Augmented Analytics Market 2024 - By Size, Share, Trends Analysis Report And Forecasts To 2033

The augmented analytics market size has grown exponentially in recent years. It will grow from $11.36 billion in 2023 to $13.9 billion in 2024 at a compound annual growth rate (CAGR) of 22.4%. The growth in the historic period can be attributed to focus on automated insights and recommendations, user-centric design and adoption, cloud-based analytics platforms, focus on explainable ai and transparency, need for real-time and contextual insights..

The augmented analytics market size is expected to see exponential growth in the next few years. It will grow to $32.46 billion in 2028 at a compound annual growth rate (CAGR) of 23.6%. The growth in the forecast period can be attributed to continue data complexity and volume, increasing demand for simplified analytics solutions, advancements in ai and machine learning, expansion of self-service analytics. Major trends in the forecast period include convergence of ai and analytics, automated machine learning (automl), natural language processing (nlp) advancements, explainable ai (xai) and transparency, embedded analytics in business applications, predictive and prescriptive analytics adoption..

Market Overview -
Augmented analytics refers to the application of technology like AI and machine learning to increase human curiosity and facilitate the preparation, analysis, and visualization of data for business users. Users discover insights more quickly by conversing with their data, while algorithms propose contextually relevant insights. Augmented analytics assists with data preparation, insight generation, and explanation that augments experts and data scientists with the automation of developing, managing, and deployment of data science machine learning and artificial intelligence models.

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Elevated Demand For Business Intelligence Tools Fuels Augmented Analytics Market Growth
The increasing demand for the adoption of business intelligence (BI) tools is expected to propel the growth of the augmented analytics market. The adoption of business intelligence tools is used to simplify more frequent data-driven decision-making. It is used from the data scientists to employees on the front lines where the departments and teams will gain insights into the data, which helps to promote data democratization all over the organization. According to a survey report of over 5,000 organizations on the business intelligence market by Dresner Advisory Services, LLC, in June 2021, executive adoption of business intelligence is significantly high at 64%, followed by middle and line managers at 40%. Therefore, the increasing demand for the adoption of business intelligence (BI) tools drives the augmented analytics market growth.

Competitive Landscape -
Major companies operating in the augmented analytics market report are Salesforce, Inc., SAP SE, The International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, Tableau Software, MicroStrategy Incorporated, SAS Institute Inc., QlikTech International AB, TIBCO Software India Pvt. Ltd, Sisense Ltd., Cloud Software Group, Inc., Yellowfin, ThoughtSpot Inc., Domo, Inc., Alation, Inc., Tamr, Paxata, Attivio, Arcadia Solutions, LLC, Squirro AG, GoodData Corporation, Looker Data Sciences, Inc., Alteryx, Board International S. A, Logi Analytics, Inc., Pyramid Analytics, Birst, Inc., Datorama, Panorama Software Ltd., DataRobot, Inc., RapidMiner, Inc., BIME Analytics

Technology Advancement Enhances The Market
Technology advancement is gaining popularity in the augmented analytics market. Major players in the augmented analytics market focus on innovative products to obtain an edge in the market against their competitors. For instance, In April 2022, India-based Smarten Augmented Analytics company announced the addition of sentiment analysis features and functionality to its cutting-edge augmented analytics solution. This addition provides businesses with tools for understanding what customers, stakeholders, and others think, allowing organizations to enhance their products and services.

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Key Segments -
The augmented analytics market covered in this report is segmented -
1) By Component: Software, Services
2) By Deployment Type: On-Premises, Cloud
3) By Services: Training And Consulting, Deployment And Integration, Support And Maintainance
4) By Organization Size: Large Enterprises, Small And Medium-Sized Enterprises (SMEs)
5) By Vertical: Banking, Financial Services, And Insurance (BFSI), Telecom And IT, Retail And Consumer Goods, Healthcare And Life sciences, Other Verticals

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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