Augmented Analytics Market Size, Share, Industry, Forecast and Demand (2024-2031)

Market Overview :

Continuous growth and development in technologies in AI and ML algorithms have made it easier for developing analytics tools that automate many tasks including data preparation, analysis and visualization. In order to make meaning from the massive volumes of data generated each day, which come from a variety of sources such as IoT devices, social media and online transactions, more sophisticated analytics tools are currently being expected.

By democratizing data, augmented analytics renders data analysis more approachable for non-technical users, allowing business users to carry out challenging analytics tasks without the assistance of data scientists or IT specialists. Data analysis becomes more understandable because of augmented analytics solutions intuitive user interfaces, support for natural language processing and interactive dashboards.

In 2022, Asia-Pacific is expected to be the fastest growing region having less than 1/4th of the global augmented analytics market. The region has world's most populous countries and generates vast data from many sources, such as e-commerce, mobile apps, IoT devices and social media. Augmented analytics assists organizations harness this data for insights and decision-making.

Market Trends :

Growing Adoption of Industry 5.0

Several growth factors will continue to contribute to the adoption of Industry 5.0, which involves the combination of human intelligence with cutting-edge technology like augmented reality (AR). Industrial workers may now perceive complex data, equipment and processes in real-time because of augmented reality (AR) technology, which can offer a more immersive and interactive user experience and this improved user experience may encourage greater acceptance and adoption.

According to the article by Siemens in 2023, the shift from Industry 4.0 to Industry 5.0, puts a strong emphasis on the combination of human intelligence and artificial intelligence (AI) to achieve operational excellence. Through the supply of innovative tools and knowledge for data-driven decision-making to operational professionals, augmented analytics plays a crucial role in this shift.

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Market Segmentation :

The global augmented analytics market is segmented based on component, deployment, organization size, business function, end-user and region.Rising Adoption of Cloud Platform

Cloud deployment is expected to be the dominant segment with about 1/3rd of the market during the forecast period 2023-2030. Cloud systems have virtually infinite scalability, allowing businesses to handle massive data volumes and conduct sophisticated analytical activities without requiring to invest in significant upfront equipment investments.

As it is more cost-effective than on-premises infrastructure, cloud-based augmented analytics solutions frequently employ a pay-as-you-go business model and this enables enterprises to avoid the high capital costs of on-premises infrastructure and makes augmented analytics available to a wider spectrum of companies.

For instance, on 6 September 2023, ZINFI Technologies, Inc., a leader in partner relationship management and through-channel marketing automation introduced advanced generative artificial intelligence capabilities into its SaaS platform for unified partner management. ZINFI's analytics capabilities, powered by Microsoft's Power BI, are further strengthened with the integration of Microsoft's Copilot technology and this enables the generation of insights based on partner performance analytics across various activities to improve return on investment.

Geographical Share :

Technology Innovation in North America

North America is among the growing regions in the global augmented analytics market covering more than 1/3rd of the market. The region is a hub for technological innovation, with many AI and machine learning research centers and startups and this has led to the development of advanced analytics tools and algorithms that power augmented analytics solutions. According to a report by BCG, Australian Airlines saves US$ 40 million in annual costs by using cloud analytics.

In May 2022, Pyramid Analytics, a decision intelligence platform provider, achieved significant recognition in Gartner's Critical Capabilities for Analytics and Business Intelligence Platforms report. Pyramid Analytics secured the top ranking in the augmented analytics Use Case among 20 companies evaluated by Gartner. Augmented analytics involves using technologies like machine learning and AI to aid in data preparation, insight generation and explanation, enhancing data exploration and analysis in analytics and business intelligence platforms.

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Competitive Landscape

The major global players in the market include SAP SE, International Business Machines Corporation (IBM), Salesforce.com, Inc., Sisense Inc., Tableau Software, THOUGHTSPOT, Tibco Software Inc., QLIK, Microsoft and SAS Institute Inc.

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