Meticulous Research®, a reputable global market research firm, has released a comprehensive 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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The report forecasts that the global augmented analytics market will reach $104.4 billion by 2031, with an expected CAGR of 27.4% from 2024 to 2031. This robust growth is attributed to the increasing demand for data-driven decision-making processes and the accelerated adoption of cloud computing technologies that enhance deployment flexibility. Nonetheless, challenges related to data privacy and security may impede market growth.
Furthermore, the expanding use of augmented analytics in sales and marketing is anticipated to unlock new growth opportunities. However, the challenge of integrating these analytics tools into existing business workflows remains significant. The integration of machine learning and natural language processing technologies within augmented analytics frameworks is also gaining prominence.
The augmented analytics market can be segmented based on offerings (software and services, including training, consulting, deployment, integration, and maintenance), deployment modes (cloud-based and on-premise), organization sizes (large enterprises and small & medium-sized enterprises), applications (including marketing and sales analytics, financial planning and analysis, supply chain management, human resource management, business intelligence and reporting, predictive analytics, customer analytics, and others), end-use industries (retail and e-commerce, healthcare, BFSI, manufacturing, government, automotive, transportation, media and entertainment, energy and utilities, IT and telecommunications, military and defense, and others), and geography. The report also evaluates competitors and analyzes market dynamics at both national and regional levels.
Offering Insights
In terms of offerings, the market is segmented into software and services. The software segment is projected to dominate in 2024, capturing over 64.0% of the augmented analytics market share. This dominance is attributed to the increasing adoption of augmented analytics solutions that improve operational efficiency and reduce human errors. Additionally, advancements in cloud computing technologies bolster the scalability of these analytics solutions.
On the other hand, the services segment is anticipated to experience a higher CAGR during the forecast period, driven by the rising demand for support and maintenance services that ensure regular updates to algorithms and data processing pipelines.
Deployment Mode Analysis
Analyzing deployment modes, the market is classified into cloud-based and on-premise solutions. In 2024, cloud-based deployment is expected to capture over 66.0% of the market share, with a higher projected CAGR throughout the forecast period. This growth is primarily fueled by the increasing demand for cloud-based solutions that alleviate employee workloads associated with infrastructure and software management.
Organization Size Perspective
In terms of organization size, the market can be divided into large enterprises and small & medium-sized enterprises (SMEs). Large enterprises are expected to account for over 71.0% of the market share in 2024, driven by the growing adoption of augmented analytics to optimize global strategies and automate data analysis processes.
Conversely, the SMEs segment is anticipated to achieve a higher CAGR during the forecast period, bolstered by the development of on-premise infrastructure tailored for subscription-based augmented analytics solutions.
Application Insights
The market can be analyzed based on various applications, including marketing and sales analytics, financial planning and analysis, supply chain management, human resource management, business intelligence and reporting, predictive analytics, customer analytics, and others. In 2024, marketing and sales analytics is projected to hold the largest share, exceeding 24.0% due to the rising demand for comprehensive data analysis to understand customer behavior and refine marketing strategies.
In contrast, the financial planning and analysis segment is expected to experience the highest CAGR during the forecast period, fueled by the increasing need to minimize manual errors in financial reporting.
Industry Segmentation
Examining end-use industries, the market can be segmented into retail and e-commerce, healthcare, BFSI, manufacturing, government, automotive, transportation, media and entertainment, energy and utilities, IT and telecommunications, military and defense, and others. In 2024, the retail and e-commerce sector is projected to account for over 22.0% of the market share, driven by the demand for automating routine operational tasks.
Conversely, the BFSI sector is predicted to experience the highest CAGR during the forecast period, attributed to the growing necessity for automation in regulatory compliance tracking.
Regional Insights
Geographically, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is anticipated to dominate the market, accounting for over 33.0% of the augmented analytics market share.
In contrast, the Asia-Pacific region is projected to witness the highest CAGR of over 29.0% during the forecast period, supported by technological advancements enhancing the deployment of augmented analytics solutions.
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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