The augmented analytics market is expected to register a CAGR of 31.2% during the forecast period (2021 - 2026). With the dominance of business intelligence, augmented analytics solutions have been designed to facilitate the automated insights that can be leveraged to assess the performance and overall brand health, identify growth pockets and opportunities, which determine a holistic understanding of how the brands can be fit to the marketplace. All of these factors contribute to a solid business strategy sought after by the end-user in order to augments the market.
- The increasing complexity of the business data has led to a huge rise in the adoption rates of augmented analytics. With the increasing complexity of the work, it becomes time-consuming and the application of artificial intelligence is expected to boost the speed and accuracy with which the analysis is performed.
- The huge adoption of Business Intelligence tools has impacted the market positively. With the already implemented infrastructure, it becomes easier for companies to shift to augmented analytics.
- The different level of analytics capabilities that arise across the business ecosystem has been suitably targeted by the vendors to create a niche place for themselves where they can leverage over the market experiencing further growth of the market.
Key Market Trends
Retail Sector is Expected to Have a Significant Growth During the Forecast Period
- Augmented analytics provides vital insights in the retail e-commerce processes thereby analyzing the overall data present over the retail business, via all the in-store surveillance cameras, captured social media information, along with the customer insights, as well as correlating it with the historical data and churn out insights at a very high speed. This is possible through the integration of AI that brings the power of scale, speed, and efficiency to the business data.
- The adoption of Big Data across the retail sector has led to an increase in the adoption rates of Augmented Analytics. According to SAS Institute, estimated adoption rates of Big Data in the United Kingdom in 2020 is forecasted at around 59%. This showcases the huge potential for augmented analytics and thus, can provide a great advantage in th online retail segment.
- Augmented intelligence systems can be implemented on top of the end-users industries in current retail technology. Rather than working with the human intelligence altogether, businesses can work on developing automated systems for data preparation, machine-based algorithms, deep learning, advanced analytics, and insight discovery to aid decision-making at all the levels of the retail business.
- Analytics have faced adoption challenges in retail segment, but now it has been integrated along with the augmented analytics solutions. For instance, with the use of augmented analytics and NLP, any in-store salesperson can simply ask about the top things that they can do to improve the sales and get a well-analyzed and complete answer from the system.
North America is Expected to Have the Largest Market Growth
- The massive adoption rates of artificial intelligence and machine learning technologies in North America across the past few years have fueled the market acceptance that AI might become capable enough to challenge or replace human intelligence altogether.
- Data consumers were burdened with several repetitive, time-consuming tasks that required very little intelligence. With the introduction of AI, these tasks are being automated and can be conducted real-time, thereby increasing human productivity multifold. With the ever-increasing competition amongst the manufacturers in the United States region, productivity maximization can help them to achieve increased profits, thereby expanding their overall revenue.
- With the adoption of augmented analytics, the analyst over th region focuses on the analysis portion, without spending much time of data cleaning earlier which consumes the maximum time. This result in increased efficiencies and thus can result in a huge competitive advantage in a competitive marketplace across the United States & Canada.
- According to Clutch.co, the share of businesses using artificial intelligence (AI) on the cloud in the United States increased from 5% in 2014 to 18% in 2017. The infrastructure developed for AI acts as a strong base for further development of Augmented Analytics across the region.
The augmented analytics market is moderately competitive and consists of a few major players. In terms of market share, some of the players currently dominate the market. However, with the advancement in the analytic services, new players are increasing their market presence thereby expanding their business footprint across the emerging economies. The market is anticipated to move towards fragmentation during the forecast period due to the high amount of new entrants. The players are focusing on product innovation in order to gain a competitive advantage.
- June 2019 - Salesforce announced its plans to acquire the business intelligence (BI) vendor, Tableau, in an all-stock deal, valued at USD 15.7 billion, a near 50% premium of Tableau's price of the stock at the time of announcement. the acquisition seems to be in response to counter the after-effects of Google's USD 2.6 billion Looker acquisition and Microsoft's success in the space and mitigate the effects of slowing organic growth.
- May 2019 - Qlik unveiled a new set of multi-cloud and augmented intelligence capabilities. It's noteworthy because it makes Qlik one of the only providers in the marketplace able to offer its software via broad multi-cloud deployments, and all of them are available under single subscription licensing.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support