Rising Awareness Among Enterprises to Exhibit the Global Augmented Analytics Market at 24.05% of CAGR by 2027
“According to a new market research report published by Inkwood Research, the Global Augmented Analytics Market is projected to evolve at a CAGR of 24.05% during the forecasting years of 2019-2027.”
“Browse 32 market Data Tables and 42 Figures spread over 123 Pages, along with an in-depth TOC on Global Augmented Analytics Market Forecast 2019-2027.”
Augmented analytics is a next-generation concept of applying ML (machine learning) and NLP (natural language processing) to improvise data sharing, data analytics, and BI. It is an intelligence delivery model operating on platforms that equip automated and integrated activities, such as detecting data patterns and layers, data cleansing and data preparation, building models around data clusters, linking with business workflows and developing insights that make decision-making easier. All of this can be done with a plug-and-play component, which does not require manual command by a data scientist.
Rising Awareness among Enterprises Drives the Global Augmented Analytics Market
The increased generation of data by organizations on various social medial portals and from the consumer space is resulting in the accumulation of data. It has been recorded that at least
2.5 quintillion bytes data is created every day, which is projected to witness a 4,300 percent rise by 2020. A study by IBM noted that the majority of the prime executives around the world invest maximum efforts in collecting the data and only 30% analyzing it, which is furthermore challenged by the majority of data received in semi-structured or unstructured forms. Thus, these difficulties lead to the application of augmented analytics that aids the organization in scrutinizing the most relevant data quickly and presents actionable insights in an innovative way from multiple data sources.
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Software Contributes the Largest Share in the Global Augmented Analytics Market
The two prime technologies, Machine Learning (ML) and Artificial Intelligence (AI), are progressively being unified into analytics programs. Augmented analytics solutions are the combination of modern BI tools, such as Natural-Language Generation (NLG) and Machine Learning, that aids in automating the process of assimilating insights for the company from the generated data. The functionalities provided by the augmented analytics, include decoding the data prototype and constructing models, preparing, distributing and initializing the data findings. Thus, the increasing inclination of the organization towards assimilating data and building models to simplify and automate their task of creating relevant data insights is proving augmented analytics as an effective solution.
North America Lead the Global Augmented Analytics Market
In terms of revenue, North America contributed 34.79%, the largest share in the year 2018. This dominance is attributed to the presence of dominant global players providing software and services in the region, which include International Business Machines Corporation (IBM), Salesforce, Microsoft Corporation and others. Hence, innovative initiatives for advanced analytics solutions and practices, early adoption, smart data preparation and discovery, potential funding prospects, extensive customer base across several industries, availability of skilled workforce and favorable environment for innovation are escalating the market growth in the region.
The top companies holding the highest share and actively operating in the global augmented analytics market are SAP SE, IBM Corporation, Oracle Corporation, SAS Institute and others. New entrants in the market are majorly challenged by the high start-up cost and the presence of several established companies. Also, with nearly 20 large companies vying for market share, it is likely some of those companies will divest from the industry, providing an opportunity to the remaining contenders to establish their stronghold.
About Inkwood Research
Inkwood Research specializes in syndicated & customized research reports and consulting services. Market intelligence studies with relevant fact-based research are customized across industry verticals such as technology, automotive, chemicals, materials, healthcare, and energy, with an objective comprehension that acknowledges the business environments. Our geographical analysis comprises of North & South America, CEE, CIS, Middle East, Europe, Asia, and Africa.