Global Augmented Analytics Market was valued US$ 4.6Bn in 2018 and is expected to reach US$ 20.2Bn by 2026 at a CAGR of 19.98%.
This report provides a detailed analysis of the market segment based on insurance type, sales channel and region. This report also focuses on the top players in North America, Europe, Asia Pacific, Middle East & Africa, and South America.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding the global augmented analytics market dynamics, structure by identifying and analysing the market segments and project the global market size. Further, the report also focuses on the competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, and SWOT analysis to address questions of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in the global augmented analytics market.
Augmented analytics automates the data insights by utilizing machine learning and natural language generation for automating data discovery, data preparation, and insight sharing. It embeds artificial intelligence (AI) in business intelligence tools to make the analytics work easier for citizen data scientists and other business users. It assists expert data scientists in aiming at specialized problems, provides most relevant actionable insights to decision makers, and reduce the time spent on exploring data.
Increasing the need to democratize the analytics and upsurge productivity, growth in awareness of enterprises to utilize growing streams of data from several sources in innovative ways and rise in need to make the work easier for citizen data scientists and business users are some of the factors driving the growth of the augmented analytics market globally. Presently, the adoption of augmented analytics is major in the BFSI industry.
Banking, Financial Services, Insurance (BFSI) vertical to hold the highest market share over the forecast period. Augmented analytics enables financial organizations to analyse a plethora of consumer data for gaining banking insights, which can be used to improve products and services. Improving marketing strategies and consumer retention policies, developing new investment strategies, and reducing risks are some of the factors responsible for the adoption of augmented analytics between the BFSI vertical.
Software segment to hold a larger market size over the forecast period. The analytics market space is experiencing transformation from the traditional manual process of generating insights into 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).
Region-wise, North America owns more than one-third of the total market and is expected to maintain its growth rate over the forecast period because of the region being early adopters of augmented analytics solutions. However, the Asia-Pacific would compete with North America with equal potential and fastest highest CAGR owing to the demand for generating valuable insights among enterprises, growing adoption of AI-driven technologies, increasing automation in India and emerging augmented workplaces in India, China and Japan.
Recent development in December 2018, Microsoft announced integration between Power BI dataflows and Azure Data Lake Storage Gen2. The integration allowed 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 simply collaborate with the data analysts, engineers, and scientists working in Azure.
The report also studies numerous growth strategies that are mergers and acquisitions, partnerships and collaborations, and developments, adopted by major players to expand their presence in the global augmented analytics market.
The scope of Global Augmented Analytics Market
Global Augmented Analytics Market, By Component
- Software
- Services
o Training and Consulting Services
o Deployment and Integration
o Support and Maintenance
Global Augmented Analytics Market, By Organization Size
- Large Enterprises
- Small and Medium-Sized Enterprises
Global Augmented Analytics Market, By Deployment Type
- On-Premises
- Cloud
Global Augmented Analytics Market, By Vertical
- Banking, Financial Services, and Insurance
- Telecom and IT
- Retail and Consumer Goods
- Healthcare and Life Sciences
- Manufacturing
- Government and Defense
- Energy and Utilities
- Transportation and Logistics
- Media and Entertainment
- Others
Global Augmented Analytics Market, by Region
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- South America
Key players operating in Global Augmented Analytics Market
- Salesforce
- Sap
- IBM
- Microsoft
- Oracle
- Tableau Software
- Microstrategy
- SAS
- Qlik
- Tibco Software
- Sisense
- Information Builders
- Yellowfin
- Thoughtspot
- Domo
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