Augmented Analytics Market

Augmented Analytics Market Size:

The global augmented analytics market size reached US$ 12.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 73.1 Billion by 2032, exhibiting a growth rate (CAGR) of 20.9% during 2024-2032. The market is witnessing substantial growth, chiefly driven by heightening demand for automation in business procedures, AI-based analysis, and universal availability of data. In addition, various firms are leveraging augmented analytics tool to enhance competitiveness, operational efficacy, and improve data-driven decision-making across numerous sectors.

Augmented Analytics Market Analysis:

• Major Market Drivers: The market is mainly driven by the escalating demand for cutting-edge data analytics tools based on machine learning (ML) and artificial intelligence (AI). Companies are rapidly seeking solutions that provide implementable analysis, facilitate decision-making in real-time, and improve data processing. Moreover, the surge in big data, coupled with the demand for automation of data analysis, is further propelling market expansion. In addition, enterprises across various industries are utilizing augmented analytics to enhance their functionality, lower human errors, and elevate competitiveness in the dynamic business landscape.
• Key Market Trends: The incorporation of ML and AI into analytics services is one of the major trends fueling the augmented analytics market growth. Such advanced technologies are reshaping how enterprises interact with data, facilitating more precise predictions and faster analysis. Moreover, an increase in self-service analytics, which supports non-technical customers to discover data independently, is also gaining momentum. In addition, cloud-based services are rapidly gaining popularity, providing flexibility as well as scalability while lowering costs, further propelling the adoption of augmented analytics.
• Geographical Trends: North America has established itself as a dominant region in the global market, principally driven by extensive adoption of cutting-edge data analytics technologies across numerous sectors. The region’s heavy investments in machine learning and AI solutions, combined with resilient technological investment, has positioned it as a key player. Moreover, the augmented analytics demand is escalated by major sectors, including retail, healthcare, and finance, that leverage this solution to enhance operational efficiency and decision-making ability. In addition, the heightened demand for real-time data analysis and the presence of well-established enterprises are significantly fortifying the region’s leadership in the global augmented analytics market.
• Competitive Landscape: Some of the major market players in the augmented analytics industry include Domo Inc., International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, QlikTech International AB, Salesforce Inc., SAP SE, Sisense Inc., ThoughtSpot Inc., TIBCO Software Inc., Yellowfin International Pty Ltd (Idera Inc.), among many others.
• Challenges and Opportunities: The market experiences challenges such as the complications in incorporating such solutions into existing systems and data privacy issues. Nonetheless, such challenges also offer opportunities for innovation, especially in formulating user-friendly interfaces and improved security strategies. Moreover, as more sectors acknowledge the importance of data-driven decision-making, need for augmented analytics is projected to expand. In addition, companies that navigate through these challenges efficiently are positioned to attain substantial market share, particularly as machine learning and AI technologies continue to upgrade.
   

Augmented Analytics Market Trends:

Rapid Integration of Machine Learning and AI

The incorporation of machine learning (ML) and artificial intelligence (AI) is substantially redefining the global augmented analytics market. Such technologies facilitate predictive assessment, automation of data analysis, and improve decision-making processes. By detecting trends as well as patterns within huge datasets, ML and AI aid businesses to produce executable insights more effectively. Moreover, this trend is propelling demand across key sectors, from healthcare to finance, where data analysis in real-time is requisite for refining operations. In addition, the constant development of such technologies is anticipated to further fuel the utilization of augmented analytics solutions, establishing them as a more accessible and high-end solution for non-technical customers. For instance, in March 2024, TransUnion, a credit bureau in the U.S., launched OneTru, its new AI-driven data analytics platform, to provide financial institutions ML and AI tools for addressing marketing, fraud, and credit demands.

Surge in Self-Service Analytics

According to the augmented analytics market report, self-service analytics is a magnifying trend in the market, encouraging non-technical consumers to conduct data analysis independently. This notable inclination lowers the dependency on both IT departments and data scientists, amplifying decision-making processes within firms. Moreover, tools providing user-friendly, seamless interfaces are rapidly being leveraged by businesses seeking to endorse a data-driven landscape and democratize the access to data. In addition, as more sectors are increasingly prioritizing real-time analysis and operational efficacy, the requirement for self-service analytics systems is anticipated to propel intensely, facilitating the widespread adoption across major industries such as healthcare, retail, and finance. For instance, in September 2023, Oracle, a computer technology company, unveiled new AI-based features within Oracle analytics cloud, leveraging the company’s cloud infrastructure to enable self-service analytics users to conduct enhanced analyses more effectively, promoting comprehensive and faster business decisions independently.

Rising Demand for Cloud-Based Analytics Solutions

As per the augmented analytics market research report, the requirement for cloud-based augmented analytics solutions is heightening increasingly primarily due to their cost-effectiveness, versatility, and scalability. Cloud-based platforms offer businesses with the capability to evaluate and accumulate huge volumes of data without the requirement for substantial on-premise infrastructure. In addition, cloud-based services facilitate the remote-based access to data analytics tools, reinforcing alliance along disseminated teams. Moreover, as more businesses are prioritizing the digital transformation ventures, the utilization of clou-based analytics is set to amplify, further prompting innovations in augmented analytics abilities and supporting seamless incorporation with other cloud-originated services as well as applications. For instance, in June 2024, Qlik, an AI and data analytics services provider, launched Qlik Talend Cloud, a cloud-based data platform, along with a generative AI assistant, for utilizing and managing unstructured data.

Augmented Analytics Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on component, deployment mode, organization size, and industry vertical.

Breakup by Component:

• Software
• Services
   

Software accounts for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the component. This includes software and services. According to the report, software represented the largest segment.

As per the augmented analytics market forecast, software is anticipated to sustain its dominance, mainly due to the increased adoption of advanced AI and machine learning tools across industries. With the heightening demand for real-time data analysis and decision-making, augmented analytics software platforms offer users with automated insights and improved data visualization abilities. Moreover, vendors are emphasizing on incorporating user-friendly interfaces and scalable solutions, permitting businesses to process large datasets efficiently. In addition, continuous innovation in software development is expected to play a critical role in boosting the market growth.

Breakup by Deployment Mode:

• On-premises
• Cloud-based
   

On-premises hold the largest share of the industry

A detailed breakup and analysis of the market based on the deployment mode have also been provided in the report. This includes on-premises and cloud-based. According to the report, on-premises accounted for the largest market share.

In the global augmented analytics market, the on-premises deployment mode holds the largest market segment, primarily driven by numerous sectors demanding improved data security and control over their analytics infrastructure. Moreover, organizations, particularly in healthcare and finance healthcare, opt for on-premises solutions to maintain adherence with strict data privacy regulations. In addition, this approach offers greater incorporation and customization with existing systems. Furthermore, the on-premises segment is anticipated to remain prominent as various firms prioritize data sovereignty while balancing innovations in cloud adoption processes, resultantly contributing to a positive augmented analytics market outlook.

Breakup by Organization Size:

• Small and Medium-sized Enterprises (SMEs)
• Large Enterprises
   

Large enterprises represent the leading market segment 

The report has provided a detailed breakup and analysis of the market based on the organization size. This includes small and medium-sized enterprises (SMEs), and large enterprises. According to the report, large enterprises represented the largest segment.

Large enterprises represent a leading segment in the global augmented analytics market, principally driven by their demand for cutting-edge data analysis tools to manage sophisticated operations and huge datasets. Such organizations prioritize the incorporation of augmented analytics solutions to enhance user insights, operational efficacy, and tactical decision-making. In addition, with comprehensive resources for utilizing AI-powered tools, large enterprises are early adopters of upgraded analytics technologies, establishing them as major drivers in innovation as well as market growth.

Breakup by Industry Vertical:

• BFSI
• Retail
• Healthcare and Life Sciences
• Telecom and IT
• Manufacturing
• Government
• Transportation and Logistics
• Others
   

BFSI exhibits a clear dominance in the market 

A detailed breakup and analysis of the market based on the industry vertical have also been provided in the report. This includes BFSI, retail, healthcare and life sciences, telecom and IT, manufacturing, government, transportation and logistics, and others. According to the report, BFSI accounted for the largest market share.

The BFSI (banking, financial services, and insurance) sector is the largest industry vertical in the global augmented analytics market. As per industry report, augmented analytics market in BFSI sector has witnessed a significant growth, increasing from USD 2.06 billion in 2023 to USD 2.61 billion in 2024, with a CAGR of 26.6%. Financial institutions increasingly rely on augmented analytics to enhance fraud detection, risk management, and personalized customer services. Moreover, by leveraging AI and machine learning capabilities, the BFSI sector can process large volumes of data in real time, enabling more informed decisions. In addition, the sector’s significant investments in data-driven strategies continue to drive its dominant position in the market, contributing to overall growth.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

North America leads the market, accounting for the largest augmented analytics market share

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America represents the largest regional market for augmented analytics.

North America has emerged as a dominant region in the global augmented analytics market chiefly due to the robust presence of key market players, extensive utilization of machine learning and AI technologies, and resilient technological infrastructure. The region’s key sectors, like retail, finance, or healthcare, are rapidly adopting augmented analytics for enhancing operational efficacy and decision-making processes. Moreover, government schemes endorsing digital transformation, combined with substantial investments in AI research and development, further boost North America’s dominance in the global market, spurring constant innovation and growth. As per industry reports, it is projected that in the year 2024, North American companies will increase their investments in generative AI by 67%.

Competitive Landscape:

• The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the major market players in the augmented analytics industry include 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.).
  
  (Please note that this is only a partial list of the key players, and the complete list is provided in the report.)
   
• The global augmented analytics market exhibit intense competition, with key players competing to increase their market share. Such companies are actively innovating by incorporating advanced machine learning and AI capabilities into their analytics interface. Moreover, strategic acquisitions, partnerships, and innovative product launches are key techniques utilized to improve their offerings and attain a competitive edge. For instance, in July 2024, Trivver, an augmented reality and AI technology company, announced a strategic partnership with Niantic 8^th Wall, to develop an accurate, innovative, and insightful advertising by leveraging Trivver’s advanced data analytics capabilities. In addition, emerging enterprises are also penetrating the market, unveiling customized solutions aimed at niche sectors, further magnifying competition across various industries.

Augmented Analytics Market News:

• In September 2024, Zoho Corporation, a software and business tools company, launched an advanced version of its self-service BI and analytics platform Zoho Analytics. This upgraded version is integrated with advanced ML and AI abilities, automated report generation, predictive analysis, and custom ML model-building, to address the growing demand of users as well as various businesses.
• In January 2023, Seerist Inc., a prominent augmented analytics solutions provider, announced the launch of new advanced abilities to upgrade the benefits of augmented analytics for risk, threat, and security users. These new capabilities encompass cyber threat analysis, real-time stability tracking, expert-verified insights, and visual threat heatmaps.

Augmented Analytics Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the augmented analytics market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global augmented analytics market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the augmented analytics industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.