Augmented Analytics Market Is Set To Reach USD Billion  By 2033, Growing At A CAGR Of 29.4

Key Insights

The Augmented Analytics Market size was valued at USD 8.95 USD Billion in 2023 and is projected to reach USD 54.37 USD Billion by 2032, exhibiting a CAGR of 29.4 % during the forecast period. Augmented analytics is the use of enabling technologies such as machine learning and AI to assist with data preparation, insight generation and insight explanation to augment how people explore and analyze data in analytics and Business intelligence platforms. It also augments the expert and citizen data scientists by automating many aspects of data science, machine learning, and AI model development, management, and deployment. Business users and executives get incredible value from augmented analytics because these technologies help them get value from their data quickly without the need for deep, technical skills or expertise in working with data. Augmented analytics helps easily find relevant data, ask the best questions, and quickly uncover insights in the context of their business.

Augmented Analytics Trends

• Cloud-based solutions for seamless data integration and scalability
• Adoption of AI-driven analytics tools for faster decision-making
• Growing demand for real-time analytics

Driving Forces: What's Propelling the Augmented Analytics Market

• Increasing data volume and complexity
• Need for actionable insights from data
• Rising focus on customer experience optimization

Challenges and Restraints in Augmented Analytics Market

• Data privacy concerns and security risks: Augmented analytics heavily relies on sensitive data, which poses significant challenges in terms of data privacy and security. Concerns about data breaches and unauthorized access can hinder the adoption of augmented analytics solutions.
• Limited availability of skilled professionals: The implementation and management of augmented analytics solutions require specialized skills and knowledge. The shortage of qualified professionals with expertise in data science, machine learning, and artificial intelligence limits the widespread adoption of augmented analytics.
• Integration challenges with legacy systems: Many organizations have legacy systems that contain valuable data. Integrating augmented analytics solutions with these legacy systems can be complex and time-consuming. This challenge can slow down the adoption of augmented analytics and limit its effectiveness.
• Data bias and accuracy: Augmented analytics models rely on data to generate insights and predictions. Data bias and inaccuracies can lead to biased or incorrect insights, impacting the reliability and credibility of augmented analytics solutions.
• Cost and complexity: Augmented analytics solutions can be expensive to implement and maintain, especially for organizations with large and complex data environments. The cost of deployment, infrastructure, and ongoing maintenance can be a barrier to adoption.

Emerging Trends in Augmented Analytics

• Integration with the Internet of Things (IoT) for real-time data analytics
• Adoption of augmented reality (AR) and virtual reality (VR) for immersive data exploration
• Development of prescriptive analytics tools for proactive decision-making

Growth Catalysts in Augmented Analytics Industry

• Government initiatives to promote data-driven decision-making
• Convergence of augmented analytics with business intelligence (BI) and data science
• Rising adoption in healthcare, finance, and retail sectors

Market Segmentation: Augmented Analytics Analysis

Enterprise Type:

• Large Enterprises
• Small & Medium Enterprises

End-user:

• BFSI
• It & Telecom
• Government
• Retail
• Healthcare
• Manufacturing
• Transport & Logistics
• Others

Leading Players in the Augmented Analytics Market

• QlikTech International AB (U.S.) 
• Salesforce Inc. (U.S.) 
• IBM Corporation (U.S.) 
• Microsoft Corporation (U.S.) 
• Oracle Corporation (U.S.) 
• TIBCO Software Inc. (U.S.) 
• SAP SE (Germany) 
• SAS Institute Inc. (U.S.) 
• MicroStrategy Inc. (U.S.) 
• Tableau Software, LLC (U.S.) 

Significant developments in Augmented Analytics Sector

• June 2023: GoodData partners with Arria to enhance customer analytics tools with NLP-based insights.
• May 2023: TrinityLife Sciences collaborates with WhizAI to integrate AI-powered insights into its offerings.
• March 2023: AnswerRocket launches Max, an AI-assisted data analytics tool leveraging OpenAI's GPT-4.
• February 2023: Seerist Inc. adds county-level AI risk assessments to its augmented analytics platform.
• April 2021: Subex launches HyperSense, an augmented analytics platform offering data management, modeling, and AI studios.

Comprehensive Coverage Augmented Analytics Market Report

The report offers insights into the market trends, drivers, and challenges, along with industry forecasts and analysis. It also includes company profiles of leading players and case studies to provide a comprehensive understanding of the market landscape.

Regional Insight

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America

Recent Mergers & Acquisition

Several mergers and acquisitions have shaped the augmented analytics market, such as:

• Tableau's acquisition by Salesforce in 2019
• GoodData's acquisition by Insight Partners in 2022

Regulation

Government regulations on data privacy and security impact the market, ensuring data protection and compliance.

Patent Analysis

The report includes an analysis of key patents filed in the augmented analytics domain, highlighting technological advancements and industry trends.

Analyst Comment

The analyst's comment provides insights into the market's future direction and potential opportunities for stakeholders.