The latest report by IMARC Group, titled “Augmented Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” finds that the global augmented analytics market size reached US$ 10.4 Billion in 2022. Augmented analytics is the integration of machine learning (ML) and artificial intelligence (AI) to improve insight production and data preparation and understand how people explore and analyze data in analytics and business intelligence (BI) platforms. At present, executives and business users depend on augmented analytics to acquire value from their datasets without the requiring technical skills. It also assists in data democratization, quick data preparation, enhanced decision-making, reduced analytical bias, and decreased time and cost. Owing to these benefits, augmented analytics is extensively adopted in retail, healthcare, telecom, information technology (IT), manufacturing, government, transportation, logistics, and banking, financial, services, and insurance (BFSI) industries across the globe.
Global Augmented Analytics Market Trends:
The market is primarily driven by the rising volume of complex data and the escalating demand for business intelligence (BI) tools to simplify data-driven decision-making. In addition, several organizations are utilizing advanced technologies to transform their processes digitally, which is contributing to market growth. Moreover, hospitality and travel agencies depend on augmented analytics to find optimal, personalized offers to cross-sell or upsell customers, which is providing a thrust to the market growth. Besides this, marketing and communications agencies are using augmented analytics to explore the effectiveness of various ad campaigns and discover variables hidden in the data. This, coupled with the popularity of augmented analytics in areas such as training operations, patient care, and drug research in the healthcare sector, is creating a positive market outlook across the globe. Looking forward, IMARC Group expects the market value to reach US$ 40.6 Billion by 2028, exhibiting a CAGR of 23.2% during the forecast period (2023-2028).
- Based on the component, the market has been segregated into software and services.
- On the basis of the deployment mode, the market has been bifurcated into on-premises and cloud-based.
- Based on the organization size, the market has been classified into small and medium-sized (SMEs) and large enterprises.
- On the basis of the industry vertical, the market has been segregated into BFSI, retail, healthcare and life sciences, telecom and IT, manufacturing, government, transportation and logistics, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the industry has also been examined in the report, with some of the key players being Domo Inc., International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, QlikTech International AB, Salesforce Inc., SAP SE, Sisense Inc., ThoughtSpot Inc., TIBCO Software Inc. and Yellowfin International Pty Ltd (Idera Inc.).
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