The augmented analytics market is expected to register a CAGR of 31.2% during the forecast period (2020-2025). In the present scenario with the dominance of business intelligence, augmented analytics solutions have been gaining traction. In practical terms, augmented analytics is designed to facilitate more growth and help generate more revenue. These automated insights can then be leveraged to assess your performance and overall brand health, identify growth pockets and opportunities, and determine a holistic understanding of how your brands compare to the marketplace. All of these factors contribute to a solid business strategy sought after by the end-user and augments the market.
- The increasing complexity of the business data has led to a huge rise in the adoption rates of augmented analytics. With the increasing complexity of the work, the work becomes time-consuming and thus the artificial intelligence gives a boost in the speed and accuracy with which the analysis is performed.
- The huge adoption of Business Intelligence tools has impacted the market positively. With the already implemented infrastructure, it becomes easier for companies to shift to augmented analytics.
- The different level of analytics capabilities that arise have been aptly targeted by the vendors to create a niche place for themselves in the market and has been clinical in the market experiencing the growth.
Scope of the Report
Augmented analytics is a next-generation data and analytics paradigm that uses machine learning to automate data preparation, insight discovery and insight sharing for a broad range of business users, operational workers, and citizen data scientists. It is an approach that automates insights using machine learning and natural-language generation, marks the next wave of disruption in the data and analytics market. Data and analytics leaders are planning to adopt augmented analytics as platform capabilities mature.
Key Market Trends
Retail Sector is Expected to Notice Major Market Growth During the Forecast Period
- Augmented analytics can search for and bring to surface vital insights in the business processes, analyze all the data present in the retail business, study all the in-store surveillance cameras, capture social media information, gather customer insights, correlate it with historical data and churn out insights at superhuman speed. AI brings the power of scale, speed, and efficiency to the hands of every business user.
- The adoption of Big Data has led to an increase in adoption rates of Augmented Analytics. According to SAS Institute, estimated adoption rates of Big Data in the United Kingdom (UK) in 2020 is forecasted at around 59%. This showcases the huge potential for augmented analytics and thus, can provide a great advantage.
- Augmented intelligence systems can be implemented on top of the end-users industries current retail technology. Rather than working on doing away with human intelligence altogether, businesses can work on developing automated systems for data preparation, machine-based algorithms, deep learning, advanced analytics, and insight discovery to aid decision-making at all the levels of a business.
- Analytics have faced adoption challenges in retail, but now it can be used by anybody. For instance, with the use of augmented analytics and NLP, any in-store sales person can simply ask about the top things that they can do to improve the sales and get a well-analyzed and complete answer from the system.
North America is Expected to Experience a Major Market Growth
- The massive adoption rates of artificial intelligence and machine learning technologies in North America across the past few years have fueled the beliefs that AI might become capable enough to challenge or replace human intelligence altogether.
- Data consumers were burdened with several repetitive, time-consuming tasks that required very little intelligence. With the introduction of AI, these tasks can be automated and can be conducted in almost real-time, thereby increasing human productivity multifold. With the ever-increasing competition amongst the manufacturers in the United States region, productivity maximization can help them to achieve increased profits.
- With the adoption of augmented analytics, the analyst can focus on the analysis portion and thus does not spend much time of data cleaning which consumes the maximum time. This result in increased efficiencies and thus can result in a huge competitive advantage in a competitive environment like the United States.
- According to Clutch.co, the share of businesses using artificial intelligence (AI) on the cloud in the United States increased from 5% in 2014 to 18% in 2017. The infrastructure developed for AI acts as a strong base for further development of Augmented Analytics.
The market consists of a significant volume of players. In terms of market share, few players currently dominate the market, especially in the enterprise level end-users segment. The market has been viewed as a lucrative investment opportunity due to the high chances for market growth as the small business have also started the adoption of these solutions. The market is anticipated to move towards fragmentation during the forecast period due to the high amount of new entrants. The players are focusing on product innovation in order to gain a competitive advantage.
- June 2019 Salesforce, announced plans on to acquire the business intelligence (BI) vendor, Tableau, in an all-stock deal, valued at USD 15.7 billion, a near 50% premium of Tableau’s price of the stock at the time of announcement. the acquisition seems to be in response to counter the after-effects of Google’s USD 2.6 billion Looker acquisition and Microsoft’s success in the space and mitigate the effects of slowing organic growth.
- May 2019 - Qlik has unveiled a new set of multi-cloud and augmented intelligence capabilities. It’s noteworthy because it makes Qlik one of the only providers in the marketplace able to offer its software via broad multi-cloud deployments, and all of them are available under single subscription licensing.
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