Augmented Analytics Market - Growth & Industry Revenue By Top Key Players IBM Corporation, Qlik, Tableau Software, Tibco Software, Salesforce, Sisense Inc., SAP SE, SAS Institute, Microsoft, and ThoughtSpot.
The cloud deployment segment is expected to grow at the highest CAGR during the forecast period due to greater prospect to facilitate real business value to the organization through reduced cost. In addition, direct IT control, internal data delivery & handling, faster data processing, efficient resource utilization, and cost-effectiveness of cloud deployment are some of the advantages offered by this deployment mode, which in turn are anticipated to boost the augmented analytics market growth.
The global augmented analytics market was valued at $4,094 million in 2017, and is projected to reach $29,856 million by 2025, growing at a CAGR of 28.4% from 2018 to 2025.
The IT business function segment dominated augmented analytics market share in 2017, and is projected to maintain its dominance during the forecast period. However, finance and sales & marketing segments are anticipated to witness the high growth rates during the forecast period due to the growing usage of machine learning and natural language generation in analytics for these functions.
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Some of the key players operating in the augmented analytics market include IBM Corporation, Qlik, Tableau Software, Tibco Software, Salesforce, Sisense Inc., SAP SE, SAS Institute, Microsoft, and ThoughtSpot.
Software segment to dominate, services to grow the fastest through 2025
Among components, the software segment generated the highest share in 2017, accounting for nearly three-fifths share of the total revenue and is expected to maintain its dominance through 2025. This is attributed to the growing demand for modernization of analytics and business intelligence in organizations and increasing need to leverage the massive amount of data generated from multiple sources in organizations to improve business strategies, customer experience, & brand building, and offer relevant and actionable insights. However, the services segment is expected to grow at the fastest CAGR of 32% through 2025 because of the aggrandized requirement for training, planning, maintenance, and support services and personnel associated with augmented analytics. Moreover, increased demand for implementation, integration, and upgrade of services would supplement the growth of this segment.
On-premise segment to register highest share, Cloud segment to exhibit fastest growth
The on premise deployment mode segment held the largest share in 2017, accounting for nearly three-fifths of the total market revenue. This segment is expected to retain its lead throughout the forecast period because organizations are concerned about data security and privacy, which is ensured through on premise deployment of augmented analytics solutions. However, the cloud segment is expected to grow at the fastest CAGR of 31.4% during the forecast period, as it is preferred by small and medium organizations due to the low capital cost & maintenance, direct IT control, improved internal data delivery & handling, faster data processing, and efficient resource utilization.
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Large enterprises segment to dominate, SMEs segment to exhibit fastest growth
The large enterprises segment contributed more than two-thirds of the total market revenue in 2017 and is expected to maintain its lion's share through the forecast period. This is attributed to the heavy inflow of capital investment for developing innovative business intelligence tools and higher adoption of AI-driven technologies as compared to SMEs. However, the SMEs segment would grow at the fastest CAGR of 32.4%, as augmented analytics solutions would reduce the dependence on expert data scientists in the next few years, thereby reducing the cost of hiring skilled, professional data scientist experts.
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