Augmented Analytics Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3378
Augmented Analytics Market size is expected to register high CAGR to 2025 driven by rising need among organizations to democratize analytics and increase productivity. With the rising incorporation of numerous IoT-based solutions, companies can store vast amounts of data associated with their business operations. This raw data needs to be converted into actionable insights. However, the scarcity of data scientists is preventing companies with budgetary constraints to leverage data analytics techniques to derive various actionable insights. The U.S. alone will fall short of approximately 250,000 data scientists by 2025. The use of augmented analytics provides a cost-effective alternative for SMEs to effectively integrate advanced analytics solutions to augment the productivity of their business operations.
The augmented analytics market is characterized on the basis of technologies into machine learning and natural language generation. Machine learning is used to understand data by itself without depending on rule-based programs. Natural language generation helps to convert the result of data analysis into language that humans can easily understand. It simultaneously uses machine learning and natural language generation mechanisms to generate automated results that are data-oriented and detailed.
In the industrial sector, augmented analytics is bringing about a fundamental shift by providing companies with detailed and real-time insights into various manufacturing tenancies. For instance, it provides a clear understanding of the reasons associated with the decline in sales. It automatically analyzes all the potential parameters that can impact the decrease in sales, such as employee performance details, not limited to parameters including price and quality of the product alone.
Augmented analytics will assist the manufacturing sector by helping them visualize the data and offering them with actionable insights related to the product before its production. It is used in the IT sector for processing data and embedding the results. It allows businesses to monetize on hundreds of data sources in real-time and uses it for the growth of the business by using tracking and reports.
In the agriculture landscape, it has been used for numerous farming processes to increase its efficiency and effectiveness by analyzing data gathered through sensors from measuring humidity and water level indications. Large tech players, such as Google, are working on this technology. Google has introduced ‘Google Tulip’, an augmented analytics solution that uses artificial intelligence and machine learning to analyze tulip flowers, better understand the plants’ lifecycle, and develop new ways to enhance its lifespan and productivity. Due to the widespread adoption of the Internet of Things (IoT) and an extensive amount of digitalization, huge amounts of data are being generated. Most of the firms are using big data mechanisms to store & process these vast levels of data.
The North America region has dominated the augmented analytics market due to the rapid adoption of various new & innovative emerging technologies, particularly in the U.S. Technology players, such as Oracle and Microsoft, have also been investing highly in various R&D activities to further accelerate the advances of the augmented analytics landscape. The strong financial condition of the companies in the region is allowing the investment in augmented analytics solutions to increase their operational efficiency.
The Asia Pacific augmented analytics market will grow significantly over the projected time span due to the widespread digitalization across various industry verticals. The rising need among the regional companies to better compete with their western counterparts has been driving the usage of augmented analytics solutions in the region. However, the rising data security concerns and the lack of awareness regarding various augmented analytics products & services have restricted its adoption in certain price-sensitive markets.
Some of the top players in the augmented analytics market are Birst, Board International, IBM Corporation, Logi Analytics, Looker, Microsoft Corporation, MicroStrategy, Oracle, Pyramid Analytics, Salesforce, SAP SE, SAS, Sisense, Tableau Software, Tibco Software, Qlik, and Yellowfin. The companies operating in the market are forming partnerships with other augmented analytics firms to develop customized product offerings for certain industry verticals. For instance, TIBCO Software Inc., an API management and analytics firm, partnered with IHS Markit, a provider of critical information, analytics & solutions, to develop personalized solutions for energy markets.
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