The global augmented analytics market size 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. Major growth drivers for the market include increasing volume of complex data and growing adoption of advanced business analytics tools.
Software segment to be the largest contributor in the augmented analytics market growth during the forecast period
Artificial intelligence (AI) and Machine Learning (ML) technologies are being increasingly integrated into analytics platforms and are expected to drive the market space over the future. The analytics market space is experiencing an increasing transformation from traditional manual process of generating insights into an advanced AI, and ML enabled BI tools. Augmented analytics solutions are composed of such modern BI tools that automate the 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 the data findings. Owing to the increasing trend of organizations on building models and integrating data for simplifying and automating their tasks, augmented analytics proves to be an effective solution. These solutions save both time and resources used for getting relevant business insights from the data.
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Recent Developments
In December 2018, Microsoft announced integration between Power BI dataflows and Azure Data Lake Storage Gen2. The integration enabled organizations to unify data across Power BI and Azure Data services. With this integration, the business analysts and BI professionals working in Power BI can easily collaborate with the data analysts, engineers, and scientists working in Azure.
In October 2018, IBM partnered with Motio to accelerate the upgrades to Cognos Analytics 11.1. The Motio software is designed to enhance the development and administration processes for Cognos. This software would also help in the upgradation process.
In September 2018, SAP added new ML feature to its SAP Analytics Cloud solution. This enhancement helped businesses uncover correlations in their data and assisted users in faster and better decision-making.
Top Key Players
The augmented analytics market includes major vendors, such as 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). These players have embraced different growth strategies to expand their global presence and increase their market shares. New product launches and partnerships/collaborations are some of the significant strategies adopted by the major players to grow further in the augmented analytics market.
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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