Augmented Analytics Market Overview: Size, Share, Trends, and Growth

 

Meticulous Research®—a leading global market research company—recently published a research 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 comprehensive analysis by Meticulous Research®, the global augmented analytics market is anticipated to surge to an impressive $104.4 billion by 2031, growing at a robust CAGR of 27.4% from 2024 to 2031. The growth trajectory of the augmented analytics market is being propelled by the increasing emphasis on data-driven decision-making, coupled with the widespread adoption of cloud computing, which enhances the scalability and deployment of these advanced solutions. However, concerns surrounding data privacy and security continue to pose challenges to the market's expansion.

Emerging Opportunities in Sales and Marketing Applications

The augmented analytics market is also witnessing significant growth opportunities, particularly in sales and marketing applications. As businesses strive to enhance their customer engagement and sales strategies, augmented analytics is emerging as a key enabler, offering deeper insights and predictive capabilities. However, the complexity of integrating these advanced solutions with existing business processes remains a formidable challenge.

Additionally, the market is seeing a notable trend towards the integration of machine learning (ML) and natural language processing (NLP) technologies, which are enhancing the functionality and user experience of augmented analytics tools.

Market Segmentation by Offering

The augmented analytics market is segmented by offering into software and services, with the software segment expected to account for the lion's share—over 64.0%—of the market in 2024. This dominance is attributed to the growing use of augmented analytics software in business operations to minimize human error and increase accuracy. Companies are increasingly focusing on cloud computing developments within augmented analytics to enhance software deployment and scalability. Furthermore, there is a rising demand for augmented analytics software that provides actionable insights and recommendations tailored to customer preferences.

Despite the software segment's lead, the services segment is projected to experience a higher CAGR throughout the forecast period. This growth is driven by the escalating need for support and maintenance services to regularly update algorithms and data processing pipelines, ensuring the optimal performance of augmented analytics solutions.

Deployment Mode Insights

When it comes to deployment mode, the market is divided into cloud-based and on-premise solutions. The cloud-based segment is expected to dominate in 2024, capturing over 66.0% of the market share. This segment is also predicted to exhibit the highest CAGR during the forecast period. The shift towards cloud-based solutions is largely due to their ability to reduce the burden on employees by managing infrastructure, software updates, and security concerns, while integrating advanced technologies like ML and AI.

Moreover, the need for robust data protection, including encryption, access control, and threat detection, is further driving the demand for cloud-based augmented analytics solutions.

Organization Size Analysis

In terms of organization size, the market is categorized into large enterprises and small & medium-sized enterprises (SMEs). Large enterprises are expected to hold a dominant share of over 71.0% in 2024. This significant share is driven by the increasing adoption of augmented analytics by large companies to manage and optimize global strategies, as well as the need to automate data analysis and reporting processes.

However, the SME segment is anticipated to witness a higher CAGR during the forecast period. The growth in this segment is attributed to the rising adoption of on-premise infrastructure and subscription-based augmented analytics solutions, which help SMEs enhance the security and privacy of their data while adapting to changing market conditions.

Application Breakdown

The market is further segmented by application, including marketing & sales analytics, financial planning & analysis, supply chain management, human resource management, business intelligence & reporting, predictive analytics, and customer analytics. In 2024, marketing & sales analytics is expected to be the largest segment, accounting for over 24.0% of the market. This is due to the increasing demand for large-scale data analysis to understand customer behavior and preferences, which in turn enhances marketing and sales strategies.

Meanwhile, the financial planning & analysis segment is set to record the highest CAGR during the forecast period, driven by the growing need to automate financial planning and reduce the risk of errors through the use of real-time data and predictive analytics.

End-Use Industry Insights

End-use industries are another critical segment of the augmented analytics market, with key sectors including retail & e-commerce, healthcare, BFSI, manufacturing, government, automotive, transportation, media & entertainment, energy & utilities, IT & telecommunication, and military & defense. In 2024, the retail & e-commerce sector is expected to lead the market, capturing over 22.0% of the share. The significant share of this segment is due to the increasing use of augmented analytics to automate routine tasks, such as data entry and report generation, and to analyze customer behavior across different channels.

The BFSI sector, however, is projected to experience the highest CAGR during the forecast period, driven by the need to automate regulatory compliance processes and reduce risks associated with financial operations. The sector is also leveraging augmented analytics to offer personalized products and services based on customer preferences, thereby enhancing customer satisfaction and loyalty.

Geographic Market Overview

Geographically, the augmented analytics market is divided into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America is expected to dominate in 2024, holding over 33.0% of the market share. This dominance is attributed to the widespread adoption of augmented analytics across various industries in the region, which is enhancing customer service and reducing the risk of cyberattacks.

Asia-Pacific, on the other hand, is poised to register the highest CAGR of over 29.0% during the forecast period. This growth is fueled by the rapid technological advancements in augmented analytics across countries like China, Japan, and India, where businesses are increasingly replacing traditional tools with advanced analytics solutions.

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.).

Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5991

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?

Contact Us:
Meticulous Research®
Email- sales@meticulousresearch.com
Contact Sales- +1-646-781-8004
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research

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