The report "Augmented Analytics Market by Software, Service (Training and Consulting, Deployment and Integration, and Support and Maintenance), Organization Size (SMEs and Large Enterprises), Deployment Type, Vertical, and Region - Global Forecast to 2023", The augmented analytics market is expected to grow from USD 4.8 billion in 2018 to USD 18.4 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 30.6% during the forecast period. The major factors driving the augmented analytics market include the growing demand for gathering crucial business insights from customer data and increasing volume of business data.
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Top Key Players
Major vendors offering augmented analytics software and services across the globe include Salesforce (US), SAP (Germany), IBM (US), Microsoft (US), Oracle (US), Tableau (US), MicroStrategy (US), SAS (US), Qlik (US), TIBCO Software (US), Sisense (US), Information Builders (US), Yellowfin (Australia), ThoughtSpot (US), and Domo (US)
SAP is a prominent player in the augmented analytics market. The company aims at organic and inorganic growth strategies for its business growth. It has a large partner network across the globe, which it uses to expand its geographical presence. It works toward expanding its operations in various regions across the globe. For instance, in May 2018, SAP opened a cloud data center in Saudi Arabia. With the aid of this data center, SAP would be providing its cloud-based services to the Saudi government and enterprise customers in the Middle East. Continuous innovation is one of the primary approaches that the company has adopted from the last couple of years and this approach can be seen as a part of the company’s recent developments. It recently upgraded its analytics offerings and added numerous features for enabling its end users to scale their business operations. In September 2018, SAP added new machine learning features to its SAP Analytics Cloud solution. This enhancement helped businesses uncover correlations in their data and assisted users in making faster and better business decisions.
The software segment to hold a larger market size during the forecast period
The analytics market space is experiencing transformation from the traditional manual process of generating insights to the advanced Artificial Intelligence-(AI) and Machine Learning- (ML) enabled Business Intelligence (BI) tools. Augmented analytics solutions are a component of modern BI tools, which automate data insights using ML and Natural Language Generation (NLG)). Augmented analytics provides functionalities, such as preparing data, deciphering data patterns and building models, and distributing and operationalizing data findings. For building models and integrating data to simplify and automate tasks, augmented analytics proves to be an effective solution.
The cloud deployment type is expected to grow at a higher CAGR during the forecast period
Cloud or hosted augmented analytics solutions are provided as Software-as-a-Service (SaaS) by service providers. These solutions convert fixed costs of services to variable costs, as customers pay according to the services used by them. Customers can also start or stop any service at any time. Thus, the use of cloud-based augmented analytics solutions provides flexibility to organizations for adjusting to the dynamic business environment. Scalability and cost-effectiveness are the major advantages of adopting the cloud-based augmented analytics solutions. With advancements in cloud-based technologies, the use of augmented analytics solutions as SaaS is emerging as the best practice for companies looking for cost-effective functionalities.
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North America to hold the largest market size during the forecast period
North America is estimated to account for the highest market share in 2018. The region comprises developed countries, such as the US and Canada, and is considered the most advanced region in terms of adopting new and emerging technologies. Moreover, it houses key industry players offering augmented analytics software and services. The financial position of these industry players enables them to invest in the leading tools and technologies for effective business operations.
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