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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.
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.
Thus, increased digitalization during the pandemic crisis fueled augmented analytics market growth.
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.
Thus, easy to use no code or low code solutions are expected to boost the market growth.
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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.
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.
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.
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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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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North America Augmented Analytics Market Size, 2022 (USD Billion)
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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.
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.
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.
CAGR of 19.9% from 2023 to 2030
Value (USD Billion)
Enterprise Type, End-user, and Region
By Enterprise Type
The market is projected to reach USD 66.54 billion by 2030.
In 2022, the market was valued at USD 15.84 billion.
The market is projected to grow at a CAGR of 19.9% during the forecast period.
The BFSI industry segment is expected to lead the market.
Digital transformation across industries to drive market growth.
QlikTech International AB, Salesforce Inc., IBM Corporation, Microsoft Corporation, Oracle Corporation, TIBCO Software Inc., and SAP SE are the top players in the market.
North America is expected to hold the highest market share.
By enterprise type, the small and medium enterprises is expected to grow with a remarkable CAGR during the forecast period.
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