A combination of machine learning, AI, natural language processing (NLP), visual-based data discovery, automated analytics, and augmented data preparation is augmented analytics. Augmented analytics is used to make complex data into a sophisticated format that will help to make day-to-day business decisions easier.

According to the estimations put forth by Inkwood Research, the global market for augmented analytics is expected to project a CAGR of 24.05% during the projected period, reaching a revenue of $33.22 billion by 2027.  For the market study, 2018 is taken as the base year, and 2019-2027 is the forecasted period.

The market for global augmented analytics is driven by:

• Need to increase productivity and democratize the analytics
• Increasing awareness of augmented analytics in enterprises
• Rising need for ease in work
• Increase in investments in bots
• Increase in the adoption of natural language processing, machine learning, and artificial intelligence

To know more about this report, request a free sample copy

Business is data-driven,  and there is huge complex data collected by enterprises on a daily basis. The data collected is not received only in a structured format, making it difficult to understand the data and make a decision. Therefore, organizations are adopting augmented analytics solutions that utilize artificial intelligence, machine learning, and natural language generation, which helps organizations to easily present the most relevant actionable insights from vast data streams, generated from multiple data sources of the company in a visualized format. Thus, rising awareness among enterprises to utilize growing streams of data from various sources in innovative ways drives the demand for augmented analytics solutions. The organizations are storing huge amounts of data, and are trying innovative ways to convert the data into informative insight, using technical steps. There are dedicated individuals called as data analysts and data scientists required for converting these raw and instructed data in a proper format. There is a scarcity of data analysts and scientists restricting organizations to get informative insight using analytics. Since technologies are developing, augmented analytics, smart data discovery, and BI, are helping to make optimum utilization of the stored data, which indirectly aids in increasing the productivity of the users. These features will help organizations in democratizing the analytics and increasing their productivity, which drives the growth of the augmented analytics market.

Banking, Financial Services & Insurance (BFSI) is the leading segment in terms of revenue in the global augmented analytics market with around 24.26% market share in 2018.  The augmented analytics market in the banking and financial institutions have increased across the globe to detect fraud, execute trades, advise clients, and perform different functions using analytics. Augmented analytics is helping banks workforces to understand their data using AI technologies while increasing their productivity. Fin-tech start-ups are collaborating with banks and developing analytics software’s that best suits them. Several banks are conducting hackathons, and rewarding the data scientists who can help them format their unstructured data. For instance, State bank of India held a 2019 hackathon in which participants had to submit a predictive analytics module that would help the bank to understand the chance of corporate customers defaulting on the loan. Moreover, the healthcare and life science segment, is anticipated to grow at the highest CAGR of around 31.88% during the projected period. Augmented analytics is applied broadly across the healthcare sector in an effort to analyze high volumes of electronic medical records, and provide better treatment to the patients. The use of business intelligence is helping hospitals to gain visibility into their financial operations, improve patient safety, monitor their cash flow, while following all the regulations. Business Intelligence helps in making evidence-based clinical decision making improving quality performance.

The global augmented analytics market growth is restricted by security and privacy-related concerns, slow adoption of advanced analytics solutions in the underdeveloped regions, and lack of skilled workforce. The major concern for organizations is data privacy and security. Due to complexities in data, several organizations have faced regulatory and legal challenges, from governments making the organizations hesitant to adopt augmented analytics solutions. Several companies see data analysts as the key to customer retention, since they help in finding more information and analyze the need of the customers. There is a rising demand for data scientists and data analysts in the market. This is due to the difficulties faced by the individuals in understanding and competence with regard to clearing the data and deploying the right analysis techniques.

The report scope of the global augmented analytics market covers segmentation analysis of component, deployment mode, organization size, business functions, and industrial vertical.

Market by Component:

• Software
• Services

Market by Deployment Mode:

• Cloud
• On-premises

Market by Organization Size:

• Large Organizations
• SMEs

Market by Industry Vertical:

• Government
• Manufacturing
• RBFSI
• IT and Telecom
• Life Sciences and Healthcare
• Retail
• Transportation and Logistics
• Others

Market by Business Function

• Sales and Marketing
• Finance
• IT
• Operations
• Others

The global augmented analytics market has been segmented into four major regions on a geographical basis:

• Augmented Analytics North America Market: the United States and Canada
• Augmented Analytics Europe Market: the United Kingdom, Italy, France, Germany, Spain, Russia, and the Rest of Europe
• Augmented Analytics Asia Pacific Market: South Korea, Japan, China, India, Australia, and the Rest of Asia Pacific
• Rest of World: Latin America, the Middle East, and Africa

North America is the largest market, with a market share of 34.79% in terms of revenue in 2018. The North American market is dominant as there is the presence of a majority of the key players offering their software and services in the region. These include Salesforce, International Business Machines Corporation, Microsoft Corporation, and others. Since North America is the early adopter of augmented analytics, there is a growth in enterprise mobility and extensive adoption of AI and analytics for customer analysts analytics, fraud, and risk identification, and improved decision making for productivity as well as improvisation of businesses, thereby contributing towards the growth of the market. The Asia Pacific region is anticipated to be the fastest-growing region with a CAGR of XX% during the forecasted period. The attributing factors for growth are the increasing adoption of penetration of business intelligence, cloud analytics adoption & machine learning across various sectors, such as BFSI, Telecom and IT, transportation, retail, and others. Several countries within the Asia Pacific region are considered as IT hubs in terms of technological advancements, owing to which these regions have become attractive markets for the cognitive system providers. Several major players are increasing investment, which is boosting the growth of the market for augmented analysis during the forecast period.

The market has a number of players, some of the key players in the global augmented analytics market are:

• IBM Corporation,
• SAS Institute
• SAP SE
• Oracle Corporation
• Others

In June 2017, salesforce launched Salesforce Einstein Analytics for CRM users. This will help in automatically giving CRM insights about customer service and giving accurate sales. In February 2019, Tableau Software launched AskData that enables people to ask questions in plain language and instantly receive a visual response. This is developed with the use of natural language processing. In june2019, Sisense launched Cloud-Native Sisense, a Linux based architecture for their analytics platform.

Key findings of the global market for augmented analytics are as follows:

• North America leads the global augmented analytics market, with the largest market share of around 34.79% in 2018.
• The Asia Pacific market for augmented analytics is anticipated to grow at the highest CAGR of XX% during the forecasted period of 2019-2027.
• The continuous rise of cloud deployment is attributed to the growth of the augmented analytics market during the forecast period.
• The services segment accounts for the fastest-growing segment in the augmented analytics market, is further projected to grow with a CAGR of XX% during the forecasted period.