Augmented Analytics Market Projected to Reach $104.4 Billion by 2031

Meticulous Research® Unveils Global Forecast for Augmented Analytics Market, Projecting a $104.4 Billion Industry by 2031
Meticulous Research®, a globally recognized leader in market research, has released its latest comprehensive report titled "Augmented Analytics Market by Offering (Software, Services), Deployment Mode, Organization Size, Application (Marketing & Sales, Financial Planning & Analysis), End-use Industry (Retail & E-commerce, BFSI), and Geography - Global Forecast to 2031."

According to this in-depth analysis, the global augmented analytics market is set to achieve a significant milestone, reaching an estimated valuation of $104.4 billion by 2031, reflecting a robust compound annual growth rate (CAGR) of 27.4% from 2024 to 2031. The surge in market growth is primarily fueled by the escalating demand for data-driven decision-making processes and the widespread adoption of cloud computing, which enhances the deployment and scalability of augmented analytics solutions. However, challenges such as data privacy and security concerns are anticipated to hinder the pace of market expansion.

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In contrast, the report identifies burgeoning opportunities within the sales and marketing sectors, where the application of augmented analytics is expected to unlock new avenues for market players. Nevertheless, the complex nature of integrating these advanced solutions with existing business processes remains a formidable challenge. The market is also witnessing a growing trend towards the integration of machine learning (ML) and natural language processing (NLP) technologies, which is set to redefine the future landscape of augmented analytics.

Market Segmentation and Key Insights

The report categorizes the augmented analytics market across several dimensions, offering detailed insights into each segment:

1. By Offering:

o Software: Expected to dominate the market with a substantial share exceeding 64.0% in 2024, driven by the increased adoption of augmented analytics solutions aimed at minimizing human error and enhancing operational accuracy. The push towards cloud computing advancements further bolsters the demand for software solutions in this domain.

o Services: Anticipated to witness the highest CAGR during the forecast period, fueled by the growing need for continuous support and maintenance services, particularly for updating algorithms and data processing pipelines.

2. By Deployment Mode:

o Cloud-based Solutions: Set to lead the market with over 66.0% share in 2024 and expected to maintain the highest growth rate. The appeal of cloud-based solutions lies in their ability to alleviate the burden on employees by managing infrastructure, software updates, and security concerns, thus incorporating advanced ML and AI technologies seamlessly.

o On-premise Solutions: Although cloud-based solutions are on the rise, on-premise solutions continue to play a vital role, particularly among enterprises prioritizing control over their infrastructure and data.

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3. By Organization Size:

o Large Enterprises: Projected to hold a dominant share of over 71.0% in 2024, large enterprises are increasingly leveraging augmented analytics to streamline global strategies and automate data analysis processes.

o Small & Medium-sized Enterprises (SMEs): Forecasted to experience the highest CAGR, driven by the growing adoption of on-premise infrastructure and the need for secure data handling.

4. By Application:

o Marketing & Sales Analytics: Expected to capture the largest market share of over 24.0% in 2024, this segment is propelled by the rising demand for extensive data analysis to decipher customer behavior patterns and optimize marketing strategies.

o Financial Planning & Analysis: Predicted to register the highest growth rate, attributed to the increasing shift towards automated and error-free financial planning using real-time data and predictive analytics.

5. By End-use Industry:

o Retail & E-commerce: Poised to lead with a 22.0% share in 2024, the retail and e-commerce sector is rapidly adopting augmented analytics to streamline operations, manage inventory levels, and enhance customer experience across multiple channels.

o BFSI (Banking, Financial Services, and Insurance): This sector is expected to exhibit the highest CAGR, driven by the need for automated compliance tracking, risk management, and the personalization of financial products and services.

6. By Geography:

o North America: Forecasted to dominate with a significant share of over 33.0% in 2024, the region's growth is underpinned by the adoption of AI and ML in augmented analytics to combat cyber threats and enhance customer service across various industries.

o Asia-Pacific (APAC): Expected to register the highest CAGR of over 29.0%, APAC's growth is attributed to the rapid technological advancements and the increasing adoption of augmented analytics tools in key markets such as China, Japan, and India.

Key Players
The key players operating in the augmented analytics market are Salesforce, Inc. (U.S.), SAP SE (Germany), International Business Machines Corporation (U.S.), Microsoft Corporation (U.S.), Oracle Corporation (U.S.), MicroStrategy Incorporated (U.S.), Domo, Inc. (U.S.), SAS Institute Inc. (U.S.), QlikTech International A.B. (U.S.), Cloud Software Group, Inc. (U.S.), Sisense Ltd. (U.S.), ThoughtSpot, Inc. (U.S.), Yellowfin International Pty Ltd ( A Subsidiary of Idera, Inc.) (U.S.), Pyramid Analytics B.V. (Netherlands), and Alteryx, Inc. (U.S.).

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Key Questions Answered in the Report:
• Which are the high-growth market categories in terms of offering, deployment mode, organization size, application, and end-use industry?
• What is the historical market size for global augmented analytics?
• What are the market forecasts and estimates for 2024-2031?
• What are the major drivers, restraints, opportunities, challenges, and trends in the global augmented analytics market?
• Who are the major players in the global augmented analytics market, and what are their market shares?
• What is the competitive landscape like?
• What are the recent developments in the global augmented analytics market?
• What do major market players adopt the different strategies?
• What are the trends and high-growth countries?
• Who are the local emerging players in the global augmented analytics market, and how do they compete with other players?

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This release was published on openPR.