Augmented Analytics Market Size, Share & COVID-19 Impact Analysis, By Enterprise Type (Large Enterprises and Small & Medium Enterprises), By End-user (BFSI, IT & Telecom, Government, Retail, Healthcare, Manufacturing, Transport & Logistics, and Others), and Regional Forecast, 2023 – 2030

The global augmented analytics market size was valued at USD 15.84 billion in 2022. The market is projected to grow from USD 18.68 billion in 2023 to USD 66.54 billion by 2030, exhibiting a CAGR of 19.9% during the forecast period.

Augmented analytics makes use of  advanced technologies such as artificial intelligence, machine learning, and natural language processes to assist in analyzing data. The technology helps enterprises in making quick and smarter decisions that support business growth. The exponential adoption of digital solutions across industries to propel market growth. Furthermore, rapidly increasing digital data fuels the demand for advanced and efficient tools for data analysis. Considering the growing competition, companies are collaborating with each other to enhance the tool’s efficiency and capabilities for industry-specific needs.

For instance,

• In June 2021, Invoke Learning announced a collaboration with Google Cloud to build and design next-generation augmented analytics catering to higher education applications.

COVID-19 IMPACT

Increased Demand for Advanced Analytics Insights Amid Pandemic Fuelded Market Growth

The COVID-19 pandemic created massive changes and technological adoption across the industries globally. There was a significant rise in data amid the pandemic, considering the significant shift in customer behavior and service demand. This fuels the demand for analytical solutions and artificial intelligence adoption across industries. Similarly, the digital transformation gained traction amid the pandemic lockdown and work-from-home policies.

For instance,

• In October 2020, Tableau Software LLC announced a collaboration with Salesforce Inc. to integrate Einstein Analytics to enhance Tableau augmented analytics to support digital transformation amid the pandemic crisis.

Thus, increased digitalization during the pandemic crisis fueled augmented analytics market growth.  

LATEST TRENDS

No-code and  Low-code Automation to Boost Market Growth

The low code or the no code solutions are of type that helps businesses and developers with the ease of drag and drop application. The business can directly gain from the technology and not required to train employees with technicalities. The no-code technology empowers the business with quick and expandable capabilities.

For instance,

• In March 2023, Israel-based Pyramid Analytics introduced artificial intelligence-driven augmented efficiency by collaborating with the OpenAI platform. Its no-code and AI-assisted capabilities pushed the widespread adoption of the technology

Thus, easy to use no code or low code solutions are expected to boost the market growth.

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DRIVING FACTORS

Digital Transformation across Industries to Drive Market Growth

Digital transformation is reshaping the business operation globally. As per the report published by an industry specialist, 67% of various industries implemented digital products in 2021. The growing competition to propel the adoption of advanced digital solutions.

This is expected to boost the digital data, and demand for advanced analytical tools is growing. Augmented analytics help enterprise owners with forecasting and predictive algorithms, sophisticated analytics, and other techniques. Similarly technologies, such as machine learning, natural language processing, and artificial intelligence expand the capabilities and offer smarter decisions. Thus, a rise in digitalization is expected to drive the market growth.

RESTRAINING FACTORS

Security Threats to Hamper Market Growth

Technologies dealing with data have been significantly impacted by the threats data security. In the recent period, many businesses across the countries have witnessed data theft owing to digital solution adoption. Technology offers an analysis of vast data sets, so it is essential to implement a solution to safeguard crucial insights. Thus, growing challenges of data security hampers market growth.

SEGMENTATION

By Enterprise Type Analysis

Rapid Digital Transformation to Fuel Technology Demand across Large Enterprises

In terms of enterprise type, the market is classified into small and medium enterprises and large enterprises.

Large enterprises are expected to account for the maximum share over the forecast timeframe owing to growing investments in digital solutions. With vast data sets, large enterprises are keen on implementing advanced analytics to reduce the manual load and to fasten the decision-making process. The technology helps with actionable insights and enhances customer experience.

Small and medium enterprises are projected to grow rapidly during the forecast period. With the growing competiton, enterprises need to enhance the customer experience. The analytics tools help in gaining crucial customer insights that help businesses grow.  

By End-user Analysis

Growing Competition to Drive Solution Demand in BFSI

On the basis of the industry, the market is divided into BFSI, IT & telecom, government, retail, healthcare, manufacturing, transport & logistics, and others.

BFSI to gain a dominant share of the market in the forthcoming years. The banking and financial institutions are significantly investing in advanced solutions to enhance business decision-making. The technology offers efficient data management capabilities to the BFSI system that helps in automating business operations.

Retail to gain the highest CAGR over the projected period. An increase in online shopping and a rise in the e-commerce supply chain is expected to drive the technology demand. The analytics tools helps enhance patient care, and reduce operational complexities.

Similarly, the increase in connected machines and digital tools to propel solution demand in manufacturing plants.  

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REGIONAL INSIGHTS

North America is expected to hold the dominant market share over the forecast timeframe. The rise in digital adoption and growing competition in the region to fuel market growth. The U.S. to gain maximum segment share owing to the dominant presence of top market participants driving revenue growth. 

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Asia Pacific to gain a rapid growth rate over the projected period. The rapid adoption of digital technologies across the countries such as China, India, South Korea, and Japan to propel market growth. The presence of highly populated countries with different demography is driving the need for customer insights using advanced tools. This is expected to boost the Asia Pacific augmented analytics market share.

Europe to gain a significant share over the forecast period. The growing investments in technologies, such as machine learning and artificial intelligence to drive market growth in the region. Small and medium enterprises are on the rise in the region. Thus, to offer efficient customer service these organizations are steadily implementing analytical tools.

Similarly, the Middle East & Africa to gain a prominent growth rate owing to the rise in investments in advanced digital technologies. South America to showcase steady growth owing to the increase in demand for customer insights for drawing future business strategies.

KEY INDUSTRY PLAYERS

Collaborations and Partnerships to Fuel Key Players’ Market Share

Key players are collaborating with various industry enterprises to expand their presence across sectors. Also, this strategic partnership is helping market players in expanding their loyal customer base and boost sales. Growing investments in research and development are driving various applications and uses of the technology. Similarly, market players are providing new platforms and devices to support the varying needs of industries.

August 2022: Seerist, Inc. launched augmented analytics capabilities dedicated to security and threat intelligence professionals. The company integrated a recently merged CORE online platform with machine learning proficiencies.

List of Key Companies Profiled:

• QlikTech International AB (U.S.)


• Salesforce Inc. (U.S.)


• IBM Corporation (U.S.)


• Microsoft Corporation (U.S.)


• Oracle Corporation (U.S.)


• TIBCO Software Inc. (U.S.)


• SAP SE (Germany)


• SAS Institute Inc. (U.S.)


• MicroStrategy Inc. (U.S.)


• Tableau Software, LLC (U.S.)

KEY INDUSTRY DEVELOPMENTS:

• June 2023: California-based cloud analytics company, GoodData, announced the partnership with artificial intelligence provider, Arria, to augment its customer analytics tools. It offers self-service natural language-based insights and lowers manual work.


• May 2023: TrinityLife Sciences announced the collaboration with an artificial intelligence-powered analytics provider, WhizAI, to quickly integrate AI-offered insights. Through the partnership, these companies aim to offer domain knowledge and data services.


• March 2023: AnswerRocket, an advanced analytics provider, launched Max, an AI-assisted data analytics tool to help enterprises analyze uncovered information. Max integrates its augmented analytics platform with GPT-4 large language model of OpenAI to enhance the tool’s capabilities.


• June 2021: Loamics Ltd. announced the strategic partnership with MyDataModels to launch augmented analytics solutions to analyze larger volume data. The French companies’ capabilities such as AI and predictive modelling platforms to propel market presence.  


• April 2021: London-based Subex launched augmented analytics platform HyperSense to support enterprises with AI in making faster decision making. HyperSense offers five studios, namely, data management, modeling, business intelligence, process automation, and artificial intelligence.

REPORT COVERAGE

An Infographic Representation of Augmented Analytics Market

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The global augmented analytics market report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product/service types, and leading applications of the product. Besides, the report offers insights into the market trends and highlights key industry developments. In addition to the factors above, the report encompasses several factors that contributed to the growth of the market in recent years.

Report Scope & Segmentation