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In the rapidly evolving generation of advanced technologies, augmented analytics is just at the beginning process and needs to be able to progress forward in the coming years. When you think about augmented analytics, think about Machine learning and think of Artificial Intelligence. In today scenario, converting the traditional way of businesses into enhanced data-driven businesses is a key priority for every enterprise.
More businesses are utilizing the collected data in an effective and efficient way due to this. The business intelligence market has seen tremendous growth in the past few years. Owing to the increase in the business intelligence market a new paradigm of augmented analytics has emerged. At the core of augmented analytics trend is the use of Artificial Intelligence and Machine learning to augment the manual efforts to analyze the data.
In brief, augmented analytics is powering deeper insights by embedding artificial intelligence and machine learning into every step of the analytic process. Augmented analytics is the effective and efficient use of statistics and linguistics technologies to improve data management performance from data sharing to data analysis, including business intelligence.
Key Market Driver -
Key Market Driver – • Rising need to enhance the analytic tools, increase productivity, and enhance the working culture for data scientist and business owners. • Growing focus of organizations to draw actionable business insights from vast datasets.
Key Market Restraint -
Key Market Restraint – • Security and privacy concerns regarding the confidential and critical data.
The goal of augmented analytics is to automate data collection and data preparation to save the manual workload of the data scientists. The ultimate goal of augmented analytics is to replace data science teams with Artificial Intelligence. Augmented Analytics technology does not replace humans, but it enhances the interpretation capabilities to draw compelling business insights.
Augmented analytics uses the concepts of AI and Machine learning on a large scale. Augmented analytics is connected to the ability to transform big data into the smaller usable dataset. Automation and expansion are the primary objectives of augmented analytics. Four pillars of augmented analytics are smart data discovery, Natural Language, Automatic suggestion, and Intelligent search.
Smart data discovery includes useful business insights at a broader level, and embedded information on to a centralized data platform. Natural language is an integral component of augmented analytics which enhances the conversational analysis with the help of Chatbot’s, smart device and other enhanced means of voice responses. Automatic suggestion refers to embedded suggestions in context.
Owing to the developments in automatic suggestions solution outcomes of the data analysis would also suggest actionable solutions regarding the flaws in the organizational progress. Furthermore, Intelligent search is the fourth pillar of the augmented analytics technology. Intelligent search is basically regarding the smart and enhanced search for new and existing analytic content.
The current trend in augmented analytics market is that the business intelligence vendors are exploring various ways to interlink machine learning into different aspects of business intelligence. Some vendors believe that augmented analytics allows organizations to shift their concentration from discovering trends after the fact to provide automated and useful insights to business owners.
The enterprises are looking for innovative ways to draw valuable and actionable business insights from the growing data streams of machine learning, artificial intelligence, IoT and augmented analytics this would boost the augmented analytics market growth in the coming years. Two hyper-growth trends in the market are data and off the charts rise in volume, velocity, and variety and analysis of the organization's overall growth. These factors continue to accelerate the augmented analytics market growth.
Augmented analytics would offer advance methods of data preparation, data management, and modern analytics. Augmented analytics integrated with Artificial Intelligence and machine learning would also provide effective business process management, process mining, and data science platforms.
Cloud computing would play a vital role in the augmented analytics technology. The strong processing capabilities of cloud technologies integrated with the significant amount of data which is available on several platforms would enhance the adoption of augmented analytics.
However, security and privacy concerns regarding the confidential and critical data among various Industrial verticals is expected to hamper the augmented analytics market growth.
Key Players in Augmented Analytics Market include Salesforce.com, Inc., IBM, Microsoft, Sap Oracle, MicroStrategy Incorporated., SAS Institute Inc., Sisense Inc., Tableau Software, TIBCO Software Inc., ThoughtSpot Inc. Yellowfin, Qlik.
The augmented analytics market is analyzed across five major regions North America, Europe, Asia Pacific, Middle East, and Africa and Latin America.
North America is anticipated to dominate the augmented analytics market during the forecast period. Early adoption of enhanced technologies like Artificial Intelligence and Machine learning would drive the augmented analytics market growth across the region. The U.S. and Canada augmented analytics market would witness a remarkable growth rate in the coming years. As many businesses in the U.S. and Canada are focusing on data-driven businesses.
Presence of key market players in the augmented analytics market such as Salesforce, IBM, MicroStrategy is one of the key aspects driving the growth of augmented analytics market across the region. The massive investments of these organizations enable them to invest in advanced technologies and adopt useful analytical tools.
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Likewise, Asia Pacific is forecasted to witness a remarkable growth in the augmented analytics market followed by North America. The Asia Pacific is considered to be a profitable market region by the augmented analytics vendors. Many businesses in the Asia Pacific region are adopting the digital transformation services on a large scale which has driven the focus of the organization on advanced analytical tools to analyze the data. This would primarily drive the augmented analytics market across the region.
As Asia pacific houses to the most populated and technologically developing economies like India, China, and Japan, there are vast opportunities for emerging markets including augmented analytics market. The need to analyze the extensive dataset and gain efficient outcomes would drive the adoption of augmented analytics market across the countries in Asia Pacific.
Europe is projected to foresee significant growth in the Augmented analytics market. Organizations in the region are mainly focusing on productivity gains from businesses automating processes. Besides this, adoption of technologies assisted with augmented intelligence to enhance their existing labor force. These factors would drive the Augmented analytics market growth across Europe.
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