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Press Release / Technology / Augmented Analytics Market extrapolated to obtain $18.4 billion by 2023

Augmented Analytics Market extrapolated to obtain $18.4 billion by 2023

By KyraMania on September 23 2020 | 24 Views

global augmented analytics market size is expected to grow from USD 4.8 billion in 2018 to USD 18.4 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 30.6% during the forecast period.

According to a new market research report "Augmented Analytics Market by Software, Service (Training and Consulting, Deployment and Integration, and Support and Maintenance), Organization Size (SMEs and Large Enterprises), Deployment Type, Vertical, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the Augmented Analytics Market expected to grow from USD 4.8 billion in 2018 to USD 18.4 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 30.6% during the forecast period.

The major factors driving the augmented analytics market include the growing demand for gathering crucial business insights from customer data and increasing volume of business data.

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The software segment to hold a larger market size during the forecast period

The analytics market space is experiencing transformation from the traditional manual process of generating insights to the advanced Artificial Intelligence-(AI) and Machine Learning- (ML) enabled Business Intelligence (BI) tools. Augmented analytics solutions are a component of modern BI tools, which automate data insights using ML and Natural Language Generation (NLG)). Augmented analytics provides functionalities, such as preparing data, deciphering data patterns and building models, and distributing and operationalizing data findings. For building models and integrating data to simplify and automate tasks, augmented analytics proves to be an effective solution.

The cloud deployment type is expected to grow at a higher CAGR during the forecast period

Cloud or hosted augmented analytics solutions are provided as Software-as-a-Service (SaaS) by service providers. These solutions convert fixed costs of services to variable costs, as customers pay according to the services used by them. Customers can also start or stop any service at any time. Thus, the use of cloud-based augmented analytics solutions provides flexibility to organizations for adjusting to the dynamic business environment. Scalability and cost-effectiveness are the major advantages of adopting the cloud-based augmented analytics solutions. With advancements in cloud-based technologies, the use of augmented analytics solutions as SaaS is emerging as the best practice for companies looking for cost-effective functionalities.

North America to hold the largest market size during the forecast period

North America is estimated to account for the highest market share in 2018. The region comprises developed countries, such as the US and Canada, and is considered the most advanced region in terms of adopting new and emerging technologies. Moreover, it houses key industry players offering augmented analytics software and services. The financial position of these industry players enables them to invest in the leading tools and technologies for effective business operations.

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Major vendors offering augmented analytics software and services across the globe include Salesforce (US), SAP (Germany), IBM (US), Microsoft (US), Oracle (US), Tableau (US), MicroStrategy (US), SAS (US), Qlik (US), TIBCO Software (US), Sisense (US), Information Builders (US), Yellowfin (Australia), ThoughtSpot (US), and Domo (US)

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, and strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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Content Source: https://www.marketsandmarkets.com/PressReleases/augmented-analytics.asp



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