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What’s driving the augmented analytics market trends? | By Key vendors Logi Analytics, Looker, Microsoft Corporation, MicroStrategy, Oracle, Pyramid Analytics, Salesforce, SAP SE, SAS
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The North America region has dominated the augmented analytics market due to the rapid adoption of various new & innovative emerging technologies, particularly in the U.S. Technology players, such as Oracle and Microsoft, have also been investing highly in various R&D activities to further accelerate the advances of the augmented analytics landscape. The strong financial condition of the companies in the region is allowing the investment in augmented analytics solutions to increase their operational efficiency.
The Asia Pacific augmented analytics market will grow significantly over the projected time span due to the widespread digitalization across various industry verticals. The rising need among the regional companies to better compete with their western counterparts has been driving the usage of augmented analytics solutions in the region. However, the rising data security concerns and the lack of awareness regarding various augmented analytics products & services have restricted its adoption in certain price-sensitive markets.
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The augmented analytics market is characterized on the basis of technologies into machine learning and natural language generation. Machine learning is used to understand data by itself without depending on rule-based programs. Natural language generation helps to convert the result of data analysis into language that humans can easily understand. It simultaneously uses machine learning and natural language generation mechanisms to generate automated results that are data-oriented and detailed.
Augmented Analytics Market size is expected to register high CAGR to 2025 driven by rising need among organizations to democratize analytics and increase productivity. With the rising incorporation of numerous IoT-based solutions, companies can store vast amounts of data associated with their business operations. This raw data needs to be converted into actionable insights. However, the scarcity of data scientists is preventing companies with budgetary constraints to leverage data analytics techniques to derive various actionable insights. The U.S. alone will fall short of approximately 250,000 data scientists by 2025. The use of augmented analytics provides a cost-effective alternative for SMEs to effectively integrate advanced analytics solutions to augment the productivity of their business operations.
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Some of the top players in the augmented analytics market are Birst, Board International, IBM Corporation, Logi Analytics, Looker, Microsoft Corporation, MicroStrategy, Oracle, Pyramid Analytics, Salesforce, SAP SE, SAS, Sisense, Tableau Software, Tibco Software, Qlik, and Yellowfin. The companies operating in the market are forming partnerships with other augmented analytics firms to develop customized product offerings for certain industry verticals. For instance, TIBCO Software Inc., an API management and analytics firm, partnered with IHS Markit, a provider of critical information, analytics & solutions, to develop personalized solutions for energy markets.
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