Augmented Analytics Market size worth $ 62.5 Billion, Globally, by 2028 at 29.8% CAGR: Verified Market Research®

The increasing complexity of business data, the introduction of advanced business intelligence and analytical tools, the growing need for increased productivity, and the surging demand for intelligence business tools are some of the factors that will drive the growth of the Augmented Analytics Market during the forecast period.

Jersey City, New Jersey, Dec. 14, 2021 (GLOBE NEWSWIRE) — Verified Market Research recently published a report, “Augmented Analytics Market” By Component (Software, Services), By Organization Size (Large Enterprises, Small And Medium-sized Enterprises (SMEs)), By Deployment Type (On-Premises, Cloud), By Vertical (Telecom And IT, Retail And Consumer Goods, Healthcare And Life Sciences), and By Geography. According to Verified Market Research, the Global Augmented Analytics Market size was valued at USD 7.7 Billion in 2020 and is projected to reach USD 62.5 Billion by 2028, growing at a CAGR of 29.8% from 2021 to 2028.

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Global Augmented Analytics Market Overview

Rise in need to democratize the analytics and increase productivity, growth in awareness of enterprises to utilize growing streams of data from various sources in innovative ways, and increase in need to make the work easier for citizen data scientists and business users are some of the factors driving the growth of the Global Augmented Analytics Market. Currently, the adoption of augmented analytics is major in the BFSI industry. A huge amount of data is stored in organizations and to convert that raw data into actionable insights, certain technical steps are needed to be taken.

These analytical skills are only performed by hiring dedicated individuals usually called data scientists or data analysts. However, there is a scarcity of data scientists which restricts the organizations, especially, smaller businesses to leverage the advantage of actionable insights generated by utilizing the analytics. For instance, the U.S. economy alone could be short as many as 250,000 data scientists by 2024. Thus, organizations face the need for democratizing analytics and increasing their productivity.

This can be possible by utilizing artificial intelligence, machine learning, and natural language generation, which generates automated insights for any non-technical user. One feature of augmented analytics that is different from other technologies is the ability to carry out natural-language generation, which undoes complex jargon and delivers insights in simple terms. Furthermore, the citizen data scientist creates or generates models that use advanced diagnostic analytics or predictive and prescriptive capabilities, but whose primary job function is outside the field of statistics and analytics.

Key Developments

• In May 2019 – Qlik introduced new multi-cloud and augmented intelligence capabilities. It’s notable because it makes Qlik one of the only providers in the market capable of offering its software through broad multi-cloud deployments, all of which are available under single subscription licensing.
• In June 2019 – Salesforce announced plans to acquire Tableau, a business intelligence (BI) vendor, in an all-stock transaction valued at USD 15.7 billion, a nearly 50% premium to Tableau’s stock price at the time of announcement. The acquisition appears to be in response to Google’s USD 2.6 billion Looker acquisition and Microsoft’s success in the space, as well as to mitigate the effects of slowing organic growth.

Key Players

The major players in the market are Salesforce, SAP, IBM, Microsoft, Oracle, Tableau, MicroStrategy, SAS, Qlik, TIBCO Software among others.

Verified Market Research has segmented the Global Augmented Analytics Market On the basis of Component, Deployment Type, Organization Size, Vertical, and Geography.

• Augmented Analytics Market, By Component
  • Software
  • Services

• Augmented Analytics Market, By Deployment Type
  • On-Premises
  • Cloud

• Augmented Analytics Market, By Organization Size
  • Large Enterprises
  • Small and Medium-sized Enterprises (SMEs)

• Augmented Analytics Market, By Vertical
  • Banking, Financial Services, and Insurance (BFSI)
  • Telecom and IT
  • Retail and Consumer Goods
  • Healthcare and Life sciences
  • Others

• Augmented Analytics Market by Geography
  • North America
    • U.S
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • U.K
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of Asia Pacific
  • ROW
    • Middle East & Africa
    • Latin America

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