In 2022, it is expected that the market for augmented analytics market would reach US$7.2 billion. By 2032, the market would have increased in size by $50.9 billion, or 21.6% CAGR.
According to FMI, the market will expand as more businesses utilise augmented analytics solutions to automate data preparation, survey analysis, and decrease human operations. Through the use of machine learning-enhanced analysis methodologies, these technologies make data cleansing, insight building, and data collecting easier.
The use of advanced analytics is expanding significantly across sectors. With the inclusion of augmented analytics, businesses are no longer required to employ a data scientist in order to analyse data. By democratising access to data, the solution enables all businesses, regardless of size, to get insightful information from their data sources.
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The capacity of augmented analytics solutions to swiftly and readily uncover data trends is highly useful when it comes to e-commerce personalization. Businesses engaged in e-commerce and online advertising collect a lot of client information.
Increased personalization and product recommendations, according to e-commerce startup Brilliance, raise the typical amount of items in a customer’s shopping basket. Retailers can use augmented analytics to track online behavior across a range of platforms, such as web browsers, mobile devices, and applications, to better serve their customers and boost conversion rates. As a result, the market for augmented analytics will keep growing in the next few years.
While few of these tools actually analyze the data, there are software tools available to support organizations in visualizing and conveying the analysis done by data scientists to organizational decision-makers. With augmented analytics, every size of business can do anything. As a result, augmented analytics solutions will grow in popularity throughout the course of the projection period.
Key Takeaways:
- Based on the solution, demand in the services segment is expected to grow at a CAGR of 24.6% through 2032.
- In terms of enterprise size, the adoption of augmented analytics solutions in small and mid-sized enterprises (SMEs) is anticipated to increase at a CAGR of 23.8% over the forecast period.
- By industry, sales of augmented analytics solutions in the BFSI sector are anticipated to grow at a CAGR of 25.8% between 2022 & 2032.
- North America is expected to lead the market followed by Europe in 2022. South Asia & Pacific is anticipated to emerge as the fastest-growing markets between 2022 & 2032.
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Augmented Analytics Outlook by Category
By Solution:
- Augmented Analytics Software
- Services
By Enterprise Size:
- Large Enterprises
- Small and Mid-Sized Enterprises (SMEs)
By Industry:
- BFSI
- Retail
- IT & Telecom
- Manufacturing
- Healthcare
- Government
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
Leading Companies Profiled in Augmented Analytics Market are
- Salesforce
- SAP
- IBM
- Microsoft
- Oracle
- Softengi
- MicroStrategy
- SAS
- Qlik
- TIBCO Software
- Sisense
- Pyramid Analytics
- Yellowfin
- ThoughtSpot
- Domo
More Valuable Insights on Augmented Analytics Market
FMI’s report on the augmented analytics industry research is segmented into five major sections – by solution (augmented analytics software (on-premises, and cloud), services (consulting, deployment & integration, and support & maintenance)), enterprise size (large enterprises, and small and mid-sized enterprises (SMEs)), industry (BFSI, retail, IT & Telecom, manufacturing, healthcare, government, and others), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and Middle East & Africa), to help readers understand and evaluate lucrative opportunities in the augmented analytics demand outlook.
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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