(MENAFN- iCrowdNewsWire) iCrowdNewswire - Feb 21, 2019
The global augmented analytics market size was valued at $4,094 million in 2017, and is projected to reach $29,856 million by 2025, growing at a CAGR of 28.4% from 2018 to 2025.
Augmented analytics embeds machine learning algorithms, natural language generation, and other advanced analytics functionality into business intelligence (BI) to automate insights. Augmented analytics comprises data preparation, data discovery, and augmented data science and machine learning (ML). Augmented analytics utilizes automated ML to transform how data is developed, consumed, and shared. Non-technical users can easily interface with augmented analytics solutions by asking questions directly and getting answers instantly, radically decreasing reporting time, and accelerating strategy and performance. The growing adoption of it will enable organizations to optimize decisions and actions of not only data scientists but also all employees.
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Rise in need to democratize the analytics and increase productivity, increase in awareness of enterprises to utilize growing streams of data from various sources in innovative ways, and to make the work of citizen data scientists and business users easier are some of the major factors that drive the growth of the global augmented analytics market. In addition, adoption of modern business intelligence tools by enterprises, which utilize artificial intelligence algorithms and machine learning is expected to fuel the growth of the market. However, security concerns over critical data among industry verticals and slow adoption of advanced analytics solutions in the underdeveloped regions are the major factors that impede the augmented analytics market growth. Conversely, increase in investment in bots and rise in industry-specific solutions that are driving adoption of augmented analytics among different industry verticals are expected to provide lucrative opportunities for the growth of the global market.
The Global Augmented Analytics Market is segmented based on component, deployment, organization size, business function, industry verticals, and region. In terms of component, the market is bifurcated into software and services. On the basis of deployment, it is fragmented into on-premise and cloud. Depending on organization size, it is segregated into small and medium-sized enterprises (SMEs) and large enterprises. By business function, it is classified into sales & marketing, finance, IT, operations, and others. By industry verticals segment, it is divided into retail, healthcare & life sciences, BFSI, telecom & IT, manufacturing, government, transportation & logistics, and others. Region wise, augmented analytics market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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The global augmented analytics market is dominated by key players such as IBM Corporation, Qlik, Tableau Software, Tibco Software, Salesforce, Sisense Inc., SAP SE, SAS Institute, Microsoft, and ThoughtSpot.
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