Augmented Analytics Market, By Component (Software, Services (Professional)), by Vertical (BFSI, Healthcare, Manufacturing, Retail, Government, Transportation), by Deployment (Hybris, On-Cloud) - Global Forecast till 2023
Regional Analysis
The market for Augmented Analytics market is estimated to grow at a significant rate during the forecast period 2018 to 2023. The geographical analysis of Augmented Analytics market is studied for North America (U.S, Canada, and Mexico), Europe (Germany, U.K, France, Russia, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Singapore, Australia, South Korea and Rest of Asia-Pacifc), and the Rest Of The World (including the Middle East & Africa, and South America).
Currently, North America is a leading market in Augmented Analytics. North America is an established region in terms of advanced infrastructure and is widely known as an early adopter of new technologies. Advancements in technologies such as machine learning, and natural language processing has developed fruitful opportunities for the development of Augmented Analytics solutions in the region.
Europe is the second highest revenue generating market for Augmented Analytics. High adoption of identity access management solutions by IT & telecommunication, and government sector, and increase spending on analytics tools by key players such as SAP SE in the region are the factors propelling the growth of European augmented analytics market.
Asia-Pacific is projected to grow with fastest growing CAGR. Increasing development in machine learning technology, among enterprises, government support for digitization, high investment in advanced analytics solution by China are some of the major driving factors for the growth of this market in the region.
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Market Segmentation:
The global Augmented Analytics market is segmented into component, deployment mode, organization size, vertical, and region. By component, the market is segmented into software, and services. Services segment is further sub-segmented into professional and managed services. By deployment, the market is segmented into on-premise, on-cloud and hybrid. By organization size, the market is sub-segmented into SMEs and large enterprises. By vertical, the market is classified into BFSI, Government & defense, IT & Telecommunication, Retail, manufacturing, energy & utilities, transportation, media & entertainment, and healthcare among others.
Key players
MRFR has considered Salesforce, SAP SE, IBM Corporation, Microsoft Corporation, Oracle, Tableau Software, SAS, Tibco Software, Sisense, Qlik, MicroStrategy, Looker, Yellowfin, Board International, Logi Analytics, Pyramid Analytics, and Birst among some of the key players in Augmented Analytics market.
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Market Analysis The global augmented analytics market is predicted to touch USD 13 billion at a stellar 24% CAGR between 2020- 2027, states the recent Market Research Future (MRFR) analysis.
On the contrary, lack of skilled workforce, high cost of analytical tools, impact of the COVID-19 pandemic on the global economy, and analyzing the huge generated data by maintaining safety and quality may impede the global augmented analytics market growth over the forecast period.
The services segment is again bifurcated into managed services and professional services.
Regional Analysis By region, the global augmented analytics market covers the recent trends and growth opportunity across North America, Europe, the Asia Pacific (APAC), and Rest of the World (RoW).
Presence of key players in the US, technically advanced infrastructure, high technical expertise in technology like machine learning and natural language processing, widespread customer base in various industry verticals, adoption of advanced analytics to improve business operations, rapid adoption of technologies, and focus by companies to improve their data analysis capabilities are adding to the global augmented analytics market growth in the region.
Japan, China, and India hold the utmost market share.
Market InsightThe boom of the global augmented analytics market 2020 is noticeable by Market Research Future which has come into the reading, mainly amid COVID 19 crisis.
The growth would occur at a pace of 24% CAGR owing to the development of the new dynamism, which is making active development in the market’s growth, mainly from the years 2018-2023.Notable DevelopmentsWith the mounting incorporation of numerous IoT-based solutions, companies have an efficient option to store vast data related to business operations.
Such factors have augmented the market to boost in these years and would go on post-COVID 19 situation.As per the reports, the U.S. alone will fall short of approximately 250,000 data scientists by 2025.
The use of Augmented Reality Analytics Market offers a cost-effective alternative for SMEs to efficiently integrate advanced analytics solutions to augment the productivity of business operations that will augment the market during Coronavirus pandemic.
Augmented analytics is a promising technology that deals with data and analytics with the application of machine learning along with NLP to automate data preparation, insight discovery and insight sharing across a broad range of business.The escalating complexity of the business data has led to a massive rise in the adoption rates of augmented analytics.
On a similar note, the broad adoption of business intelligence tools has impacted the market positively, as studied in the current scenario with the economy lockdown.
