Press release
Augmented Analytics Market 2020 - Indepth Market Analysis Base on COVID 19 Impact | IBM Corporation, Qlik, Tableau Software, Tibco Software, Salesforce, Sisense Inc
The global augmented analytics market garnered $4.09 billion in 2017 and is expected to reach $29.86 billion by 2025, registering a CAGR of 28.4% from 2018 to 2025.
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North America contributed more than one-third of the total market revenue in 2017 and is anticipated to continue its dominance during the forecast period, as the region is one of the early adopters of augmented analytics solutions. Moreover, developments related to advanced analytics and adoption of AI driven technologies in business intelligence tools have contributed to the growth of the market in this region. However, Asia-Pacific would grow at the fastest CAGR of 30.3% during the study period due to the augmented demand for generating valuable insights among enterprises, growing automation in India, increasing adoption of AI driven technologies, and emerging augmented workplaces in China, India, and Japan.
The key market players analyzed in the report include IBM Corporation, Qlik, Tableau Insights, Tibco Software, Salesforce.com, Inc., Sisense Inc., SAP SE, SAS Institute, Microsoft Corporation, and ThoughtSpot, Inc. These companies have implemented various strategies including expansions, mergers & acquisitions, partnerships, joint ventures, collaborations, and others to gain a stronghold in the industry.
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Among industry verticals, the BFSI segment accounted for the largest share in 2017, accounting for about one-fourth share of the total revenue. It is expected to remain dominant through 2025, owing to the growing demand for augmented analytics in the sector to leverage the power of artificial intelligence to reduce costs, increase revenue, and comply with regulations. Moreover, augmented analytics solutions help forecast losses more accurately and facilitates risks mitigation and fraud detection. However, the healthcare & life sciences segment would grow at the fastest CAGR of 37.3% through 2025, owing to the surge in demand for optimized care services and high requirement for generating useful insights for hospital managers, healthcare scientists & researchers, and pharmaceutical experts to analyze patient turnover data, boost drug discovery, and decrease time to market lifesaving drugs. The report also analyzes telecom and IT, manufacturing, government, transportation & logistics, and others segments.
Among business functions, the IT segment held the largest share in 2017, accounting for one-fourth of the total market revenue. It is anticipated to retain its revenue lead through 2025, as augmented analytics has increased efficiency & productivity through smart solutions, leveraged insights from data available in different IT systems, and helped automated cumbersome tasks such as data preparation, insight discovery and insight sharing. However, the finance segment is expected to grow at the fastest CAGR of 28.9% through 2025, as organizations providing financial services are inclined toward increasing their financial returns by utilizing augmented analytics for fraud detection and risk management. The report also analyzes sales and marketing operations, and others segments.
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Advantages offered by augmented analytics such as ability to get relevant actionable business insights, automate tasks by combining business intelligence (BI) and artificial intelligence (AI), and make faster decisions and save time and resources drive the growth of the market. However, security concerns among industry verticals about handling critical data and slow adoption of advanced analytics solutions across underdeveloped regions hamper the market growth. On the other hand, increase in investment in bots and rise in industry-specific solutions that are based on augmented analytics are anticipated to provide lucrative opportunities for the market growth.
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