Augmented Analytics Market size is estimated to garner substantial proceeds over the analysis period 2021-2027. The adoption of augmented analytics among businesses is increasing primarily due to the rising complexity of business data. The implementation of artificial intelligence (AI) and business intelligence (BI) is a key strategy for deriving higher business profits among both SMEs and large enterprises. This is positively impacting the market as the already implemented infrastructure makes it easier for enterprises to shift to augmented analytics.
Augmented analytics refers to the use of enabling technologies such as AI and machine learning to achieve better date preparation, insight production, and insight explanation. These solutions help businesses transform the way they explore and analyze business data in AI, analytics, and BI platforms. With the implementation of BI, augmented analytics solutions facilitate automated insights that can be leveraged to analyze and improve the overall business performance.
Based on the organization size, SMEs are expected to capture a substantial revenue share of the augmented analytics industry by 2027. Small and medium businesses are likely to adopt augmented analytics solutions at a significant rate as they look to improve operational productivity and maximize profits through efficient data assessment. These solutions help SMEs monitor the growth of their businesses and generate real-time insights. The lack of awareness in developing countries and high initial investment could limit the augmented analytics adoption among SMEs to some extent.
Europe augmented analytics market will experience commendable growth between 2021 and 2027 led by the early adoption of advanced technologies such as BI and AI-driven analytics. The region is witnessing growing application of augmented analytics in business intelligence. The regional enterprises are focusing on improving their data analytics and AI capabilities to better understand customer needs and deliver an improved customer experience.
Globally, IBM Corporation, Salesforce, Tableau Software (Salesforce), Looker (Google), Microsoft Corporation, Tibco Software (Vista Equity Partners), Yellowfin, Qlik, Sisense, SAS, SAP SE, Pyramid Analytics, Oracle, Board International, MicroStrategy, Logi Analytics (Global Software LLC), and Birst are some of the leading providers of augmented analytics solutions. Augmented analytics market players are constantly introducing new upgrades to their platforms to deliver improved user experience. For instance: In July 2021, Tableau Software had rolled out the updated version of its platform Tableau 2021.2 which brings a new range of augmented analytics features designed to help users analyze and understand data.
Yellowfin also released the version 9.6 of its new platform in July 2021. It featured new improvements and capabilities that combine actionable dashboards, data storytelling, and automated business monitoring into a unique analytics experience for users.
The COVID-19 pandemic has forced businesses to implement and adjust to new technologies in a short span of time. The need for enterprises to rapidly advance their digital transformation goals has driven new investments in AI and BI. During widespread disruption caused by the pandemic, augmented analytics is providing businesses the ability to automate routine analytics workflows. The automation of workflows is critical, particularly during the COVID situation when the need for business precision is greater than ever.
Precisely understanding which factors augment and impact business performance helps enterprises prioritize operations accordingly. During the forecast period 2021-2027, augmented analytics will become more mainstream, as more enterprises look to leverage its benefits to accelerate AI, machine learning, and BI implementation in their organizations.