Meticulous Research®—a leading provider of global market research—has released a detailed report titled, ‘Augmented Analytics Market by Offering (Software, Services), Deployment Mode, Organization Size, Application (Marketing & Sales, Financial Planning & Analysis), End-use Industry (Retail & E-commerce, BFSI), and Geography - Global Forecast to 2031.’
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According to this comprehensive study by Meticulous Research®, the global augmented analytics market is forecasted to reach $104.4 billion by 2031, growing at a remarkable CAGR of 27.4% from 2024 to 2031. The market's growth is primarily driven by the surging demand for data-driven decision-making processes and the increasing adoption of cloud computing, which simplifies the deployment and scaling of augmented analytics solutions. However, market growth is being hampered by persistent concerns related to data privacy and security.
Opportunities and Challenges in the Market
The expanding application of augmented analytics in the fields of sales and marketing is expected to present significant opportunities for market players. Companies are increasingly relying on these tools to gain insights into customer behavior, refine their marketing strategies, and ultimately drive sales growth. Despite these opportunities, the integration of augmented analytics into existing business processes remains complex and challenging, necessitating ongoing innovation in this space.
Furthermore, the rising incorporation of machine learning (ML) and natural language processing (NLP) technologies is a noteworthy trend in the market. These advanced technologies are enhancing the capabilities of augmented analytics solutions, making them more intuitive and powerful.
Offering Segment Analysis
The market is segmented based on offering into software and services. In 2024, the software segment is expected to account for a dominant share of over 64.0% of the augmented analytics market. This significant market share can be attributed to the growing adoption of software solutions across various business operations. These solutions help in minimizing human errors and increasing accuracy, thereby driving their widespread adoption. Moreover, the continuous advancements in cloud computing are facilitating the easier deployment and scalability of augmented analytics software.
Meanwhile, the services segment is anticipated to exhibit the highest growth rate during the forecast period. The increasing demand for support and maintenance services, which are essential for regularly updating algorithms and data processing pipelines, is driving this segment's growth. Additionally, companies are increasingly adopting these services to ensure their augmented analytics software remains up-to-date with the latest features and improvements.
Deployment Mode Insights
The deployment mode segment of the market is divided into cloud-based and on-premise solutions. In 2024, the cloud-based segment is projected to lead the market, capturing over 66.0% of the market share. This segment is also expected to register the highest CAGR during the forecast period. The preference for cloud-based solutions is largely due to their ability to offload the burden of managing infrastructure, software updates, and security concerns from employees to the cloud service provider. These solutions also integrate advanced technologies such as ML and AI, making them highly appealing to organizations looking to enhance their data analytics capabilities.
Moreover, the growing need for robust data protection measures—such as encryption, access control, and threat detection—is further propelling the demand for cloud-based augmented analytics solutions.
Organization Size Segment Analysis
The augmented analytics market is segmented by organization size into large enterprises and small & medium-sized enterprises (SMEs). In 2024, large enterprises are expected to dominate the market, accounting for over 71.0% of the market share. This dominance can be attributed to the widespread use of augmented analytics in large organizations for managing and optimizing global strategies. These enterprises are increasingly relying on augmented analytics to automate data analysis and reporting processes, thereby reducing the time and effort required for manual data processing.
In contrast, the SME segment is anticipated to grow at a higher CAGR during the forecast period. The increasing adoption of on-premise infrastructure and subscription-based augmented analytics solutions by SMEs is driving this segment's growth. These solutions are particularly beneficial for improving data security and privacy within SMEs, as well as for adapting to changing market conditions.
Application Segment Analysis
The market is also segmented by application, covering areas such as marketing & sales analytics, financial planning & analysis, supply chain management, human resource management, business intelligence & reporting, predictive analytics, and customer analytics. In 2024, the marketing & sales analytics segment is expected to lead the market, capturing over 24.0% of the market share. This segment's growth is driven by the increasing demand for large-scale data analysis to identify customer behavior patterns and preferences, which are critical for refining marketing and sales strategies.
On the other hand, the financial planning & analysis segment is expected to register the highest CAGR during the forecast period. The growth in this segment is fueled by the need to automate financial planning processes, reduce manual errors, and leverage real-time data for more accurate decision-making. Businesses are increasingly adopting augmented analytics solutions to streamline their financial planning and analysis, thereby enhancing their overall efficiency and effectiveness.
End-Use Industry Segment Analysis
The end-use industry segment of the augmented analytics market is categorized into retail & e-commerce, healthcare, BFSI, manufacturing, government, automotive, transportation, media & entertainment, energy & utilities, IT & telecommunication, military &defense, and other industries. The retail & e-commerce sector is projected to dominate the market in 2024, accounting for over 22.0% of the market share. The significant market share of this sector can be attributed to the growing use of augmented analytics to automate routine tasks such as data entry and report generation. Additionally, the increasing use of these tools to analyze customer behavior across various channels is helping businesses optimize their inventory levels and reduce stockouts.
Meanwhile, the BFSI sector is expected to exhibit the highest growth rate during the forecast period. This growth is driven by the increasing need to automate regulatory compliance processes, reduce financial risks, and offer personalized products and services based on customer preferences. Financial institutions are increasingly leveraging augmented analytics to enhance customer satisfaction, mitigate risks, and prevent fraud.
Geographic Segment Analysis
Geographically, the augmented analytics market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is expected to lead the market, capturing over 33.0% of the market share. This region's dominance is attributed to the widespread adoption of augmented analytics across various industries, particularly in retail, e-commerce, healthcare, and IT sectors. The integration of AI and ML in augmented analytics solutions is also helping businesses in the region to mitigate cyber threats and enhance data security.
Conversely, the Asia-Pacific region is expected to register the highest CAGR of over 29.0% during the forecast period. This growth is driven by rapid technological advancements in augmented analytics across countries like China, Japan, and India. The increasing adoption of augmented analytics tools in these countries, coupled with the growing demand for enhanced customer service and data-driven decision-making, is contributing to the region's significant market expansion.
Key Players
The key players operating in the augmented analytics market are Salesforce, Inc. (U.S.), SAP SE (Germany), International Business Machines Corporation (U.S.), Microsoft Corporation (U.S.), Oracle Corporation (U.S.), MicroStrategy Incorporated (U.S.), Domo, Inc. (U.S.), SAS Institute Inc. (U.S.), QlikTech International A.B. (U.S.), Cloud Software Group, Inc. (U.S.), Sisense Ltd. (U.S.), ThoughtSpot, Inc. (U.S.), Yellowfin International Pty Ltd ( A Subsidiary of Idera, Inc.) (U.S.), Pyramid Analytics B.V. (Netherlands), and Alteryx, Inc. (U.S.).
To gain more insights into the market with a detailed table of content and figures, click here:https://www.meticulousresearch.com/product/augmented-analytics-market-5991
Key Questions Answered in the Report:
- Which are the high-growth market categories in terms of offering, deployment mode, organization size, application, and end-use industry?
- What is the historical market size for global augmented analytics?
- What are the market forecasts and estimates for 2024–2031?
- What are the major drivers, restraints, opportunities, challenges, and trends in the global augmented analytics market?
- Who are the major players in the global augmented analytics market, and what are their market shares?
- What is the competitive landscape like?
- What are the recent developments in the global augmented analytics market?
- What do major market players adopt the different strategies?
- What are the trends and high-growth countries?
- Who are the local emerging players in the global augmented analytics market, and how do they compete with other players?
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