North America is expected to lead the global augmented analytics market followed by Europe in 2022. South Asia & Pacific has emerged as a fast-growing region, with an anticipated growth rate between 2022 and 2032 that's higher than any other area over this period!
NEWARK, Del, July 4, 2022 /PRNewswire/ -- The augmented analytics market is expected to reach US$ 7.2 Bn in 2022. With demand growing at a 21.6% CAGR, the market size will reach US$ 50.9 Bn by 2032.
As per FMI, the adoption of augmented analytics solutions across organizations for automatic data preparation, survey analysis and reducing manual processes will augment the growth in the market. These solutions facilitate data cleaning, insight generation and data collection with machine learning-augmented analysis processes.
Advanced analytics is quickly becoming an important tool for various sectors. Businesses no longer need to hire a data scientist to interpret data with the addition of augmented analytics. The solution democratizes data, allowing all businesses, regardless of size, to extract meaningful insight from their data sources.
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Augmented analytics solution finds patterns in data with ease and speed, this is a significant help when it comes to e-commerce personalization. Customers' data is collected in large amounts by e-commerce and internet advertising companies.
Increased personalization and product recommendations, according to e-commerce firm Barilliance, boost a buyer's average number of cart items. Retailers may use augmented analytics to follow online behavior across many platforms, including web browsers, mobile devices, and apps, and then integrate, analyze, and act on that data to better serve customers and enhance conversion rates. Thus, advanced personalization in retail/e-commerce is helping the augmented analytics market to grow in upcoming years.
While there are software tools available to help organizations visualize and communicate the analysis completed by data scientists to decision-makers in the organization, the majority of these tools do not analyze the data. Augmented analytics can do it all for any size of organization. As a result, this will spur the adoption of augmented analytics solution over the forecast period.
"Growing need for accelerating data gathering and preparation in large enterprises and advancements in natural language processing are likely to bolster the demand for augmented analytics solution and services" says an FMI analyst.
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- Based on solution, demand in the services segment is expected to grow at a CAGR of 24.6% through 2032.
- In terms of enterprise size, the adoption of augmented analytics solution in small and mid-sized enterprises (SMEs) is anticipated to increase at a CAGR of 23.8% over the forecast period.
- By industry, sales of augmented analytics solution in the BFSI sector are anticipated to grow at a CAGR of 25.8% between 2022 & 2032.
- North America is expected to lead the market followed by Europe in 2022. South Asia & Pacific is anticipated to emerge as the fastest growing markets between 2022 & 2032.
Augmented Analytics Outlook by Category
- Augmented Analytics Software
- Deployment and Integration
- Support and Maintenance
By Enterprise Size:
- Large Enterprises
- Small and Mid-Sized Enterprises (SMEs)
- IT & Telecom
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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More Valuable Insights on Augmented Analytics Market
FMI's report on the augmented analytics industry research is segmented into five major sections – by solution (augmented analytics software (on-premises, and cloud), services (consulting, deployment & integration, and support & maintenance)), enterprise size (large enterprises, and small and mid-sized enterprises (SMEs)), industry (BFSI, retail, IT & Telecom, manufacturing, healthcare, government and others), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and Middle East & Africa), to help readers understand and evaluate lucrative opportunities in the augmented analytics demand outlook.
Leading Companies Profiled in Augmented Analytics Market are
- TIBCO Software
- Pyramid Analytics
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