DUBLIN--(BUSINESS WIRE)--The "Augmented Analytics Market, By Components, By Organization Size, By Deployment Type, By Vertical, and By Region Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The global augmented analytics market was valued at USD 10.06 Billion in 2021 and is expected to reach USD 103.87 Billion by the year 2030, at a CAGR of 29.5%.
Augmented analytics is a technology that automates the process of data analysis and provides insights that help organizations make better decisions. It uses artificial intelligence (AI) and machine learning algorithms to analyze data from multiple sources, including social media, blogs, news feeds, and more.
This technology is used by organizations to improve their decision-making process by providing them with insights that would otherwise be unavailable. It can help organizations save time and money by automating repetitive tasks, such as data entry, data analysis, and report generation.
The global augmented analytics market is growing at a rapid pace due to the increasing adoption of AI and machine learning technologies by organizations. These technologies are used to automate various business processes, including customer relationship management, marketing, and others.
The increasing adoption of cloud-based solutions is another factor that is driving the growth of the augmented analytics market. Cloud-based solutions offer several benefits over on-premise solutions, such as scalability, flexibility, and cost-effectiveness.
The rising need for better decision-making capabilities is another factor that is fuelling the growth of the augmented analytics market. Organizations are under constant pressure to make decisions quickly and efficiently. Augmented analytics can help organizations make better decisions by providing them with insights that would otherwise be unavailable.
The increasing number of data sources is another factor that is driving the growth of the augmented analytics market. Organizations are generating large amounts of data from various sources, including social media, blogs, news feeds, and more. This data is difficult to analyze manually, and therefore, there is a need for a technology that can automate the process of data analysis.
Further key findings from the report suggest
- The cloud deployment model segment is expected to dominate the augmented analytics market owing to the increased demand for cloud-based enterprise applications. The cloud-based applications are hosted on third-party servers and can be accessed by authorized users using the internet. The cost associated with the cloud deployment model is low as compared to on-premises and hybrid deployment models.
- The healthcare business segment is expected to grow at the highest CAGR during the forecast period. This is due to the growing adoption of these solutions in disease diagnosis, clinical decision support, and personalized medicine.
- The retail business segment is expected to grow at a significant CAGR during the forecast period. This growth can be attributed to the increased adoption of these solutions in pricing optimization, customer lifetime value analysis, and inventory management.
- The banking, financial services, and insurance (BFSI) business segment is expected to grow at a moderate CAGR during the forecast period. This is due to the increased adoption of these solutions in risk management, fraud detection, and customer segmentation.
- The manufacturing business segment is expected to grow at a significant CAGR during the forecast period. This growth can be attributed to the need for predictive maintenance, quality control, and supply chain analysis.
- The telecom and IT business segment is expected to grow at a moderate CAGR during the forecast period. This growth can be attributed to the need for network traffic analysis and customer churn prediction.
- The energy and utilities business segment is expected to grow at a moderate CAGR during the forecast period. This growth can be attributed to the need for demand forecasting and grid optimization.
- The North America region is expected to be the largest market for augmented analytics during the forecast period. The presence of major players in this region and the early adoption of advanced technologies are some of the key factors driving the growth of the augmented analytics market in North America.
- The Asia Pacific region is expected to grow at the highest CAGR during the forecast period. The growing demand for data-driven decision making and the increasing adoption of cloud-based solutions are some of the key factors driving the growth of this market in the Asia Pacific region.
Augmented Analytics Market Segmentation & Impact Analysis
Market drivers analysis
- Increasing volume of complex business data
- Increasing adoption of advanced business intelligence and analytics tools
- Increasing need to make the work easier for data scientists and business users
Market restraints analysis
- Apprehension about technologies replacing humans
- Security concerns related to critical data among different industry verticals
- Lack of skilled workforce
Company Profiles
- Salesforce Inc.
- SAP
- IBM
- Microsoft
- Oracle
- MicroStrategy Incorporated
- SAS Institute Inc.
- QlikTech International AB
- TIBCO Software Inc.
- Sisense Inc.
Scope of the Report
Component Outlook (Revenue, USD Billion; 2019-2030)
- Software
- Services
Organization Size Outlook (Revenue, USD Billion; 2019-2030)
- Large Enterprises
- Small and Medium-Size Enterprises (SMEs)
Deployment Type Outlook (Revenue, USD Billion; 2019-2030)
- On-Premises
- Cloud
Vertical Outlook (Revenue, USD Billion; 2019-2030)
- Banking Financial Services and Insurance (BFSI)
- Telecom & IT
- Retail & Consumer Goods
- Healthcare & Life Science
- Manufacturing
- Government & Defense
- Energy & Utilities
- Transportation & Logistics
- Media & Entertainment
- Others
Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
For more information about this report visit https://www.researchandmarkets.com/r/35wv3y
