Market Overview
Augmented analytics tools are useful for analyzing automated data with the support of machine learning techniques and natural language processing technology. Market Research Future (MRFR) has published a research report on the global augmented analytics market that envisions expansion for this market at 24% CAGR (Compound Annual Growth Rate) between 2018 and 2023. By value, the market has been figured to be worth the US $ 13 bn by the end of the forecast period.
The most notable factors for the global augmented analytics market growth include development in artificial intelligence (AI) technology, growing use of business intelligence, increasing adoption of analytical tools, and increasing volume of complex data. During the forecast period, development in blockchain and modernization of digital technology are expected to open new market opportunities for Augmented Analytics Market. However, quality issues, as well as safety issues due to large data size, can make data analysis difficult that can slow down the market growth. The high cost of analytical tools is another reason that can stunt the market growth.
Key Players:
The key players in the global augmented analytics augmented augmented analytics market include Birst (USA), Board International (Switzerland), IBM Corporation (USA), Logi Analytics (USA), Looker (USA), Microsoft Corporation (USA), MicroStrategy (USA), Oracle (USA), Pyramid Analytics (Netherlands), Salesforce (USA), SAP SE (Germany), SAS (USA), Sisense (Israel), Tableau Software (USA), Tibco Software (USA), Qlik (Sweden), and Yellowfin (Japan).
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Market Segmentation:
The global augmented analytics market segmentation segments the market into deployment mode, component, vertical, organization size, and lastly, region. In the context of deployment mode, this market has been segmented into on-cloud deployment, on-premise deployment, and hybrid deployment. The component-based segmentation software and services. Services segment has been sub-segmented into professional and managed services.
Based on vertical, the market has been segmented into banking, financial services and insurance (BFSI), energy & utilities, government & defense, healthcare, information technology (IT) & telecommunication, manufacturing, media & entertainment, retail, transportation, and others. Regarding the organization size, the market has been segmented into small and medium enterprises (SMEs) and large enterprises.
Regional analysis
The regional segmentation of the global augmented analytics market segments the market into regional markets namely Europe, Asia Pacific, North America, and rest of the world (RoW). North America is a leading regional market due to its advanced infrastructure, the presence of key market players, and an early adopter of new technologies. Advancements in technologies that are supporting the market growth in this region, especially in the USA, Canada, and Mexico, include machine learning, and natural language.
Europe is the second largest regional market due to developing digital technology, the presence of some key market players, high growth in retail & consumer goods industry, increasing investment on an analytics tool, and increasing demand for augmented analytics solutions for business intelligence. Lastly, high adoption of identity access management (IAM) solutions by IT & telecommunication sector as well as government sector is also contributing to the market growth. The notable country-specific markets in this region are France, Germany, Italy, Russia, Spain, and the UK, followed by the remaining countries of Europe.
Asia Pacific region is expected to grow as the fastest growing regional market due to development in artificial technology, development in digital technology, government support for digitization, increasing expertise in the machine learning as well as natural language processing techniques, and lastly, high investment in advanced analytics solution by China. Other important country-specific markets in this region are Japan, India, Singapore, and South Korea, followed by the remaining countries of this region.
The RoW segment covers the countries of South America and the Middle East & Africa (MEA). South America is a small market because the availability of advanced technology is limited in this region. Argentina and Brazil are two powerful economies that have the potential to rise as lucrative markets in the future. In the MEA region, the market is limited due to most countries being poor countries, lack of education, lack of skilled labor, lack of awareness, and lack of technological advancement.
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Intended Audience
- Software vendors
- Supply and Distribution vendors
- Government
- Research organizations and associations
- Resellers
- End-user verticals
- Small & medium sized enterprises
- Industry associations
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