Consumer Goods
- Healthcare and Life Sciences
- Manufacturing
- Others
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Regional Outlook (Revenue in USD Million; 2016–2026)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Middle East & Africa
- Middle East
- Africa
- Latin America
- Brazil
- Mexico
- Rest of Latin America
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