The Global Augmented Analytics Market Calculated to Acquire Revenue at $31.88 Billion by 2028

According to Triton's report, the global augmented analytics market, which attained revenue worth $5.69 billion in 2019, is likely to witness growth at 21.10% of CAGR by 2028.

A recent study by Triton Market Research titled ‘Global Augmented Analytics Market’ consists of the Global Analysis and Forecasts by Industrial Vertical (IT & Telecommunication, Retail, Healthcare & Life Sciences, Transportation and Logistics, Manufacturing, BFSI, Government, Others), Component (Services, Software), Organization Size (Small- & Medium-sized Enterprises [SMEs], Large Organizations), Deployment (On-Premises, Cloud), Function (Finance, Operations, Sales & Marketing, IT, Others), and by Geography (North America, Latin America, Asia-Pacific, Europe, Middle East and Africa).

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Triton’s report estimates the global augmented analytics market to develop at a CAGR of 21.10% during the anticipated phase of 2019-2028. It is calculated to showcase revenue worth $31.88 billion by 2028.

Augmented analytics includes the combination of machine learning, AI, natural language processing (NLP), automated analytics, and augmented data preparations. It is a next-generation intelligence model that functions on a platform that automates and integrates various activities such as detecting data patterns and layers, data cleansing and preparation, building models around data clusters, and more.

A massive amount of data is stored in enterprises that need to be transformed into actionable insights, which require specific technical steps. This can be achieved with the help of technical experts, such as data scientists or analysts. Although, there is a shortage of data scientists that limits the enterprises to leverage these insights by utilizing analytics. Hence, the need to increase productivity and democratize analytics is driving the market’s progress. Additionally, rising awareness regarding augmented analytics among enterprises and growth in need to make work easier are other elements contributing to the augmented analytics market’s growth.

However, companies have to tackle ethical, legal, and regulatory challenges regarding data governance, owing to data management complexities. Therefore, the concerns relating to data security, along with the slow adoption of augmented analytics in underdeveloped countries, are factors hindering the augmented analytics market’s evolution on a large scale.

The augmented analytics market is segregated mainly into industrial vertical, component, organization size, deployment, and function. As per industrial vertical, it is divided into IT & telecommunication, retail, healthcare & life sciences, transportation and logistics, manufacturing, BFSI, government, and others. The component is further subdivided into services and software. Meanwhile, organization size is bifurcated into small- & medium-sized enterprises (SMEs) and large organizations. Based on deployment, it is sectioned into on-premises and cloud. Lastly, as per function, the market is branched into finance, operation, sales & marketing, IT, and others.

Globally, North America holds the largest market for augmented analytics. The region’s dominance is attributable to digitization in the healthcare and insurance industry. In the United States, the healthcare sector has evolved over the years to become a digitized sector. The innovation primarily relies on connectivity with systems, data, people, and machines. As the data present in the healthcare sector is vast and complex, it requires certain methods and tools to make meaningful use of the data. Here, AI and machine leading are emerging technologies that provide powerful tools that assist technologists to capture and process data efficiently.

Further, in Canada’s insurance sector, the insurers are able to improve insurance fraud detection through augmented analytics and AI predictive modeling by matching new insurance claims against the profiles of past fraudulent claims. Therefore, the growth in augmented analytics’ implementation to derive efficient data in emerging sectors is opening several growth opportunities for the studied market in the region.

Microsoft Corporation, SAP SE, Yellowfin, Tibco Software, Information Builders, MicroStrategy, Tableau Software, Domo, SAS Institute Inc, Oracle Corporation, Sisense, ThoughtSpot, Qlik, and IBM Corporation are the major competitors present in the market.

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Question & Answer: Augmented Analytics Market

Question 1: What elements are contributing to the growth of the augmented analytics market?
Answer: A massive amount of data is stored in enterprises that need to be transformed into actionable insights, which require specific technical steps. This can be achieved with the help of technical experts, such as data scientists or analysts. Although, there is a shortage of data scientist that limits the enterprises to leverage these insights by utilizing analytics. Hence, the need to increase productivity and democratization of analytics is driving the market’s progress. Additionally, rising awareness regarding augmented analytics among enterprises and growth in need to make work easier are other elements contributing to the augmented analytics market’s growth.

Question 2: What factors are hindering the evolution of the augmented analytics market?
Answer: The companies have to tackle ethical, legal, and regulatory challenges regarding data governance, owing to data management complexities. Therefore, the concerns relating to data security, along with the slow adoption of augmented analytics in underdeveloped countries, are factors hindering the augmented analytics market’s evolution on a large scale.

Question 3: Which region is dominating in the augmented analytics market?
Answer: Globally, North America holds the largest market for augmented analytics. The region’s dominance is attributable to digitization in the healthcare and insurance industry. In the United States, the healthcare sector has evolved over the years to become a digitized sector. The innovation primarily relies on connectivity with systems, data, people, and machines. As the data present in the healthcare sector is vast and complex, it requires certain methods and tools to make meaningful use of the data. Here, AI and machine leading are emerging technologies that provide powerful tools that assist technologist to capture and process data efficiently.

Further, in Canada’s insurance sector, the insurers are able to improve insurance fraud detection through augmented analytics and AI predictive modeling by matching new insurance claims against the profiles of past fraudulent claims. Therefore, the growth in augmented analytics’ implementation to derive efficient data in emerging sectors is opening several growth opportunities for the studied market in the region.

Question 4: Which are the major competitors present in the augmented analytics market?
Answer: Microsoft Corporation, SAP SE, Yellowfin, Tibco Software, Information Builders, MicroStrategy, Tableau Software, Domo, SAS Institute Inc, Oracle Corporation, Sisense, ThoughtSpot, Qlik, and IBM Corporation are the major competitors present in the market.

Related Report:
Global Machine Learning Market

The global machine learning market is likely to display growth in its revenue during 2019-2027 at 34.19% of CAGR. It is set to acquire revenue worth $24.75 billion by 2027.

Machine learning is a subset of AI in the area of computer science that uses statistical techniques to provide computers the ability to improve performance on a certain task with data, without being explicitly programmed. It helps businesses process massive volumes of data, that were earlier not possible. Moreover, the availability of large datasets has corresponded with a significant breakthrough in machine learning, owing to the emergence of sophisticated AI algorithms.

Factors such as the expanding data volume across the world, growing application of machine learning in different end-user industries, and significant development in ML are factors driving the growth of the market worldwide. Additionally, the incorporation of AI and ML with big data, the development of smart robots, and a rise in the adoption of IoT connected devices offer numerous development opportunities to the studied market during the forecast period.

On the other hand, the possibility of component failure and difficulties in protecting private and sensitive data are elements are that obstructing the machine learning market’s growth around the world.

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This release was published on openPR.