Analysis of Size, Share, Trends, and Growth in the Augmented Analytics Market

 


Meticulous Research®—a globally recognized market research entity—has published an insightful 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.

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

This report projects that the augmented analytics market will reach an impressive $104.4 billion by 2031, growing at a CAGR of 27.4% from 2024 to 2031. The key drivers of this growth include a rising demand for data-driven decision-making and the growing trend of cloud computing adoption, which facilitates the deployment and scalability of these analytics solutions. However, concerns regarding data privacy and security remain challenges to market expansion.

Notably, the increased application of augmented analytics in marketing and sales is poised to create new opportunities for market players. Yet, the complex integration of these tools into existing business processes poses a significant hurdle. Additionally, there is a growing trend towards incorporating machine learning and natural language processing technologies within augmented analytics.

The augmented analytics market can be segmented based on several criteria: offerings (software and services, which include training, consulting, deployment, integration, and maintenance services), deployment modes (cloud-based and on-premise), organization sizes (large enterprises versus small and medium-sized enterprises), applications (including marketing and sales analytics, financial planning and analysis, supply chain management, human resource management, business intelligence and reporting, predictive analytics, customer analytics, among others), end-use industries (retail and e-commerce, healthcare, BFSI, manufacturing, government, automotive, transportation, media and entertainment, energy and utilities, IT and telecommunications, military and defense, and more), and geography. This report further analyzes competitive dynamics and evaluates the market landscape at both country and regional levels.

Offering Analysis

The market is segmented into software and services. In 2024, software is anticipated to command over 64.0% of the augmented analytics market. This significant share is due to factors such as the increasing adoption of augmented analytics solutions aimed at reducing human error and enhancing accuracy in business operations. Furthermore, advancements in cloud computing are fostering the development of scalable augmented analytics solutions. There is also a growing need for businesses to leverage augmented analytics software to derive insights based on customer preferences.

On the contrary, the services segment is expected to witness a higher CAGR throughout the forecast period. This growth is fueled by the escalating demand for support and maintenance services that ensure regular updates of algorithms and data processing pipelines within augmented analytics solutions. Companies are increasingly investing in augmented analytics services to keep their software current with the latest features and improvements.

Deployment Mode Insights

In terms of deployment mode, the market can be categorized into cloud-based and on-premise solutions. In 2024, cloud-based deployment is expected to dominate with over 66.0% of the market share and is also forecasted to achieve a higher CAGR during the projected period. This dominance is attributed to the growing necessity of alleviating the burden on employees regarding infrastructure management, software updates, and security concerns through the adoption of cloud-based augmented analytics solutions. These solutions are equipped with advanced technologies such as machine learning (ML) and artificial intelligence (AI). Additionally, there is a rising demand for robust data protection measures, such as encryption, access control, and threat detection, which is fueling the growth of cloud-based augmented analytics.

Organization Size Perspective

The market can be further segmented based on organization size, differentiating between large enterprises and small and medium-sized enterprises (SMEs). In 2024, large enterprises are projected to account for over 71.0% of the market. This substantial share is driven by the growing utilization of augmented analytics to manage and optimize global strategies and automate data analysis processes, thereby reducing the manual labor associated with data processing. Large organizations benefit from augmented analytics, as they can tailor analytics models and dashboards to suit the diverse needs of their various departments.

In contrast, the SMEs segment is anticipated to experience a higher CAGR throughout the forecast period. This growth is supported by the increasing development of on-premise infrastructure for subscription-based augmented analytics solutions within SMEs. These smaller enterprises are also adopting augmented analytics solutions at an accelerated pace to enhance the security and privacy of their corporate data. Furthermore, augmented analytics solutions enable SMEs to analyze changing market conditions and evolving business requirements.

Application Insights

The market can be analyzed based on various applications, including marketing and sales analytics, financial planning and analysis, supply chain management, human resource management, business intelligence and reporting, predictive analytics, customer analytics, and other applications. In 2024, marketing and sales analytics is expected to hold the largest market share, estimated at over 24.0%. This market share is attributed to a rising demand for extensive data analysis to identify customer behavior patterns and preferences, enhancing business marketing and sales strategies. Moreover, there is an increasing trend toward employing augmented analytics solutions for marketing, which provide dashboards and reports that facilitate effective data collection and analysis for improved decision-making. Businesses are increasingly leveraging augmented analytics to evaluate performance marketing initiatives and determine ROI.

Conversely, the financial planning and analysis category is projected to witness the highest CAGR during the forecast period. The driving factors behind this growth include the need to minimize manual labor and reduce the risk of errors in financial reporting and analysis, alongside a growing adoption of augmented analytics for real-time data utilization and predictive analytics in financial planning.

Industry Segmentation

The augmented analytics market can be segmented by end-use industries, including retail and e-commerce, healthcare, BFSI, manufacturing, government, automotive, transportation, media and entertainment, energy and utilities, IT and telecommunications, military and defense, among others. In 2024, retail and e-commerce are projected to account for over 22.0% of the market share. This substantial share can be attributed to the need to automate routine operational tasks, such as data entry and report generation, thus reducing the manual workload. Additionally, the growing use of augmented analytics solutions to analyze product demand through historical data is helping retailers improve inventory management and minimize stockouts. Furthermore, the ability of augmented analytics to examine customer behavior across online and in-store channels allows businesses to identify patterns and preferences.

In contrast, the BFSI sector is expected to register the highest CAGR during the forecast period. This growth is largely due to the increasing demand for automation in tracking regulatory compliance and reporting, which reduces risks and streamlines processes in the BFSI industry. Additionally, the growing adoption of augmented analytics solutions in banks and financial institutions enhances the ability to offer tailored products and services based on customer preferences. Furthermore, advancements in augmented analytics algorithms allow financial institutions to take proactive measures against risks such as fraud and loan defaults.

Regional Insights

Geographically, the market can be segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is projected to command over 33.0% of the augmented analytics market. This significant share is attributed to the rising adoption of augmented analytics solutions across various industries to provide personalized and self-service options for customers. The increasing utilization of AI and ML technologies in augmented analytics solutions to combat cyber threats also contributes to this regional growth. Furthermore, the demand for data-driven decision-making is rising across numerous sectors, including retail and e-commerce, healthcare, and IT.

Conversely, the Asia-Pacific region is anticipated to achieve the highest CAGR of over 29.0% during the forecast period. This growth is driven by advancements in technology that enhance the deployment and scalability of augmented analytics solutions in the region. Countries such as China, Japan, and India are increasingly adopting augmented analytics tools to replace traditional methods within enterprises. Moreover, the IT and telecommunications sectors in APAC are adopting augmented analytics solutions that leverage ML and AI to improve customer service.

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.).

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/augmented-analytics-market-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?

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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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