Augmented Analytics

From 2020 to 2027, it is expected that the market for Augmented Analytics will grow at a very fast rate.

From 2020 to 2027, it is expected that the market for augmented analytics will grow at a very fast rate. With the help of natural language processing technology and machine learning techniques, augmented analytics tools are used to look at automated data. It makes the process of data modelling and data profiling easier, which helps with data reuse and data governance. A recent report from Market Research Future (MRFR) says that the market for augmented analytics will reach USD 13 billion by 2027, with a CAGR of 24%.

The global augmented analytics market share is being driven by a number of things. According to the most recent MRFR market estimates, these factors include the growing amount of complex data; the growing use of analytical tools for business intelligence; the development of artificial intelligence technology; the development of blockchain technology; the modernization of digital technology; the growing need for intelligent business tools to analyse data; the growing need for business processes to be more productive; and the growing use of natural language processing.

On the other hand, the growth of the global augmented analytics market may be slowed by a lack of skilled workers, the high cost of analytical tools, the effect of the COVID-19 pandemic on the global economy, and the difficulty of analysing huge amounts of data while maintaining safety and quality.

Market Segmentation

The MRFR report breaks down the global augmented analytics market into different segments based on the type of business, the size of the business, how it is deployed, and the type of component.

The global market for augmented analytics is split into two parts: services and software. The services segment is again split into managed services and professional services. Over the next few years, the market will be led by the service segment.

The global augmented analytics market is divided into three groups based on how they are used: hybrid, on-cloud, and on-premise. Over the next few years, the market will be dominated by the on-cloud segment.

The global market for augmented analytics is split into large enterprises and small and medium-sized enterprises (SMEs). Over the next few years, the market will be led by SMEs.

By industry, the global augmented analytics market is divided into healthcare, media and entertainment, transportation, energy and utilities, manufacturing, retail, IT and telecommunication, government and defence, BFSI, and others. Over the next few years, BFSI will have the most of these.

Look at the regions.

By region, the global augmented analytics market looks at recent trends and growth opportunities in North America, Europe, the Asia-Pacific (APAC), and the rest of the world (RoW). North America will be the market leader over the next few years. The growth of the global augmented analytics market in the US is helped by the presence of key players; a technically advanced infrastructure; high technical expertise in technologies like machine learning and natural language processing; a large customer base in many different industries; the use of advanced analytics to improve business operations; the fast adoption of new technologies; and companies' efforts to improve their data analysis skills.

Over the next few years, it is expected that Europe will have the second-largest share of the global augmented analytics market. The growth of the global augmented analytics market in the region is due to the development of digital technology, the growing need for augmented analytics solutions for business intelligence, and the fast growth of the retail and consumer goods industries.

Over the next few years, the global market for augmented analytics is expected to grow in the APAC region. The growth of the global augmented analytics market in the region is due in part to changes in digital technology; more knowledge of machine learning and natural language processing; progress in big data analytics and artificial technology; and more use of data discovery, self-service business intelligence tools, and visualisation in business organisations. The largest market share is held by Japan, China, and India.