The boom of the global augmented analytics market 2020 is noticeable by Market Research Future which has come into the reading, mainly amid COVID 19 crisis. This foretells that the global augmented analytics market’s overall valuation would get bigger post the pandemic that is calculated to be USD 13 billion by the year 2023. The growth would occur at a pace of 24% CAGR owing to the development of the new dynamism, which is making active development in the market’s growth, mainly from the years 2018-2023.
With the mounting incorporation of numerous IoT-based solutions, companies have an efficient option to store vast data related to business operations. This raw data desires to be converted into actionable insights. Though, the scarcity of data scientists is preventing companies with budgetary constraints from influencing data analytics techniques to derive various actionable insights. Such factors have augmented the market to boost in these years and would go on post-COVID 19 situation.
As per the reports, the U.S. alone will fall short of approximately 250,000 data scientists by 2025. The use of augmented analytics offers a cost-effective alternative for SMEs to efficiently integrate advanced analytics solutions to augment the productivity of business operations that will augment the market during Coronavirus pandemic. Augmented analytics is a promising technology that deals with data and analytics with the application of machine learning along with NLP to automate data preparation, insight discovery and insight sharing across a broad range of business.
The escalating complexity of the business data has led to a massive rise in the adoption rates of augmented analytics. With the rising complexity of the work, it becomes time-consuming, and the application of artificial intelligence is anticipating boosting the speed and accuracy with which the analysis is performed. On a similar note, the broad adoption of business intelligence tools has impacted the market positively, as studied in the current scenario with the economy lockdown. With the already implemented infrastructure, it becomes easier for companies to shift to augmented analytics.
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The worldwide augmented analytics market has been segmented by component, deployment mode, organization size, and vertical.
In terms of component segment, the market has included software and services. The services segment is further sub-segmented among professional and managed services
In terms of the deployment segment, the market includes on-premise, on-cloud and hybrid.
In terms of organization size segment, the market includes SMEs and large enterprises.
In terms of vertical segment, the market classifies Government & defence, BFSI, Retail, manufacturing, IT & Telecommunication, transportation, energy & utilities, healthcare, and media & entertainment.
North America is leading the augmented analytics market. The growth has taken place in especially the U.S as it is a technically advanced region owing to the incidence of top players such as Oracle, Microsoft Corporation, IBM Corporation, and Tableau Software, among others. With this, technically advanced infrastructure, high technical expertise in technology such as natural language processing, and machine learning, a broad customer base in almost every industry verticals are also some prime factors motivating the growth of augmented analytics in the region.
Europe is the second-highest revenue-generating market for augmented analytics. Developing digital technology and rising demand for augmented analytics solutions for business intelligence, and high growth in the retail & consumer goods industry is motivating the market of augmented analytics in the region.
Asia-Pacific is estimated to expand with fastest growing CAGR during the assessment period. Development in artificial technology, development in digital technology, big data analytics, and rising expertise in the machine learning and natural language processing techniques are the other prime factors stating the growth of augmented analytics market in the region.
Top Industrial Players
The global Augmented Analytics market is characterized by the presence of many global, regional, and local players such as SAP SE, Salesforce, Microsoft Corporation, IBM Corporation, Tableau Software, Oracle, Tibco Software, SAS, Qlik, Sisense, Looker, MicroStrategy, Board International, Yellowfin, Pyramid Analytics, Logi Analytics, and Birst among others.
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