Global Augmented Analytics Market Size, Sector / Industry Report & Analysis 2020, & Forecast 2021-2026 (Includes Business Impact of COVID-19)

                                          
Abstract, Snapshot, Market Analysis & Market Definition: Global Augmented Analytics Market


The global Augmented Analytics market size is projected to reach US$ 28676.64 million by 2026, from US$ 7445.64 million in 2020, at a CAGR of 25.2% during 2021-2026. The augmented analytics technology has catalyzed the process of digital transformation in organizations with the help of tools supporting advanced technologies such as machine learning and natural language generation. As the amount and complexity of data generated every year increases, the demand for tools such as augmented analytics for deriving valuable insights also increases. This technology has assisted data scientists in accelerating the process of data analysis by handling large sets of data and deriving key insights from them. Factors such as increasing demand for intelligent business tools in the field of data analysis and the rising need for increased productivity of business processes are driving the growth of the market.

Augmented analytics has disrupted the data analytics market to transform the way content is developed, consumed, and shared. It has helped in increasing the efficiency of data scientists by automating tasks of analyzing and exploring data and shifting their focus on more relevant insights for decision making. It simplifies the process of analysis for even non-technical users by running numerous algorithms and creating a common format to detect patterns. These patterns can later be used by non-technical users to generate insights by giving inputs into the data analysis algorithm. The technology also translates non-linguistic format data into a form understood by humans for a better understanding by business executives.

The adoption of augmented analytics has increased exponentially due to the integration of natural language processing technology that allows business intelligence technology users to interact in a conversational mode. The technology also provides a recommendation on how to use data and how to enrich it for getting more in-depth analysis. Other benefits of the technology include insight generation and prediction where the technology identifies the factors conducive for business growth, explains features influencing the outcomes of the business processes, predicts forecast trends, and others.

Business organizations are now focusing on adopting advanced analysis tools to make data-driven decisions and leveraging the benefits of augmented analytics platforms, thereby empowering their business analysts.  Organizations across various industry verticals are using advanced technology for determining the preferences of their consumers.

Market Segmentation, Outlook & Viewpoint: Global Augmented Analytics Market

Enterprise Size Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2025)

  
SMBs
  
Large Enterprises

Component Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2025)

Software

Services

  
Training Services
  
Consulting Services
  
Implementation Services
  
Support and Maintenance

Deployment Type Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2025)

  
Cloud
  
On-premise

Industrial Vertical Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2025)

  
Retail & E-commerce
  
Healthcare
  
BFSI
  
IT and Telecommunication
  
Manufacturing
  
Government
  
Energy utilities
  
Others

Key Players, Recent Developments & Regional Insights: Global Augmented Analytics Market

Based on enterprise size, the market has been segmented into SMBs and large enterprises. The SMBs segment includes all the small and medium businesses that consist of less than 1000 employees. The large enterprises segment comprises companies that employ more than 1000 people. The adoption of augmented analytics technology is high in large enterprises as these companies generate massive volumes of data, which require a data scientist for analysis. Other factors such as increasing need for streamlining business processes and the growing demand for accurate and relevant business insights are driving the adoption of the technology.

The SMBs segment is expected to register a CAGR of approximately 27% from 2019 to 2025. The adoption of the technology was relatively lower in SMBs in previous years owing to the lack of awareness and high initial investment required for the integration of new technologies in well-established business environments and their setup infrastructure. However, as the adoption of technology increases, the setup cost is expected to reduce, thereby increasing its adoption among SMBs.

Component Insights

Based on component, the market has been segmented into software and services. The services segment has further been segmented into training services, consulting services, implementation services, and support and maintenance services. The software segment comprises data visualization tools, analysis tools, and others. Under the services segment, the training services segment accounts for the dominant share in the market.

Consulting services deliver appropriate analytics for organizations and also help enterprises in determining how the analytics will benefit their operations to make better decisions. The implementation services segment is expected to register the highest CAGR over the forecast period owing to the growing adoption of augmented analytics solutions. This segment includes services for implementing the software using an enterprises existing infrastructure. These services also include connectivity setup services, product upgrade, and other services to deploy technology in the end-users working environment. The support and maintenance services segment comprises all the proactive and remote support and maintenance services provided by companies to help users with issues and incidents pertaining to the augmented analytics system they are using.

Deployment Insights

Based on the deployment type, the augmented analytics market has been categorized into on-premise and cloud. The cloud segment is expected to register a high CAGR over the forecast period. Cloud-based deployment allows companies to mitigate issues associated with on-premise deployment, such as high cost of initial setup and future scaling. Cloud-based analytics provides a highly flexible and agile environment to deploy the technology.

A massive amount of data is processed every day within an organization; therefore, loss of any information can be harmful to the organization. The cloud provides a highly reliable environment by offering backup of data at a low cost. Also, for SMBs, the cost of using the technology deployed over the cloud is very low as they dont have to invest in purchasing the software and have to only buy a subscription of the license as per their requirement. Such factors are expected to contribute to the high adoption of cloud-based augmented analytics solutions over the forecast period. The on-premise segment is also expected to account for a large market share over the forecast period.

Industry Vertical Insights

Based on industry vertical, the market has been segmented into retail & e-commerce, healthcare, BFSI, IT & telecommunication, manufacturing, government, energy utilities, and others. The BFSI segment is expected to hold more than 20% of the market share by 2025. The enterprises in this sector are widely using advanced analytics to increase the efficiency of various processes associated with customer services and real-time financial insights. For instance, in May 2019, Sierra Pacific Mortgage, a mortgage banker in the U.S., integrated Microsoft Power BI, an augmented analytics tool, in its organizational processes to improve its customer services and loan processing processes and also drive competitive advantage.

The demand for the augmented analytics technology is expected to increase at a substantial pace in the healthcare sector in the next few years and the segment is expected to emerge as the fastest-growing segment over the forecast period. Hospitals are implementing the technology for a wide range of tasks such as staffing, managing patient turnover, analyzing operation cost, and others. Hospitals are also using analytics techniques to provide quick answers for most-searched questions from patients over their websites. The technology is also finding applications in other sectors such as government, retail & e-commerce, across which the demand for augmented analytics is expected to grow moderately over the forecast period.

Regional Insights

The market for augmented analytics in North America accounted for more than 30% share in 2018, owing to the increasing adoption of advanced technologies for improving customer experience. Numerous enterprises in North America are significantly adopting advanced analytics to enhance their business operations. From business intelligence to data discovery to augmented analytics, the adoption of technologies has been rapid in the region. To understand consumer needs better and deliver good customer experience, companies have been mainly focusing on improving their data analysis capabilities. For instance, in January 2019, Pepsico, a food and beverage company, announced that it would be leveraging augmented intelligence to determine strategic and consumer insights.
The augmented analytics market in the Asia Pacific region is expected to register the highest CAGR of 31.3% from 2019 to 2025 owing to the increasing implementation of data discovery, visualization, and self-service Business Intelligence (BI) tools across business organizations. The increasing use of these capabilities has become an important evolving trend across numerous companies in India, China, and Japan to make business decisions supported by data insights.

Augmented Analytics Market Share Insights

Key industry participants include Microsoft Corporation; IBM Corporation; SAP SE; QlikTech International AB; Tableau Software; Sisense Inc.; Salesforce.com, Inc.; TIBCO Software Inc.; SAS Institute Inc.; and MicroStrategy Incorporated.

Vendors in the market are focusing on improving the augmented analytics technology to cater to the growing consumer demands. As enterprises grow, the demand for new capabilities increases, and to cater to them, vendors are providing advanced self-serve data discovery tools, assisted predictive modeling, and others. For instance, in February 2019, Microsoft Corporation announced updates in its Power BI. New features such as Q&A functionality, conditional formats, data connections, copy and paste, custom visuals, fuzzy matching option for merging data, power query improvements, what-if parameters, bookmarks, buttons, R and python, and others were added to provide an enhanced user experience.

Key Insights Covered: Global Augmented Analytics Market

1. North America, Europe, Asia Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of Augmented Analytics industry.
2. Global major manufacturers operating situation (sales, revenue, growth rate and gross margin) of Augmented Analytics industry.
3. Global major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of Augmented Analytics industry.
4. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Augmented Analytics industry.
5. Global market size (sales, revenue) forecast by regions and countries from 2019 to 2024 of Augmented Analytics industry.

Research Methodology: Global Augmented Analytics Market

  
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
  
Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
  
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among other